We have been looking at rates over 7% for more than a year now and the market is beginning to adjust to the new reality. The increase has continued to slow down the market by increasing the average days to sell a home in Washington Park from 24 days in September of 2022 to 33 for Sept of this year. The average days that the current active listings have been on the market is 50 days. That tells me that pricing is crucial. It also might reflect the time that sellers wait to reduce their prices because it seems that once they get the price right, then the homes still sell at or above asking a high percentage of the time.
In September of 2022, I wrote that of the 32 closed sales that month, 34% sold at or above asking. This September, while the number of sales dropped to 25, the number that sold at or above asking jumped to 60%. I have always thought that Denver buyers are very polite. They tend not to write low offers and more commonly once the price is right, whether that is from the beginning or after a reduction, then they pay full price and often there is competition and they pay more. In summary, it is still a Seller’s Market but buying a home is not as stressful as it once was. If you or someone you know is thinking of making a move, let us know how we can help.
Your call to The Bridge Team at 303-331-4562 will be warmly received.