August 2022 Denver Real Estate Market Update
Can you say market shift?
Active Inventory is up 93.7% from August 2021 to August this year. Can you say market shift? These are incredibly convincing numbers that shows you the slow down is for real.
What does this mean for sellers?
Sellers – don’t panic. You simply need to ask your CJV Real Estate 🏡 Realtor, market expert, of what you now need for realistic expectations when it comes to list price versus actual sold price. Even the closed or sold price is now below 100% for the first time in years.
The good news for Sellers is that the market still needs to DOUBLE its current inventory numbers to satisfy and balance the market equally.
A good home at a fair price will sell (go under contract) in 15 days on average, which is swift. Sellers were spoiled with multiple offers within hours. Homes were under contract in a weekend or less, not weeks or maybe a month or two.
What does this mean for buyers?
Buyers, good for you, we have DOUBLE the inventory to choose from and not nearly as many bidding wars – whew! Take a breather! One way to combat high interest rates is to ask the Seller to pay for and ‘buy down’ your interest rate from 6% to 4 1/2%. It will take several thousand dollars, but it is being done.
Let’s see what September brings and remember – ask your CJV Real Estate expert for their opinion – they’re here to help!