With fall around the corner, the housing market across the Denver Metro Area heads towards an expected seasonal slowdown. With more inventory spending a bit more time on the market, buyers have more time to look for their next Colorado home.
The average price of homes sold in August decreased for the second consecutive month. At $473,115, the average sold price was 1% lower than last month. However, compared to this time last year, prices have increased nearly 10% for all types of homes, including single-family detached homes and condos/townhomes.
Prices have stabilized over the last several months. Instead of rapid increases the market was experiencing, prices have started to level in the Denver Metro Area housing market.
Over 6,000 new homes came on the market in August, up 4% compared to both last month and last year. With 5,455 homes sold, the Denver Metro Area ended the month with 8,363 active listings and 7 weeks of inventory.
There are more homes for sale on the market currently than we’ve seen in years. This is a welcome change for buyers, who have more options to consider when buying a home.
With fall around the corner, the housing market is expected to see a seasonal slowing. Many people shift their focus to school and upcoming holidays, preferring to settle in for the fall and winter rather than consider moving.
Homes are spending a bit more time on the market, which is giving buyers more time to look. Average days on market increased from last month, at 33 days (compared to 29 in July). More than half of all homes on the market continue to sell in less than 2 weeks.
If you are interested in buying or selling a home this fall, talk to your REALTOR® about housing market trends in your area. An experienced real estate agent can help you make sense of the market, understand local trends, and determine the best time to put your home on the market. If you’re not currently working with an agent, find a REALTOR on REcolorado.com.