This month marks our halfway point and the market is recalibrating from the early January expectations to the current reality. Single family homes are selling much better than condos and townhomes. In the past, many lower-priced condos and townhomes generally could be the ticket for first-time homebuyers; however, due to many high HOA fees fueled by deferred maintenance, poor management, and rising insurance rates, buyers are finding that a small single-family home for more money can actually be more affordable. Please understand condos and townhomes are still selling - we have sold quite a few in the last few months, just not as quickly as single-family homes. The other news for this month is we have more of a buyers' market as we move closer to the 4 months of inventory. Denver Metro has seen a shift in the balance of supply and demand, which has moderated price growth. Sellers must adjust to a slower pace while buyers wait for the perfect time, and the rate could lose out as the best homes still move quickly. Also, note the median days in market seems skewed by the quick sales. On average homes are taking 4.5 times longer to sell than 3 years ago.
Navigating today’s market successfully requires buyers and sellers to rely on professional insight, up-to-date data, and real-world experience.
As always, feel free to reach out for more information, whether you are buying, selling, or investing.
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