Market Update: August 2023

What IS happening in the market right now?

Well, here’s a quick overview: The stats are in!

The Denver Metro Area historically leads National trends, according to DMAR’s Market Trends Committee.

We exited the Great Recession ahead of the rest of the country and experienced a surge in real estate sales during the early days of COVID-19 while the rest of the country tried to find its bearings. While we work to navigate this new landscape, it’s important to note that Denver remains one of the Nation’s strongest housing markets.

So, what does that mean locally? Simply put, inventory is slowly growing, inching us closer to a balanced market that gives buyers and sellers equal footing. New listings increased 1.74 percent, and pending sales increased by 0.76 percent month over month. More notably, active listings at month’s end increased 8.87 percent month over month to 6,858, while pending sales declined 13 91 percent and closed volume declined 16.11 percent. Activity is slowing slightly with inventory increases. The median close price dropped 1.36 percent from $590,000 to $582.000 and median days on market increased 22.22 percent to 11 days.

Technically, we are still in a Sellers market BUT, it CAN be a great time to start looking for a Home that is worth a move. You can find Sellers are more motivated this time of year (exactly why we moved when we did in 2021), and often we can negotiate to get those payments lower! Rates are high, but as soon as those start to adjust, more Buyers will enter the market and prices will go up. The time to get a discount , is now. DM me for more details or to talk about your specific situation.. I am always here to be your trusted advisor!