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With new listings, closings & avg close price down, the market continued to normalize as is expected in fall and looks to be leveling out through the holidays. A sign sellers are being forced to adjust with the market, the average list price dropped ($8,145 or 1.2%) for the first time in a long while. Average days on market was up from 26 to 28 days, with more than half spending at least 17 days on market and 60% of listed homes reducing price.
We are moving from a strong seller’s market to a more balanced market as inventory & days on market are up along with buyer negotiating power. Homes continued to close on average under list price for the second straight month and for almost double the amount as last month. Average days on market was up from 19 to 26 days as were price reductions as sellers & listing agents try to keep pace with a quickly changing market.
An expected seasonal shift in the market meant 18.5% fewer homes were listed in August as we transitioned into the school year. Homes closed on average under list price for the first time in 2 years as sellers are realizing they can no longer price at the top of the market. Average days on market jumped from 13 to 19 days as buyers continue to show more patience with interest rates higher than earlier this year.
An indicator of a balancing market, homes closed on average $5,552 over list price, an 88% drop from the high mark of $47,560 in April. Available inventory continues to climb and is up 81% over last year as only 36% of available homes went under contract in July. Average days on market jumped from 10 to 13 days as sellers adjust to a new pricing strategy and buyers are proving to be more patient.
While only a slight uptick in average close price overall, attached homes set an all-time high with an average just over $504k. Available inventory jumped nearly 66% (and is up 94% over last year), boosting supply over 1 month (to 1.12) for the first time in 2 years. Despite higher interest rates, more supply will mean better opportunities for buyers with homes on the market longer leading to lower sales prices.
In a sign that the market may be moving toward some normalization, both average & median sales price were down slightly over last month. Available inventory continued its steady & slow climb, with 10% more homes available to buyers over April. All segments remain competitive with a 105% close-to-list-price ratio; the luxury segment was most competitive at 107% (closing $101k over list).
Inventory continues to climb with the warmer weather as April ended with 44% more available listings than we saw at the end of March. Whilst most homes went under contract after 4 days, the overall average is 8 days, 3 days less than the March average & a full week less than February. The average sales price was up another $25k to $727k for all homes sold, yet the condo/MF segment remained flat at $495k (worth watching!).
The Denver real estate market heats up with the local weather, and kick-off is right after the Super Bowl. This year was no different for the Premier Market, with 1,887 homes closing in March and another 2,442 new homes being listed, up 28.98 percent and 42.56 percent over last month, respectively. For the year, inventory in this segment is now ahead of last year’s pace by 30.01 percent, another good sign as we head into peak season.
With Spring comes an influx of homes on the market – new listings were up 44% in March, month-end available inventory was up 81%. Still a strong seller’s market, most homes went under contract after the first weekend and closed on average $43k over list price. Average sales price in Denver Metro surged above $700k for the month, driven in part by a 69% increase in homes sold over $750k.
New listings and closings were both up slightly from last month, but down for the year overall when compared to this time last year. The 104.75% close-to-list price ratio was an all time high, and correlates to homes closing in February nearly $30k over list price. While interest rates have increased more rapidly than projected this year, the conflict in Ukraine is expected to lower them, at least in the short term.