Good Monday Morning! Have you been wondering what’s going on with the real estate market in the past month? It’s been a little difficult for some to pin down just what’s going on lately.
Denver Real Estate This Week:
The real estate market in the metro area has started to see another uptick over the past week or two. As school has began for most in and around Denver, more homes are beginning to come on the market and buyers are getting back out there. Since about the middle of June, Real Estate has been seeing a slight slowdown due to many issues. Buyer burnout after a wacky and manic beginning to real estate sales year was a big one. There were many homes under contract prior to the middle of June that took a little longer to finally sell due to appraisal backlog. Turn times went from an average of 28-35 days to about 35-45 days. Appraisals are taking a little longer to get picked up by appraisers at this point due to the masses that are refinancing now. The turn time for an appraisal once the appraiser has visited the property is substantially shorter (see all current home inventory listed here ).
In the past week home sales around Denver have began to see higher showing numbers, multiple offers and buyers giving up their due diligence process again to get the home they want. I attribute most of this to reinvigorated buyers, school’s back in and the inventory has slightly dropped (this is especially true for homes under $250,000). We have one listing that we put on this weekend and within 48 hours, we had over 45 showings and 9 offers (all above asking).
In the next week, I expect to see more inventory and a healthy amount of home shopping interest for Real Estate in the Denver Metro Area.