Market Moderation Has Arrived
The Denver Metro Real Estate Market is cooling off a bit. The inventory of homes for sale is still very low historically. However, the number of homes for sale has increased significantly while the number of sales has decreased significantly over the past two months. The number of price reductions in the MLS has jumped in the past few weeks. Some of the moderation can be attributed to normal seasonal factors. However, the typical late summer slowdown arrived early this year. Many buyers may have jumped into the market early this year due to rising mortgage interest rates. If the trend of price reductions and market moderation continues it will be critical for home sellers to stay ahead of the trend with appropriate pricing and aggressive home marketing. The historically low inventory of homes for sale will continue to work in the favor of sellers. Time will tell if this moderation is a temporary blip or the start of a shift in the market. In any case it is important for sellers to realistically evaluate market conditions and stay ahead of the trend.
Below is a Denver real estate market snapshot based on June 2018 Statistics from DMAR Market Trends
This information is for the Denver Metro real estate market. Real estate market activity varies from neighborhood to neighborhood. If you would like an instant real estate activity report for your neighborhood click Market Report or call Tom Gross for more information.
Questions? Let’s talk – call or text me, Tom Gross, at (303-591-2116) to discuss your questions, plans or the current value of your home. If you are thinking of selling now is an excellent time to take full advantage of our seller's market.