Metro Denver homes are staying in market longer as buyers shrink

Metro Denver home sellers in the spring could reasonably expect to get a listing under contract in a week or less, especially for lower-priced properties. This fall, they should now mentally prepare for a month or more.

In September, the time a listing spent on the market averaged 26 days, more than three times as long as was the case in April, when listings were claimed in an average of eight days, according to a monthly update from the Denver Metro Association of Realtors.

That statistic is one of many that highlight the shifting balance of power between buyers and sellers in a market that is slowing significantly as interest rates on a 30-year mortgage approach 7%.

“I believe we are moving toward a balanced market, which we haven’t seen in over 16 years,” Libby Levinson-Katz, the incoming chairwoman of the DMAR Market Trends Committee, said in comments accompanying the report. “The market is entering a period of neutrality where the bullish ways of extreme markets make way for a stage of compromise, with buyers and sellers working together for a win-win experience.”

There were 7,683 homes and condos listed for sale at the end of September in metro Denver, 10.7% more than in August and 93.5% more than were available in September 2021. That may seem like a big jump, but the number of properties available to buyers remains less than half the 15,663 listings averaged in September going back to 1985.

Read original article here

Denial of responsibility! Toys Matrix is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – admin@ . The content will be deleted within 24 hours.

Leave a comment
My title Page contents