The Denver Metro Association Of Realtors most current report is based on data that provides insight into September 2022 market transactions of the 11 counties including the Denver Metro area. The report details how sellers are still languishing in a 2021 mindset while buyers think its 2008. It is up to an experienced, specialized realtor from Katchen Company to help educate clients on current buy/sell expectations.
And The News Just In…:
- Buyers are relocating in record numbers from more expensive parts of the U.S. to more affordable areas and Denver came in number 10 from a list defining outflow of residents.
- Overpriced properties are positioned for price reductions verses conservatively priced are selling quickly, often in the first week.
- Bidding wars are slowly subsiding and the appraisal gap coverage is slowly ending.
- Interest rates have increased since the beginning of the year and recently buyers have become accustomed to them and have begun utilizing conventional marketplace tools. Jumbo loans have become an attractive option due to a lower interest rate than most conventional products.
- As the seventh most “Greenest city in the U.S.”, Denver investors continue to pour money into existing properties, creating the hottest neighborhoods for property flips in 2021. These included neighborhoods in Southwest Denver, such as Barnum, Westwood, Mar Lee and Harvey Park.
- Happily, lumber prices have fallen down to the pre-Covid levels as the housing market slowed from the height of the pandemic frenzy with sales down 20 percent from one year ago.
Is It A Buyers Market Yet?
Libby Levinson-Katz is the chair of the DMAR Market Trends Committee and a Denver realtor, and she answers the question, “As the Denver real estate market continues to evolve and change with the weather, or, are we in a buyers’ market yet?”
Libby answers that question that she believes that we are moving towards a more balanced market, one which we have not seen in 16 years. Traditionally the cycles for the Denver real estate market runs about seven years. After experiencing a hard economic crash and the pandemic, the market now appears to be entering a period of neutrality, a rational state of compromise where buyers and sellers will be working more together to create a win-win situation.
Here is the link to the most current DMAR Market Trends Report October 2022.