Buyers have more Options, but Sellers are Hesitating

If you’ve been noticing more for-sale signs in the Denver metro area, you’re not alone. At the end of October, there were 7,290 homes, including stand-alone houses, duplexes and condos, on the market. That’s down slightly from September, when there were 7,683. But according to the latest report from the Denver Metro Association of Realtors, it’s nearly 116% more compared to this time in 2021.

The good news – for buyers – is that they have more options this season. Homes are staying on the market longer, about 17 days, which is up 240% from this time last year.

The median home price — including houses and properties in multifamily buildings — dropped from $580,000 in September to $566,000 in October. And while home prices are still up almost 6% from this time last year, they have been mostly trending downward since April.

Due to price drops and rising interest rates, some sellers are hesitant to put their homes on the market. More people are staying put and waiting to list their homes in the spring, which is considered peak selling season.

However, they might want to reconsider waiting. It is worth listing properties now, as buyers are actively in the market. Sure, they are taking their time to find the right property, but most buyers prefer to find a home sooner than later as interest rates are projected to climb through the next year.

If you’re in the market to buy or sell your home, now could be an ideal time. For buyers there’s less competition and pressure to make a purchase. And for sellers who price correctly, you could get top dollar and be under contract quickly. If you’re ready to make a move, give Metrowest a shout today – we’d love to discuss your options!