A LITTLE MORE INVENTORY MEANS A LITTLE MORE TIME
A market is simple. It is a matter of supply verses demand. With supply up slightly and demand down slightly, our days on market are beginning to rise.
That means not so many bidding wars and sales prices that are a little less than asking. In May of this year, the sales in Washington Park were at 100.40% of asking price. This month statistics show sales at 98.69% of asking. That certainly is still respectable but not as crazy as it was in the Spring. With only a little over two months worth of inventory, it still is a strong seller’s market.
I have had several calls asking that I dust off the crystal ball that I keep under my desk and predict if it is better to sell now or in the Spring. All I know is that it is a good time now, might be better if we had settled the government shut down and who knows what the interest rates will be by Spring. I believe the economic conditions in Denver are steadily improving but increases in interest rates will slow things down. Just the bump we had in August to over 5% made a noticeable difference.
Always when it is a worse time to sell, it is a better time to buy. We are now finding that sellers don’t have to fear being homeless like they once did. They can go on the market, start looking and when they are under contract, find a replacement house with a seller who will take an offer contingent on their closing and they can avoid two moves. That is refreshing.
Click here to review details on A, UC, S listings in September
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