Seasonal Slowdown or Maybe More...
Tis the season. The holidays are here and the Denver Real Estate Market showed the typical season slowdown we've come to expect. Many consumers put their housing search on hold as they enjoy the holiday season. New listings reflect this trend with 28% less homes coming to market year over year.
We saw a sharp decline of homes that went under contract. Pending listings were down 36%. There was even a larger decline with 43% less homes closing compared to this time last year.
Homes are taking longer to sell with the average days on market up to 22 days. The good news is that even with the shifting real estate market the median closed home price increased year over year!
Home buyers are finding even more housing options as the market now has 9 weeks of inventory to choose from. Many properties have price reductions with Sellers also offering financing incentives to help with the rising interest rates.
With December upon us, the current market condtions are expected to continue for the near future.