Ready to Make Your Move?In August, 20.9% of the homes for sale had been reduced in price. In the one-week period that ended a week ago, there were 596 price reductions. This past week, there were 772. In other words, during the past week, there were 29.5% more price reductions than there were the week before.
It’s not April or May, but many sellers and their agents don’t seem to realize that. While the market still favors sellers, it is slowing and we can’t price as aggressively as we did a few months ago.
The change in seasons may not be the only reason things are shifting to a more balanced market for buyers and sellers. In the Denver area, there were 34% fewer homes for sale here than during August 2020. In other parts of the country, though, we’re starting to see a rise in the number of homes for sale. This could be an indicator of what will happen here.
In Baltimore, for example, there were 20.2% more homes for sale this August compared to last. In Kansas City, listings were up 15.7%. In Philadelphia, the number of homes for sale increased 13.3%, and in Phoenix it was 6.3%. If inventories increase in our area as they have in many other parts of the country, there will be further pressure on prices. We don’t expect prices to drop, but the increases will likely not be as dramatic as we’ve been seeing.
If you plan to list your home for sale soon, be sure not to over-price, which can scare off prospective buyers who are savvier now than ever. It can also result in your home taking much longer to sell and you ending up with less money in your pocket.
Ready to make your move? We’re happy to help. Click here to schedule a call. We can explain the buying and selling process and how to get started.
Metro Denver Real Estate Market Activity
[one-half-first]During the last week:
New Listings – 1417
Back On Market – 262
Price Increase – 150
Price Decrease – 772
Pending – 2012
Withdrawn – 125
Closed – 1744
Expired – 163[/one-half-first][one-half]Previous Week:
New Listings – 1413
Back On Market – 275
Price Increase – 174
Price Decrease – 596
Pending – 1717
Withdrawn – 128
Closed – 1421
Expired – 132
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Based on data from REColorado®[/one-half]
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Trends in Metro Denver
- Home Prices
- How Long It Takes to Sell a Home
- Prices Per Square Foot
- Showings Until Pending
- Active Listings
- New Listings
- Closings
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