Home sellers in the greater Denver area are starting to feel squeezed in ways they haven’t felt in a long time. Listings take longer to sell, discounts replace premiums, and buyers are demanding more.
For example, it took an average of 19 days for initial listing deals to close on July 13th and from June 10th to August. market trends report From the Denver Metro Association of Realtors.
“All of the major statistical categories point to market slowdowns,” said Andrew Abrahams, chairman of the DMAR Market Trends Committee, in comments accompanying the monthly report.
The number of store closures last month was 4,221, down 5.9% from July and down 30.2% year-on-year. At the end of August, he had 6,939 active listings, down 5.7% from July. This is partly seasonal and partly due to a decline in new listings. compared to a year ago 114.6% more single-family homes on the market Condominiums and townhomes increased by 47.4%.
monthly price drop Continued from July startThe median single-family home sales price fell 0.77% from July last month to $645,000, but remains up 11.2% this year. The median sales price for condos and townhomes fell 2.2% in the month to $400,000 and rose 7.8% for the year.
Average Premiums Received by Homes and Condominiums The above list price peaked out at about 7% in Aprilunprecedented given that a 2% premium has been the highest range in hot markets in the past, and that seller agents are doing their best to get the right price on the front end. fell below 1% in July and reversed to a discount of 0.59% in August.
Abrams said it was the first time the Denver subway market has seen a discount since July 2020. He also said 29.2% of sellers had to offer concessions in July 2021 compared to 22.9% in July. This year, compared to last July he was $3,761.
However, the market does not appear to be entering free fall. Sellers listed 3,694 single-family homes in August, down from 4,556 in July and 5,675 in June. Some of that reflects the usual seasonal slowdown as families shift focus to the start of school, but as of August 2021, the seller has listed his 4,300 homes.
Abrams expects the stock of homes and condominiums on the market to fall below 5,000 units into 2023. curb inflation.