Denver Real Estate Market Statistics – August 2015
I know you’ve been dying to know the Denver Real Estate Market Statistics for August 2015 right?!
It’s September and the only thing I see cooling down in our real estate market is prices. We are seeing homes come on the market every day and we are still showing homes like we did this spring. Our inventory may be up slightly but that is good, and we are seeing price drops. In the last week we had almost as many price drops as new listings. We have been seeing and continue to see an increase in the first buyers backing out of a contract prior to inspection and the property going back on the market.
Is this the beginning of a more balanced market? Maybe. We still don’t have enough inventory in some areas and price ranges, so although we maybe aren’t feeling the frenzy of the first half of the year, the days on market are still very low.
We started the year out with record low inventory in the 5,000 range and are now in the mid-7,000 range. An even market is probably somewhere around 15,000 houses available.
Buyers and Sellers, remember we still have crazy low interest rates that WILL be going up at some point. I’m hearing the banks are saying they aren’t making any money.
Buyers – When the interest rates go up, your price point goes down. As long as you aren’t maxing out your spending power, you won’t care, if you are maxing out your power, you need to get serious about buying before the market gets away from you and you need to do it soon!
Sellers – Don’t think your house is better than everyone else’s. If it is, you will receive many offers if you are priced right. If you price it high and aren’t better then you will be one of the many reducing your price while new houses are coming on the market potentially at the same price or better because they see you haven’t sold. You lose your bargaining power. Another reason not to push your price is the appraisal. The appraisers aren’t giving out gifts they are bringing in true values.
Let me know how I can help you.