Buyer-Seller Balance Continues to Shift in Denver

In the spring of 2022, metro Denver home sellers could pretty much bank on getting a listing under contract in a week or less, especially for lower-priced properties. However, as we get further into the fall season, they should probably prepare themselves for a month or more.

According to a monthly update from the Denver Metro Association of Realtors (DMAR), in September the time a listing spent on the market averaged 26 days, more than three times as long as was the case in April, when listings were claimed in an average of eight days. That statistic is one of many that highlight the shifting balance of power between buyers and sellers in a market that is slowing significantly as interest rates on a 30-year mortgage approach 7%.

How many homes are on the market?

There were 7,683 homes and condos listed for sale at the end of September in metro Denver, 10.7% more than in August and 93.5% more than were available in September 2021. That may seem like a big jump, but the number of properties available to buyers remains less than half the 15,663 listings averaged in September going back to 1985.

How much are they going for?

The number of completed home and condo sales in metro Denver fell to 4,114 in September, down 8.4% from August and 27.6% from a year earlier. The median sales price for single-family homes was $632,000, down 2% from August and up 9.7% from a year earlier. The median price of a condo or townhome sold was $410,000, up 2.7% from August and 7.9% from Sept. 2021.

While interest rates are higher than the spring, the real estate climate in Denver is slowly making way for house hunters to become homeowners. Ready to see what’s available in the Mile High? Contact Metrowest today.