DENVER — Homes are taking longer to sell in the Denver area, but it’s still very much a seller’s market.
That’s the message from the Denver Metro Association of Realtors, which just released home sales data for the month of September.
Metro-area homes now spend an average of 33 days on the market, according to DMAR. That’s an increase of over 22 percent compared to September 2018.
There are also more homes to choose from, with active inventory up more than 5 percent year-over-year in September.
Despite the changes, Denver’s real estate market hasn’t shifted in favor of buyers, according to DMAR Market Trends Committee Chair and Denver-area Realtor Jill Schafer.
“Sellers still hold the upper hand in the 11-county metro area,” Schafer said. “We ended September with 2.04 months of single-family inventory and 2.12 months of condos for sale. Anything under five months is considered a seller’s market.”
Home-buying in metro Denver is still very competitive and prices continue to reflect that.
After topping out at $430,000 in the spring and summer, the median sale price dipped slightly to $415,000 in September. While that’s a little lower than the previous month, it’s 3.75 percent higher than the same time last year.