Pricing in the Denver metro housing market is a science, especially as interest rates remain high and more homes become available.

According to the Denver Metro Association of Realtors Market Trends Committee in the September report, would be sellers should take note: if a home is priced correctly, or even under market value, it may still receive multiple offers. However, if the price is slightly high, then days on the market will climb until you find the right buyer or the right price.

According to the report, active listings in Denver increased 9% in August from July and 19% over August 2022. The average number of active listings for August is 15,900, so with 6,858 active listings last month, the metro area’s inventory remains historically low.

The number of new listings increased about 2%. At the same time, pending sales dropped nearly 1%, and closed sales declined 2%. The median closed price dropped to $582,000 while the median days on the market increased to 11 days.

11 days may seem mild, but it also means homes are sitting on the market for 70 days or more. As a result, buyers want to negotiate on price and receive a concession for a rate buydown. The close-price-to-list-price ratio remains in the 99th percentile, showcasing buyers and sellers are coming together to make sales happen without huge negotiation swings.

Even as the days on the market are inching up, they remain historically low. It may be tough to believe, but in 2019 and 2020, the average days on the market for homes priced $750,000 to $999,999 was 41 days. Today, homes spend an average of 31 days on the market, which means they are still selling at almost 25 percent faster than before.

If you’re thinking of selling this season, correct pricing is crucial. But that doesn’t mean there’s no competition for buyers. If you’re looking to buy or sell this autumn, contact one of the experienced professionals at Metrowest – we’d be happy to go over your options!