The End of Summer Signals Shifting Market Trends in Denver MetroAmanda Molitor
As much as we may hate to admit, the summer is coming to end. With school back in session, Labor Day quickly approaching, and pumpkin-flavored drinks making their seasonal return, it is apparent that change is in the air. Over the course of the summer, Denver Metro’s real estate market remained one of the hottest destinations to buy and sell homes in Colorado. But how will the fall affect the market’s momentum?
After a year of social distancing, many consumers took long-awaited vacations or traveled to see loved ones this summer. Their time away decreased the number of buyers actively searching for homes, yielding a better chance for those remaining buyers to have their offer accepted on their Denver Metro dream home. During the fall, we can expect to see this trend continue.
Autumn is a busy time for most people. Whether it’s getting back into a routine for the school season, returning to work after a vacation, or preparing for the impending holiday season, it can be a distracting time to try to focus on buying or selling a home. But consumers should not be discouraged. There is still plenty of time to take action and achieve your real estate goals in 2021.
With less people on the hunt for homes during this time of the year, buyers will enjoy slightly less competition in the marketplace. This slow in showing activity could make it easier to place a winning offer on Denver Metro residences for buyers who may be discouraged after the fast-paced summer market. Take advantage of this time by utilizing the weekends, especially holiday weekends, to tour homes when other might be out of town.
Those selling their homes may also need to adjust their strategies during this time. Although home values continue to appreciate in Denver Metro, which is great news for sellers, it will be important to price homes competitively during the final weeks of summer and into the fall. With fewer people actively shopping for homes, listings may not fly off the market as quickly as they did just a few months ago.
Sellers should work with a LIV Sotheby’s International Realty (LIV SIR) broker to find a competitive price that will meet their financial goals while attracting motivated buyers. Looking at average home prices across Denver, sellers are still positioned for success. Through July of this year, the average sold price for homes appreciated by 17%, reaching $613,792, according to LIV SIR’s latest Monthly Market Report for Denver Metro. Homes within the luxury sector of the market have maintained their values for the most part through July of this year compared to the same time frame in 2020. The average price for a luxury home was $1,558,506 through July, dipping by a mere 1% from last year. This data illustrates the strength of Denver Metro real estate.
Even with fall just around the corner, Denver Metro’s real estate market still has plenty of sizzle left for buyers and sellers. Create a strategy for success this year by contacting a real estate advisors at LIV Sotheby’s International Realty by calling 303.893.3200 or visiting livsothebysrealty.com