Active inventory jumped 10% in September, and with more homes on the market, buyers have more options available to them. Average days on the market also increased to 13 days, signifying that buyers also have a little more time to make their decisions. While promising, Denver’s housing market is still incredibly competitive and buyer’s should remain vigilant and aggressive. Although the number of closed homes was down 12% last month, a significant number of homes went under contract as well. As seasons change, the market will continue to cool slightly and allow more buyers to enter the market – but it’s not time to relax just yet.
While inventory dropped 20% between April to May, we’ve seen a 50% increase in active inventory between May to June, up to 3,122 at months end. The number of closed homes has also risen about 10% month over month. Both of these statistics are typical of the Summer months, where we see a larger number of homes on the market at a slightly higher price point. This increase in inventory and price usually lasts until about August or September, where we see inventory begin to decline again. 2020 and 2021 have been unusual years, however, so it’s unclear how typical of a pattern we will see this Summer season. Regardless, there will be a lot of homes hitting the market in the next few weeks, so if you are still looking for a home and need an experienced REALTOR® on your side, I would be happy to help!