Number of
3,092
Homes Sold
Average Days
39
on Market
Number of
11,115
Active Listings
The summer selling season is winding down, and a slowdown is taking place in the Denver metro Real Estate market. Consumers and investors alike were anticipating the Fed rate decision, and the Fed cut 50 basis points. As we predicted in last month's newsletter, mortgage rates actually increased! How did rates go up? The bond market had already priced in a 50 basis point cut, and bond markets simply don't believe the Fed has slayed inflation. Pricing for a 30-year mortgage today is 6.64%.
On the surface, monthly stats for the Denver Real Estate market remain relatively stable, but under the surface, there is more going on. There is more inventory, price reductions are common and homes are sitting longer. Active listings are up 46% over this time last year. The number of sold homes are down, and prices are flat at best. Sellers have to come to terms with the fact that homes are taking longer to sell, and some homes suffer several price reductions before finding the right buyer. New listings must be priced to perfection.
Buyers are feeling the pinch of higher interest rates, and are waiting for the perfect match before making an offer. When buyers find the right home, they want to negotiate, even if the home is new to the market. There are numerous options to choose from, and we have observed more distressed sellers. Our years of expertise can help you navigate this changing market.