With summer behind us, home sales and active listings in the Denver area have continued to drop. According to this Denver Post article “It is common for the number of active residential listings in metro Denver to drop between September and October as activity slows. Since 1985, that monthly drop has averaged around 5.8%. October’s inventory decline of 15% marks the second largest on record after a 16.8% decrease in October 2017, according to the report.
“If you are a picky buyer, you must be patient as there are clearly not a lot of available properties,” said Andrew Abrams, chairman of the DMAR Market Trends Committee, in comments included with the report.
That said, the tight supply isn’t providing sellers the same advantages it did earlier in the year. While there is still a premium paid over the list price of 101.8%, Abrams said extreme bidding wars are less common.
“Listings are still getting offers but far fewer than we saw this past summer,” said Jenny Usaj, co-owner of Usaj Realty and a member of the DMAR Market Trends Committee, which compiles the report. “A few of our recent listings received only two or three offers. As such, the cooler fall season makes it a great time to buy since and — from what we have seen — there appears to be less buyer competition.”’
Click here to read the Denver Metro Real Estate Market Trends Report for November.