Following a Strong Summer, Denver Metro Housing Market Continues Traditional Seasonal Cooling
As the weather cools and kids go back to school, home buyers and sellers across Colorado prepare for winter. Traditionally, the housing market slows down during the winter months in Colorado.
With school and cold weather, fewer homeowners are interested in moving into a new home during this time of year. The latest data from REcolorado shows that this trend is holding true in the Denver Metro housing market. View REcolorado’s September 2017 housing market report.
Here’s a peek at the housing market statistics in Denver Metro for September 2017:
September 2017 Housing Market Trends
Fewer homes were sold during September than last month, with 21% fewer home sales than August. At current rates, there is 7 weeks of inventory of homes for sale for Colorado home buyers. That’s up from 5.5 weeks in August 2017. This means the housing market is slowing down for both buyers and sellers.
However, seasonal cooling affects different segments of the market in different ways. With half of homes sold in the $300-400K price range, homes priced in that range continue to move quickly.
For buyers, that means it isn’t yet time to relax. If you are looking for a home in the $300,000 to $400,000 price range, consider these tips for finding a home in a fast-paced market.
The graph to the right shows Denver Metro counties with the average home price and average days on market in each county.
Counties where the average home price fits in the $300-400K range typically see faster sales. In Adams and Arapahoe counties, for example, a home is on the market for only 19 days on average.
While overall September trends show the market cooling, year to date home sales are strong compared to previous years. So far this year, there have been $17.7 million in home sales in the Denver Metro area — that’s 12% more than last year. Looking further back, that’s a 97% increase as compared to this time in 2012.
To see more housing market statistics from this month, view the REcolorado Market Watch Infographic for September 2017.
If you are considering buying or selling a home in Colorado, the first thing you should do is connect with a REALTOR® or real estate agent. An experienced real estate agent has local knowledge and market expertise to help you navigate Colorado’s housing market. As the housing market continues to cool, your broker will help you determine if now is the time to buy or sell your Colorado home.