When Will the Denver Real Estate Market Get Back to Normal?
The idea of getting back to normal is on everyone’s mind. Specific to real estate the question often asked is, when will the Denver real estate market get back to normal?
The answer is that it depends on your definition of normal. The past two years have been an up and down rollercoaster in many aspects of life. The effect of the pandemic on jobs, work-life, unemployment, shopping, outings, the supply of goods, inflation, and more continues to be unpredictable.
It’s no surprise that consumers are weary. Weather is wreaking havoc in the West with forest fires, extreme drought, and smoke-filled skies while at the same time, hurricanes are pounding the South sending storms and flooding up the East coast.
A quote by mathematician and Temple University Professor John Allen Poulos says it best,
“Uncertainty is the only certainty there is, and knowing how to live with insecurity is the only security there is.”
News about the real estate market continues to gain consumer attention through emotional headlines about housing crashes or other pending disasters. Sam Wilson and his team of Realtors don’t support sensationalism or attempts to scare consumers about the real estate market.
A commitment to honestly reporting the facts is the basis of offering value to real estate clients month after month in the information offered in the monthly market trend report, the real estate blog, and other information on this website.
When Will The Denver Real Estate Market Get Back to Normal?
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Denver Real Estate Market Get Back to Normal Trends
Denver’s housing market year-over-year trends mirror a typical end-of-summer slowing. According to the Denver Metro Association of Realtors September Report, active listings of homes in Denver for sale at the end of August 2021 were 3,582. This is a decrease of 11.68% from July.
The number of homes sold in August was 5,628, also down from July by 9.58% August in the Denver Colorado metro area is typically a slowdown and back-to-school month with consumers focusing on priorities other than real estate. For the first time, days in the MLS increased from 9 to 11 days.
A Telling Trend?
The number of active home listings at the end of August 2021 of 3,582 is greater than every prior month dating back to November 2021 when the number of active listings at the end of the month was 3,415. Is this trend an indicator that days in the MLS will continue to increase, meaning home buyers having more opportunities to get their dream home with less time pressure to make an offer?
Add to these statistics, a three-month trend beginning in June 2021 continuing through August 2021 of a decline in the numbers of closed home sales of 6,636 June, 6,213 July, and 5,618 August. If these trends continue the Denver real estate market may begin following a more normal seasonal trend.
Advice for Homesellers
Home demand remains steady in the Denver market. The bidding wars and above market price offers of earlier this year are likely coming to an end. Housing prices are expected to remain stable with continued growth year over year. If you are planning to sell and overprice your home, be ready to adjust the list price within 1-2 weeks of the listing date if your home does not sell.
Home inspection waivers and other contingencies waived by homebuyers when the market was red hot are no longer common as the market shifts to middle-ground between home sellers and home buyers. The upcoming fall and winter months are an opportune time to sell and buy a replacement home.
Advice for Homebuyers
For homebuyers, the news couldn’t be better! The seasonal August drop in new listings to 4,034 is no cause for alarm. While home listings typically decrease in the fall, the months of September through December typically see fewer homebuyers in the market.
Searching for a home during this time period means less competition to find the home of your dreams. Mortgage rates also remain low meaning you can get more house for your money. Start a search for your next home on our FREE home search page.
Cash Offers Win in Real Estate Transactions
Offering cash for a home raises your buying and negotiating power. Making a cash offer to buy a home or receiving a cash offer when selling a home are two real estate trends likely to continue. With all of the big guys spending money on television advertising and making promises that don’t always deliver when consumers read the fine print, how do you know who to trust?
As you might imagine, Realtors are continually approached by companies offering the latest and greatest programs. Like most consumers, Sam Wilson and the home selling team are cautious when investigating programs that seem too good to be true. The good news is that reputable companies exist to help home buyers and sellers. Sam Wilson and his team offer reliable and trustworthy real estate advice.
Sam Wilson and Realtors on the Sam Wilson Home Selling Team have investors interested in helping home buyers offer cash to buy their next home.
If you are a home seller, contact Sam Wilson to receive a full market value price opinion for your home plus two cash offers within 48 hours.
The Sam Wilson Team Offers Choice for Home Buyers & Home Sellers
Sam Wilson takes the pressure and stress out of buying or selling a home with a variety of programs that meet consumer needs. Learn more about worry-free listing variable commission rates for home sellers, buy before you sell program, cash offers and more by contacting Sam today.
Knowledgeable Realtors You Can Trust
Are you thinking about buying or selling a home in the Denver metro area? Receive expert real estate advice when house hunting for homes for sale or buying a home. Work with a buyer’s agent on the Sam Wilson Home Selling Team. We make you a priority and share more than 20 years of expertise in the local real estate market.
The Sam Wilson Home Selling Team specializes in homes in Arvada, Aspen Park, Aurora, Broomfield, Brighton, Castle Rock, Centennial, Conifer, Denver, Edgewater, Evergreen, Genesee, Golden, Highlands Ranch, Idledale, Indian Hills, Ken Caryl, Kittredge, Lakeside, Lakewood, Littleton, Morrison, Mountain View, Northglenn, West Pleasant View, Westminster, and Wheat Ridge, Colorado.
Contact Sam Wilson today by completing the form on this website or calling or texting 303-770-1250.
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