According to a recent real estate report, inventory in the Denver metro region housing market is growing, and although that indicates slightly more choice for buyers in a tough market, demand is also softening.

The monthly Denver Metro Association of Realtors Market Trends report was released last week, offering a look at September’s trends.

Some highlights include:

·       The median sale price for houses and condos grew 0.69% to $585,000, which was a year-over-year increase of 0.86%. Sellers were securing 99.19% of their listing price, a 0.27% decrease from August but a year-over 0.31% increase.

·       Properties sat on the market for an average of 30 days, a 15.38% increase from August, when properties took an average of 26 days to sell.

·       The number of active listings in September rose by 11.24% from the previous month to 7,629. That was about 0.7% lower than September of last year. The month saw 4,589 new listings, nearly 6% less than what hit the market in August. The number of new listings also showed a 12.6% decrease from what the market saw this time last year.

·       Concession requests from buyers have been on the rise since the beginning of the year, and that trend held up throughout September, according to the report. Concession requests have been key to buyers navigating the tricky market.

·       The number of homes sold last month fell by 20.88% from August to 3,175 and plummeted 28.22% year-over. Sales volume fell 20.38%, from roughly $2.76 billion in August to $2.19 billion in September. September’s sales volume showed a 25.97% decrease from last year.

Buyers and sellers alike are keenly waiting to see how the rest of the year will play out, especially in terms of rising interest rates. Still, if becoming a homeowner is in your future, the time to start planning is now. Contact Metrowest today and let’s discuss your options!