Is Denver’s Peak Selling Season Shifting?
By Matthew Leprino
The change you’ve been waiting for is here, but it may not be the one you’ve been expecting. Since 2008 and the subsequent recovery, many have been on the edges of their seats waiting for the doom, gloom and yes, opportunity that another bust may bring. Any sign of a change would be welcome as the market and the corresponding burden and chance seems to be wearing weary home buyers and even sellers down. Alas, we finally have hard data to suggest that while a 2008-era change is not here, a noteworthy one is occurring as this summer market comes to a close.
With data provided by the Colorado Association of REALTORS® you may be asking where’s the big change? Though the monthly snapshot isn’t overly telling of this shift, comparing past years’ market peaks, we are evolving toward a much earlier and much shorter one. The number of new homes coming on the market in Denver County specifically, was the exact same as last year, 805 in July, but down from 2016’s 922. The number of sold homes was also down from 2017 and a lot fewer than in 2016 – just over 17 percent less.
Overall, a shift of peaks, valleys and growth is occurring. As the entire metro region now sits at 1.9 months’ worth of inventory, double that of January, there is a better home selection available for buyers. Though the seasonality of our market is getting shorter, likely due to concerns over interest rates and attempts by buyers to beat the rush, we maintain a healthy demand as evidenced by the consistently short days on market. Prices are rising still – but slower, much slower as I believe we are still taking those last figurative steps to a summit.
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