Home Discounts Returning as Properties are taking Longer to Sell

According to the latest Market Trends Report from the Denver Metro Association of Realtors, the number of days it took for a new listing to go under contract averaged 19 days in August, up sharply from 13 in July and 10 in June. This means home sellers in metro Denver are beginning to feel a squeeze they haven’t felt in a long time, from their listings taking longer to sell, discounts replacing premiums and from buyers making more demands.

In comments accompanying the monthly report, Andrew Abrahams, chairman of the DMAR Market Trends Committee, all the major statistical categories are pointing to the market slowing down.

Other report highlights include:

• The number of closings dropped 5.9% to 4,221 last month from July and they are down 30.2% from a year earlier.

• The number of active listings at the end of August fell 5.7% from July to 6,939, partly seasonal and partly because of a drop in new listings.

• Compared to a year earlier, there are 114.6% more single-family homes on the market and 47.4% more condos and townhomes.

• Monthly price declines that started in July also continued. The median sales price of a single- family home fell 0.77% last month from July to $645,000 but remains up 11.2% on the year.

• The median sales price on condos and townhomes fell 2.2% over the month to $400,000 and is up 7.8% on the year.

Still, while signs are becoming more promising for buyers, they shouldn’t expect a free fall. But the market doesn’t look like it will go into free fall. Sellers listed 3,694 single-family homes in August, down from 4,556 in July and 5,675 in June. Some of that reflects the normal seasonal slowing as families shift their focus to the start of school. But in August 2021, sellers listed 4,300 homes.

If you’ve got a flexible timeline and a little patience, we could be moving into an ideal time for you to become a homeowner. Ready to see what’s out there? Contact Metrowest today – we’d be happy to discuss your options!