Prices down, Inventory up October 2019!
Here is a quick synopsis of the greater Denver metro market, month over month compared to year over year. For clarification, month over month means September to October or October to November and so on. While year over year would be comparing 2017 to 2018 to 2019 etc.
Month over month, prices actually dropped for the month of October in the greater Denver area while inventory was up. That’s surprising only if you consider the time of year, because in the fall, generally, that trend is in effect. Year over year, however, prices in the 7 major counties of Denver area increased about 4-5% on average. In other words, prices are higher this year compared to the same time last year.
If you’re looking to buy a home, NOW is a fantastic time to take the plunge. Rates are lower than we’ve seen in a long time and typically people who are trying to sell their homes at this time of year are motivated for a quick sale for one reason or another and might be more motivated to negotiate with you on price or other terms to ensure a smooth road to the closing table. If you are considering listing your home for sale, please reach out to us or speak to a real estate professional. Pricing your home “in” the market during this time of year is more important than ever! Overpricing now would be “chasing” the market which could lead to longer time on market with multiple price reductions.
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*Disclaimer→ Market data and information is provided in whole or part by REcolorado®, Inc. REcolorado® and as distributed by First American Title. Data is complied from the 7 major metro counties of Denver. Statistics and other data for a particular city or neighborhood may have different results. If you are curious about data for a particular area, please reach out to us or your favorite real estate professional for further analysis.