Front Range Real Estate Market Update, August 11, 2022

Sellers continue to adjust their expectations in our changing market. In May, sellers had reduced their asking price on 32% of homes for sale in Highlands Ranch. In Westminster, that number was 16%, and in Denver, it was 20%. Those numbers have risen dramatically to 57%, 47%, and 44%, respectively. 

Many sellers still don’t understand how dramatic the cooling in our market has been and are learning as they try to sell their homes. Price reductions occur when homes sit on the market too long without finding buyers. Although homes are still selling fast – under two weeks on average – sellers are reducing prices quickly to attract buyers. About 48% of homes for sale in Metro Denver have been on the market longer than 30 days. A year ago, that number was closer to 30%.

Prices are up considerably compared to last year, but they’re down compared to last month. When we see fewer homes with price reductions, we’ll know that sellers and their agents understand the market better and are pricing appropriately. Fewer price reductions may also indicate that prices have leveled off. 

The chart below compares the market from three weeks ago to today. The percentage of homes for sale reduced in price hasn’t decreased in any part of town that we’re monitoring. 

Here are numbers by county.

Get a no-obligation estimate of your home’s value. Call David and Tom at 720-782-2468 or schedule a free phone consultation.