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New report: Seasonal trends mean struggling homebuyers might have an open door to buy

October saw a relative cool down in Denver’s residential real estate market, according to the November market trends report from the Denver Metro Association of Realtors.

The majority of statistics have stayed seasonally consistent with years past, wrote Andrew Abrams , chair of the DMAR Market Trends Committee, in the commentary accompanying the report. Prices have also stayed consistent month-over-month, which has opened the door for would-be home buyers.

“It has been a tough year. Realtors have had to constantly re-strategize, buyers have felt demoralized and sellers have had to move, which is an obstacle in and of itself,” Abrams wrote. “Even through this hard process, there is much to be thankful for. There have been more homes purchased year-to-date than years past, seasonal effects have re-opened the door for those that previously felt demoralized from the buying process, and we are moving into ski season. If you are a buyer, stick with it. There are gaps of buyer demand leading into the holiday season.”

At the end of October, there were 3,376 active total residential listings for both detached and attached homes. That figure is down 14.98% from the prior month and 29.97% down year-over-year.

The number of closed homes was 5,169 — down 8.29% from the prior month and down 20.76% year-over-year.

However, the median close price was up 0.94% from the prior month to $535,000. It’s a 13% increase from the prior year. The median days a home listed for was 5, which is flat from the prior month and just one day less than the median from a year ago.

These numbers are in-line seasonally with October data from 2017 to today. Year-to-date, there have been 59,924 new residential listings and 53,404 closed homes.

The November report showcases the October market transactions across 11 counties in the Denver Metro area.

In the classic market — properties sold between $300,000 and $499,000 — buyers are starting to drop off leading into the holiday season, which means more opportunities for those who have been struggling to find a home in the market, wrote Erick Ibarra , a DMAR market trends committee member, in his expert commentary. Still, at the end of October, there were only 1,903 new listings, which is down 31.5% from last year.

In the luxury market, which are properties that sold for $1 million or more, sellers are getting 101.77% of their list price.

“While luxury sellers have great opportunities to sell quickly and for top dollar, we didn’t see as many homes come on the market, with new listings down 10.51% from the prior month and down 5.95% from one year ago,” wrote Brigette Modgllin , a market trends committee member, in her expert commentary. “As soon as a listing came on the market, it was under contract.”

2021 Denver-Area Residential Real Estate Firms

Ranked by Sales volume in Denver area in 2020 Rank Business name Sales volume in Denver area in 2020 1 HomeSmart $3.80 billion 2 LIV Sotheby’s International Realty $3.56 billion 3 Compass $3.45 billion View This List […]

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