Sold Homes and Pending Sales on the Decline

While would-be home buyers have faced low inventory and skyrocketing prices, home sellers today are now facing challenges of their own. According to a recent report from the Colorado Association or Realtor (CAR), statewide, pending sales for single-family homes dropped 24.89% in September compared to September 2021, as did the number of listings that sold last month, a 24.69% decrease from September 2021 to September 2022.

In the Denver metro region, CAR reports that single-family inventory is up 50% from where it was last year. However, buyers are struggling with affordability, with interest rates on a 30-year mortgage at 6.7%, while median home prices have jumped to $630,000, a 13.7% increase year to date, according to CAR.

CAR breaks out its monthly reports by county or city. According to their most recent data, Denver County’s new listings and sales were at their lowest in September in the last six years.

Douglas County also saw inventory jump significantly, to 54% from last September. Home prices dipped by 2.8% from last September for single-family properties, while median sales increased for condos and townhomes by 5.6% last month.

In Golden and Jefferson County, homes are lasting on the market much longer at 25 days; last year, that number was 13. Even with 20% less inventory on the market, sellers are still having to reduce prices often and are not receiving multiple offers as they had in the past, according to the report.

In Aurora, closed properties saw a 32% decline from last year in one southeast Aurora zip code, where the median home prices saw a 15.8% increase to $598,700 from 2021. In Centennial, inventory also rose by 70% compared to September last year, with a median price of $675,000, while closed properties have declined by 31%.

With inventory up and seller’s pricing more reasonably, now might be a great time to become a homeowner in Denver. Give Metrowest a shout today – we’d love to discuss your options!