The Denver real estate market is continuing to thrive at the midpoint of the year, although these past 6 months may seem different than years past. While the market is still hot, it’s also showing signs of evening out, giving listing agents a difficult time setting a price. Housing inventory has increased 28% since this time last year giving buyers more housing options. Though, with the real estate landscape evening out, there’s a reason to be optimistic as a seller as well.
One of the biggest differences between this year and last is that homes are staying on the market longer before going under contract. In 2019 so far, median days on the market is up roughly 67% from this point last year. With the influx of inventory, buyers have been testing the market more before sealing the deal. Sellers are forced to adjust their home prices to remain competitive, however, in the residential market sellers are still receiving more than the asking price compared to previous years.
While the lower sold homes, price, and longer days on market may seem worrisome, we’re really just seeing a shift in the market as prices level and the playing field evens out. We have had the highest inventory level in more than 5 years, and interest rates are staying low making it the perfect time to buy. But as we all know, the real estate market is a two-way street and if it’s prime home-buying season, that also makes it the perfect time to sell and take advantage of the buyers flocking to the market.