Those who intend to buy a home in Denver could save some money, as median prices in the city have fallen to $375,000 in September from $380,000 in August, according to the Denver Metro Association of Realtors (DMAR).
However, the lower median price for single-family homes and condominium units still made it difficult for sellers to close transactions. The decline in sales in September indicated a looming slowdown in the city’s residential real estate market.
Low Prices, Fewer Sales
The number of sold properties in the city dropped more than 21%. Despite condominium unit prices falling 2.55% to $268,000, property agents have noticed more homes going back to the market after falling out of contract.
Home buyers should take advantage of this by negotiating for lower prices, as some sellers are willing to bargain to lure interested parties. You could spend the money you save from buying a lower-priced home for other matters, including property upgrades.
The services of an estate planning attorney in Denver such as Miller & Steiert, P.C. could also be one alternative, especially for senior citizens.
Steve Danyliw, the chairperson of the DMAR Market Trends Committee, said that a market slowdown has emerged, amid a continually low inventory. Denver’s housing market may appear to be slowing down, but home sales and prices were the opposite in Colorado Springs-area in September.
Buyers in the area acquired 1,509 properties during the month, up 9.3% year over year, according to a Pikes Peak Association of Realtors report. Sales in the region could exceed the record in 2016 when sellers offloaded 15,318 homes.
For the first nine months of 2017, Colorado Springs’ market tallied a 7.1% year-over-year increase in sales with 12,449 units.
Buyers should take advantage of falling property values in Denver, as home prices continue to increase in other parts of the U.S. Despite a short supply, are you willing to make an effort to look for listings?