The stats are out for the month of January, and the numbers reflect the seasonal slowdown this time of year, along with interest rates bouncing around. The inventory declined 13% from last month, but increased 80% over last year. The inventory has not moved much since the beginning of the year.
This data is courtesy of Joan Cox - House to Home, Inc.
I track data daily for the Denver metro area, and the amount of price reductions have been hovering around 600-650 each week and homes returning to market have reduced to around 200 per week. The inventory this time of year is seasonally low, and is below 4,000 during the week, and pops up to a bit over 4,000 for the weekends. (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 down a bit, but the good news, there are fewer 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 willing to give you concessions for your closing costs and you can ask for inspection items, so it isn't as bad as it seems!
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 holding steady, there are buyers out looking for their dream homes. Patience is key, we are not seeing the number of showings we did earlier in the year, and your home will be on the market a bit longer now. It also is KEY to price your home properly this time of year, or you will be sitting on it into January. 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.