Signs Pointing to a Balancing Market

According to the latest data from the Denver Metro Association of Realtors, several things are

happening in the metro, many of which show the signs of a slowing housing market. Despite creeping

interest rates, this comes as a welcome change for buyers who have endured months of plummeting

inventory and sky-high home prices.

Still, those creeping interest rates are causing buyers to reevaluate their purchasing power daily.

While it’s true that current buyers have more homes to choose from and competition has eased, the

jump in mortgage rates has priced some folks out of the market, unfortunately.

Inventory jumped 93.5% compared to this time last year, according to DMAR’s market trends report for

September. Meanwhile, pending sales are down 27.9% year-over-year. Other report highlights include:

• The median sales price rose 9.4% year-over-year, but it’s fallen in recent months.

• In May, the median sales price was $615,000 and in September it was $580,000.

• Sellers aren’t getting 100% of their asking price anymore. On average, homes sold for 98.9% of the list price in September 2022.

• This time last year, homes were selling for 101.9% of the listing price.

• Nearly 60% of Denver-area sellers dropped their asking prices in July.

• Homes are sitting on the market longer, too. In September 2022, homes sold in 26 days on average, compared to 13 days in September 2021.

With inventory increasing and competition cooling off, the fall and winter months are allowing would-be

buyers a little more room to be picky and find just the right place. Is this the season you become a

homeowner? If you’re ready to start checking out some of the exciting areas Denver has to offer, give

Metrowest a shout today – we’d love to show you around.