After a year of record-breaking buying and selling activity in Colorado, it appears as though the red-hot market is finally cooling off and settling back into its typical trends. As consumers turn their attention to getting their families back into a routine following the summer break, prepare for the upcoming holidays, and shift their focus to other priorities, real estate may not be their main concern. Despite this, the Denver Metro market is expected to remain strong and continue to provide opportunities for both homebuyers and sellers this season.
In Colorado’s capitol city and its surrounding neighborhoods, the number of homes sold at all price points dipped slightly by 9% through August compared to the same time frame in 2020, according to LIV Sotheby’s International Realty’s Monthly Market Report for Denver Metro. This small decrease is an expected trend that many markets across the state see on a seasonal basis and is also a positive indicator that the real estate market is returning to a healthy rhythm.
Although the number of homes sold decreased, sellers should not be discouraged as the odds of selling have increased, according to the Metro Denver Market Review, compiled by Megan Aller of First American Title. This metric measures the ratio of buyers and sellers in a given market. In August, the odds of selling for homes in Denver Metro increased by 2.9% from July to reach 77.8%. This illustrates that sellers still have a good position in the marketplace where they can feel confident about getting their home sold in a timely manner.
But creating a strategy for success is still important. With less buying activity taking place, accurately pricing and marketing homes will be crucial. Keep in mind that the average sold price for homes in Denver Metro was $607,003 through August of this year – an impressive 16% higher than the average sold price through the end of the summer last year. Using this information and local comps from an expert LIV Sotheby’s International Realty broker, sellers can achieve their financial goals.
This change in pace can also be beneficial to buyers who have toughed out the fast-moving market in Denver Metro this year. Buyers can breathe a little easier knowing that there is slightly less competition for Denver’s limited inventory of available homes. Data from the Metro Denver Market Review shows that the number of showings that took place last month decreased marginally, by 0.2% compared to July. Although small, this reduction may provide buyers with the chance to make a winning offer on a home this fall.
The data gathered from the luxury sector of the real estate market, which includes homes $1,000,000 and above, told a different story. This portion of the Denver Metro marketplace saw a 35% increase in listings sold, totaling 470 homes sold through August of this year. The average sold price for local luxury properties through August was $1,575,018 – a 1% decrease from the same period in 2020.
Overall, the Denver Metro housing market continues to show its strength even as it settles into its historical patterns of buyer and selling activity. To learn more about the Denver Metro home market or to view the full Monthly Market Report, visit livsothebysrealty.com or call 303.893.3200.