It appears that limited inventory and higher mortgage interest rates continue squeezing homebuyers and sellers across Colorado as summer draws to a close.

According to the latest Market Trends Housing Report from the Colorado Association of Realtors, the inventory of active listings statewide dropped 15% from July to August, while the days on the market increased by 8% to 41 days.

The median sales price for a single-family home increased about 2% from a year ago statewide and in the metro to $580,000 and $629,995.

Real estate pros are seeing sellers who really need to sell list their homes while those who just want to move are sitting tight. Motivated sellers may not necessarily want to move; it’s often driven by life-changing events such as births, deaths, divorces, or changes in job status.

So far, it appears this quiet summer will settle into a calm fall. And that theme can be found in the high country as well. Agents in the mountains note that homes are selling, but the time on the market is staggering compared to the feverish pitch of the prior two years. Higher interest rates are holding off some buyers, and they are seeing price reductions where there weren’t any before.

Denver’s months of supply of single-family homes hit a 51-month high of 1.9 in August, while inventory of condos hit a 34-month high of 2.4. Aside from the mortgage rate uncertainty, the opportunity for homeownership can confidently be said to be better than any time over the last three years.

Whether you’re thinking of buying or selling in this lukewarm market, if you are motivated there are promising opportunities available. Reach out to one of the experienced professionals at Metrowest today and let’s review your options!