Denver Real Estate Market Stats – September 2019
It is NOT a buyers’ market.
We still do not have very many homes for sale, we only had 9,286 at the end of September. The average for the end of September is 16,500.
Because we have more homes on the market, more are selling. 44,204 homes have sold by the end of September 2019. Last year at the same time, 43,915 were sold.
Prices are higher than they were on average around the city than they were a year ago. The average price is up 2.52%.
Interest rates are down! By a whole point.
It really is a great time to sell. Interest rates are staying low and will probably continue that way as we head into an election year.
There have been more negotiations at the time of inspections this year. Why we aren’t seeing more offers when properties are priced too high tells me we have a lot of new agents who haven’t ever put in an offer under asking price.
I’m still seeing properties selling the first weekend on the market, they were either priced right or just below market value. I’m hearing about price drops. Before you assume prices are dropping, the end of summer tends to be the time of year people think they can push the market and they then realize they missed the push by a few months and the winter months aren’t as forgiving as the summer months. From August to January, there is no pushing the value.
This is the time of year where serious buyers are still looking and they don’t have to make a hasty decision. There is an overall decrease in showings, every showing for a seller is important. We saw a decrease in buyer applications for mortgages which confirms that they aren’t as many serious buyers, but we are having showings and we are having good traffic through open houses.
We have officially opened our second office downtown! The main office is still in Riverfront Park, at the base of the Millennium Bridge on Little Raven Street and a second office is in The Coloradan at Union Station, 1750 Wewatta Street. Both offices have really interesting traffic, people not only from all over the country but from all over the world.
Let me know how I can help you or someone you know with their next move.