Home Buyers Gain Ground in October

According to the October trends report from the Colorado Association of Realtors (CAR), not only are there more homes on the market, but they are spending a longer amount of time there as well. This past October, there were 5,670 homes sold across the state, which is still down 17% from September 2022, and the median sale prices have decreased by 2% since September, coming in around $550,000.

CAR Spokesperson and Denver Realtor Matthew Leprino said that despite higher home mortgage rates, home buyers now have more choices. And when they have more choices, they can make requests. Furthermore, buyers aren’t generally paying above asking anymore. If a house is listed for $450,00, there’s a strong chance you’re going to get it for $450,00.

Sellers, on the other hand, need to be patient, as the average number of days on the market is 42.

In mountain communities, home prices increased by double digits. The average price of single-family homes in Estes has increased by 14.8% since October 2021 while the price of condos has jumped by 11.8%. In Steamboat Springs, the median sales price increased by 83.5% to $1.45 million.

The market in Colorado seems to be stuck in a holding pattern of sorts if you ask local experts. Sellers are stuck in the prices of the past and buyers are stuck with the fear of what the future may hold. You’ll find sellers are learning to price to 2021 numbers and buyers are learning to leverage motivated sellers by requesting concessions to buy down their interest rate. Both seem to be working to keep the market rolling in what typically would be a slow time of year.

If you think this season is right for you to become a homeowner, sellers who list during the holidays are generally very motivated. Give Metrowest a shout today and let’s see what’s out there!