11/07/2022
Happy November! The monthly Denver metro market report is in. 📊 Winter is coming and so is a normalized market! Inventory came in at 7,290 this month, which is up 115.94 % from this time last year. Although this number seems super high, we are still below pre-pandemic inventory levels. Perspective is very important when you hear statistics like these in the headlines. Although this increase in inventory is a relief to buyers and is high in comparison to last year, the market still remains strong because inventory is historically very low, which drives steady demand and steady prices.
The average days on market rose to 28 days this month.This is up from 14 days in November 2021. Homes are sitting for longer which allows buyers to take more time to make decisions, negotiate better terms, and take comfort in the fact that they won’t be competing against many other buyers like they have been over the past few years. In fact, many real estate professionals are starting to describe this market as “normal”. As a seller, you can still be very successful if you price your home aggressively. And as a buyer, now is the time to jump into the market and snag the good deal you’ve been waiting for! Questions? DM me. 😁
