November Brings Give-and-Take Between Buyers and Sellers

…At least that’s according to the latest report from the Denver Metro Association of Realtors (DMAR).

November inventory recap:

Detached active listings at month end dropped to 4,572, a 16.02 percent decrease from last month, while attached homes dropped 8.94 percent to 1,681, representing a 216.62 increase year-over-year for detached homes and a 109.08 increase year-over-year for attached homes. While inventory increased from last year, the market is still witnessing the typical end-of-the-year inventory decrease, which is likely a direct result of homeowners choosing to either wait to list their homes until the New Year or remove their properties ahead of the holiday season.

Time on market:

Average days in the MLS increased 20 percent month-over-month to 36 days, which is exactly a 140 percent increase from this time last year. The attached market also exhibited a 20 percent increase month-over-month to 30 days, which is a 76.47 percent increase from this time last year. As the active listings count has grown, days in the MLS have also increased since May in direct relation to interest rates. Interest rates affect a buyer’s ability to afford a home, and as a result, buyers are taking more time to evaluate the value of each home, indicating that buyers are more discerning.

Pricing highlights:

The average price dropped 0.58 percent month-over-month from $736,675 to $732,437. While this is a small drop, this is also a 4.17 percent increase from this time last year when the average price was $703,119. Additionally, market-wide price reductions are slowing, and close-price-to-list-price percentages dropped only 0.40 percent for attached and detached properties.

The Denver Metro housing market is changing, but the spring market will be the best indicator of what the New Year will have in store for the area.

If you’re looking to become a homeowner in 2022, there’s still time. Sellers during the holiday season tend to be very motivated and there’s far less competition. Give Metrowest a shout today and let’s discuss your options!