Homebuyers Benefit from New Wave of Price ReductionsAmanda Molitor
Both buyers and sellers can expect the summer real estate season to be hot, but there are some indicators that the supercharged market is slowly settling back down in Colorado. According to data from the Metro Denver Market Review, compiled by Megan Aller of First American Title, the number of single-family homes and condominiums that have closed at a reduced price is on the rise. The report finds that last month, price reductions of single-family homes were up by 9.7% for single-family homes and up by 6% for condominiums.
This emerging trend could be good news for homebuyers. Colorado’s limited inventory of available homes paired with a high demand for the state’s lifestyle has driven home prices upwards and increased the likelihood of multiple offer situations for buyers and sellers. This slight increase in price reductions could be signaling that the market is finally cooling off. Now may be the time to enter the market for those who have been waiting for the right time to purchase a property.
Sellers need not worry as the appreciating prices of all homes in the Denver Metro area, and most regions of Colorado’s Front Range, work in their favor. The past several years have proven just how strong the real estate market in Colorado is. The momentum created from the housing boom of 2020 has maintained a steady flow of buying and selling activity that will likely continue throughout the rest of the year.
Navigating the real estate market in these conditions can be challenging. The first step in any successful real estate journey should always be working with a skilled broker and taking the latest data into consideration. To learn more about how the market is performing in your neighborhood, check out the latest Monthly Market Reports from LIV Sotheby’s International Realty. And to begin your home-buying or selling process, visit livsothebysrealty.com