The big story in Denver real estate continues to be inventory, the number of homes currently on the market. October inventory dropped steeply by 31% compared to September, with just 1,946 single-family, detached homes available for sale.
This imbalance has led to flash sales—homes going under contract after just one week on the market—coming in at 57.8% of all homes that closed. In addition, 22.1% of homes are receiving full price offers and 44.8% are selling over asking price. If you’re on the fence about selling your home, I encourage you to make a move now (and I’m here to help).
If you’re a buyer, this market environment is likely frustrating. However, current low interest rates will get you into more home for your budget. And the “days on market” average is 22, so it’s not all about flash sales. Keep an eye out for listings that have been hanging around for a while—as activity drops, so might the price. Give homes a second look, and you just might find a gem.
That's a lot to digest, so feel free to get in touch with your PorchLight agent to talk more about how you can successfully buy or sell right now!
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