12/10/2023
November's Median Home Close price came in at $565,250 this is a drop π of -$19,750 for the Housing market in the Denver Metro Area compared to October of this year. Despite uncertainty, the report shows that people are still buying and selling homes.
New listings came down to 2,717 compared to 3,816 in October a decrease of about -28%. This drop is normal due to seasonality, we tend to see the lowest inventory toward the end of the year.
Buyers are no longer willing to overpay and, as such, pricing is the number one key in this market to sell a home. Sellers need to focus on value and put themselves in the buyerβs shoes. Properties will continue to trade hands for the right price and terms. Even though interest rates are high the key is to get onto the home ownership wagon and wait for appreciation to move upwards.
For those who continue to look through the holiday season, there is less competition and sellers are usually more motivated to sell before the end of the year.
Creativity in how a deal is structured is key in this market, working with an experience Real Estate Professional makes all the difference. DM if you are ready to make a move π Home Smart Realty.