The seasonal trend of a slow down from summer into fall has continued this year. With kids heading back to school, families savoring the last few days of summer, and people taking last minute vacations- it is normal to see the market slow down a little in August. Buyers at this time are more willing to wait for the “right price” for their desired home. This has lead to a slight, only two day, increase of days on market, moving from 9 to 11 days.
According to the Denver Metro Association of Realtors, “Likewise, the close-price-to-list-price ratio dipped ever so slightly month-over-month. In a dramatic data point, the month-end active inventory dropped 11.69 percent. Historically speaking, the change in inventory is relatively consistent from July to August”.
The market is still greatly in need of inventory, continuing to make it a great year to sell. There have been 5.76% more homes purchased in 2021 than the Denver Metro at this time last year. The luxury market continues to be strong overall.
Does this market update have your considering selling? Call our team at Corken + Company today.
Read the full market update from the Denver Metro Association of Realtors here.