It looks like the Denver Housing Market may be starting to calm down. Whereas before, Denver stayed steady in the top three markets for homes selling quickly, now it is starting to trail behind. Denver came in one day behind the third place market, San Francisco which had 26 days on the market as an average. Until there are more homes in the mid-prices that are more affordable, however, the market will continue to lean towards a seller's market. Learn more in the Denver Business Journal below:
Is Denver housing market cooling a bit?By Ben Miller – Contributing Writer
Oct 18, 2017, 6:43am MDT Updated Oct 18, 2017, 7:14am Is Denver's housing market cooling a bit? A new study indicates that Denver's no longer a national leader in one key housing market indicator.
Denver used to be one of the nation's top three markets when it comes to homes selling quickly. Not anymore. According to the latest Re/Max National Housing Report, Denver homes are selling a tad more slowly than the three national leaders.
In the latest Re/Max report, the metro areas with the lowest Days on Market were Omaha at 23, Seattle at 25, and San Francisco at 26. Denver has barely fallen off the list of top leaders, coming in at 27 Days on Market for September. Nationally, the Days on Market for homes sold in September was 49. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed, Re/Max said.
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In the past, Denver was always listed at or near the top: In the previous report, Omaha and Seattle led the country at 21 days and Denver followed at 24.
But Denver still ranks near the top nationally when it comes to not having a market balanced equally between buyers and sellers. Re/Max estimates that a balanced market has a 6 months supply of housing inventory; currently the national figure is 3.6 percent.
"The markets with the lowest Months Supply of Inventory continued to be in the west with San Francisco at 1.2, Seattle at 1.5, Denver at 1.6 and San Diego at 1.8," Re/Max said.
"Plain and simple, we need more homes, particularly at the entry-level price point. Until then, it will most likely continue to be a seller's market with homes going from listed to sold quickly," said Adam Contos, Re/Max co-CEO, in a statement.
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