REAL ESTATE NEWS
Buyer Demand is Starting to Cool Down
Aside from hard to avoid high temps and excessive smoke from nearby wildfires, things are finally starting to cool down a bit in the Mile High City. As predicted earlier this year, there has been a gradual cool down of buyer demand. Many buyers have been frustrated by a lack of inventory or have been priced out of the market due to rising prices and slower wage growth. The reduced buyer pool, along with an increase of homes brought to market last month, has allowed housing inventory to increase. In July there were 4,056 active listings, up almost 30% from the end of June. Average home price increases were still well above the historical average for a single month, coming in at 16.4% ahead of June.
Despite recent changes, Denver is still a very strong seller’s market. However, it is not quite as red-hot as it was at the beginning of the year. The average number of showings per active listing back then was in the stratosphere: between 20-22 per home. The competition was fierce. To put that in perspective, that is almost double the historical number of people touring homes in January/February.
Call Olson Realty Group today to put our 38+ years to work for you in the hot Colorado Real Estate market!
