The stats are out for the month of September, and the numbers reflect a dip in sales for the month. The inventory increased from last month, but remained 24% below last year.
This data is courtesy of Joan Cox - House to Home, Inc.
As I track data for the Denver metro area, and the amount of price reductions have been hovering around 1500-1650 each week and homes returning to market have been around 280 per week. The inventory this time of year is seasonally low, and is around 7500 during the week, and have seen it as high as 7700. (includes land up to high-end homes)
See what homes are currently available - Active Homes for sale in Denver
Buyers - If you have thought about buying a home this year, rates are increasing, and can see some multiple offers on properties. Rates may be holding you back, but you no longer have to pay thousands over fair market value, there are sellers possibly willing to give you concessions for your closing costs and are not see buyers waiving inspections right now!
Be sure to be pre-approved and know what your budget is! With increased inventory, you now have a bit more of a selection and don't have to narrow your criteria. We are also seeing a few homes returning to the market, so it would be a good idea to write a backup offer if you did not "win the bid", as you may get a second chance.
Sellers - My sellers are seeing a nice bottom line! Even though the inventory is increasing a bit, there are buyers out looking for their dream homes. Patience is key, we are seeing the number of showings slowing and if priced right and shows well, you MAY see multiple offers. Buyers are looking for homes ready to move in, so fix those items you know are issues before listing!
Homeowners - if you have thought about selling and like like a home evaluation, please let me know, I will contact you right away. Relocating to Denver, and need some advice - see my Relocating to Denver information.