June and July mark the peak of the market here in Denver. The flurry of activity in the market eventually subsides each fall, and 2016 is no different from past years.
Most job relocations take place in late spring and early summer. Traditionally, the later summer months mark the height of vacation travel, and that leads into back to school time for students.
The market still favors sellers right now, but signs of balancing continue to show,particularly in the market around the $400,000 price range. As prices climb, so does inventory. This brings further balance to a heated market. Showings have slowed, which is typical for this time of year.
However, days on market have climbed quite a bit. The average days on market are still hovering around 30 days. As you may expect, higher price point homes have fewer qualified buyers based on the average household income. Price reductions and low offers continue to further support the balancing movement.
The market price of homes is driven by a combination of recent sales, seasonality, availability, and homeowner input. A seasoned professional should see these things and give them weight when writing offers. You can’t know there has been a market shift until you’re already in it. This is where clients can capitalize on a seasoned Realtor’s knowledge for guidance.
To sum it up, the local market is still very strong and favoring sellers. The market is trending towards being balanced, but Denver is still one of the most active markets in the U.S. Appraisal completion times and costs are at an all-time high, so keep that in mind if you plan on buying or selling as it may affect your timeline.
If you have any questions for us at all, don’t hesitate to give us a call or shoot us an email. We would love to hear from you!
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