While the low inventory of Denver homes for sale remains in the favor of Sellers, buyers today have more than 4 times the number of homes they can choose from compared just 4 months ago.
Now, sellers suffer because homes take a little longer to sell. And, showings dropped to less than 5 per week on the average. Remember a few months ago. Homes usually sold in one weekend with 20-50 showings and multiple offers. It’s a different story today for most sellers.
Noted real estate market expert, Megan Aller of First American Heritage Title Company spoke about all to our Kentwood sales meeting on Wednesday. She explained that the market has slowed but it is still a great market. “Isn’t this the market we have all been hoping for?” she asked rhetorically.
After the meeting she gave this explanation exclusively to the All Denver Real Estate blog.
Of course it is. Now, buyers benefit from a real selection of homes and don’t feel quite so rushed to make a split-second decision. In fact, Megan explained that more and more buyers are waiting when a new listing first goes on the market to even see it. Those buyers only are looking homes that have been on the market a week or two in hopes of finding a motivated seller. Those sellers often have given-up hope of receiving multiple offers. Sometimes, those sellers will even accept offers a bit below full price.
Denver Luxury Homes Slow Further
Megan pointed out that Denver luxury homes represent the softest segment in the Denver Metro. Some listings are still selling in the first weekend on the market if they match three criteria. First, they are priced well at or slightly below the current market. Secondly, the home is updated, remodeled or in supurb condition. Finally, that the home is located in a highly desirable city neighborhood or Denver suburb like Cherry Hills Village.
Even this Denver luxury real estate market is thriving in relative terms. Normally the number of months of luxury homes inventory averages 9-20 months. Still, sellers of luxury homes should consider selling sooner than later. Overall, this slower Denver real estate market is still tipped in favor of sellers.