The temperature is finally starting to cool some and kids are going back to school, so the big questions is will we start to see the hot Denver Metro Housing Market start to cool down as well?
The answer is yes. We have not only experienced this first hand with our clients but we have heard the same from other brokers working in the industry. There is also the seasonal data from the past couple years that shows a slowdown in the number of days on market as seen on the chart below from the Denver Metrix System.
The season slowdown can also be seen in amount of sales per month over the past three years as you can see on the chart below from the Denver Metrix System.
So how is this information useful to you and how does it affect your real estate plans. Well that totally depends on whether you are a buyer or seller.
If you are in the process of buying a home or thinking about getting in the market, this is the time of year to take advantage of buying. There are still multiple offers on most properties but far fewer than the spring season so your offer has a better chance of being accepted. During this season you can also enjoy seeing a property without having a line of buyers waiting outside the door to come in. You still need to write strong offers but the market does not have the same crazy intensity that the spring season brings, with families desperate to move within the summer break season to make a smooth transition for their kids.
If you are selling your property or thinking of selling your property my advice is to get it listed sooner than later. The late summer and fall in Colorado offers us some of our best weather and therefore you can take advantage of your home showing well and have inviting weather for open houses. While you will not have the same pool of buyers the spring brings you will still have plenty of buyers on the market and those who have continued to search are generally motived buyers. I do recommend trying to sell before the snow and holidays start as things do really slow down near the holidays, however you will benefit from a lot less competition from other listings.
Now for the overall good news, weather you are buying or selling the Denver Metro Area continues to be a great place to be involved in real estate. The median home price since July of 2016 has increased 8% across the Denver Metro Area and more depending on what neighborhood you are in.
If you would like more specific date on your area or would like a comparable market analysis, please always feel free to reach out. We are always available to answer questions or give guidance on real estate.