Every month the Denver Metro Association of Realtors releases its monthly report on the housing trends for the metro Denver area and according to the data the real estate market is more balanced. Month-over-month, the market is down 3.33 percent but compared to last year, it is still up 11.04 percent, indicating that a more balanced market, combined with slightly decreasing interest rates, may create opportunity for those who previously felt burned out on the process.
Every indicator points to the market shifting closer to a buyer’s market. The month-end active listings increased 21.53 percent last month. Pending and closed deals decreased and days in the MLS increased by exactly 30 percent. However, the market is still far from what many experts would consider a buyer’s market. There are over 2,000 fewer properties on the market today than there were three years ago and, during the last three years, the amount of standing inventory peaked in June and July, which was abnormal. Historically, the market doesn’t peak until August or September.
With many people out-of-town, combined with mortgage rates that briefly went over six percent, the Luxury Market also felt the seasonal cooling in July. New listings were down 22.13 percent, pending sales were down 18.16 percent and closed homes were down 30.80 percent since June. There were 718 new luxury listings in July and 492 closings.