Inventory Remains Low…
Inventory remains remarkably low. This continues to bolster the market. If you take the one outlier away that took 163 days to go under contract, the days on market for the homes that are currently pending drops to just 16 days. That is still among the fastest selling markets we have seen in the area in the last 40 years!
Demand is certainly down. With rates up many with rates that are half or less of what they are now are staying put. That is understandable. The decreased demand has increased the time to sell a small amount but more noticeable is the fact that the days of sales of tens or hundreds of thousands over asking are certainly done for awhile. This is a great time to make a move down to something smaller/cheaper. The selling conditions are still good and if you have a lot of equity in your house as many do, it is a good time to buy also. That is because you can pay cash for the new place and be unaffected by the interest rates. You also are likely to not have to pay over asking for the new place. You might even have a few days or weeks to look around and your favorite might still be available. We haven’t seen that in awhile.
At the Bridge Team, we have seen all kinds of markets since we began selling homes in Denver in 1981. If you want to tap into that body of knowledge just to ask a question or to buy or sell a home, please be in touch.
Your call to The Bridge Team at 303-331-4562 will be warmly received.
