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2023 Q3 Real Estate Market Report

 

Q3 Market Report
As fall takes over, the Denver real estate market is showing signs of a seasonal slowdown, coupled with shifting dynamics that are affecting both buyers and sellers. The question on everyone’s mind is, “Is this a buyer’s market?” Market types are dictated by supply and demand, and the current trend suggests a move towards balance. With months of inventory jumping 47.24% to 2.4 months, we’re inching closer to a balanced market, which traditionally sits between 3-6 months of listing inventory.
 
Prices are holding steady for now, with the median close price at $585,000, up 0.69% from last month. However, the market is cooling in other aspects. Sales volume has decreased by 20.38%, and the number of closed homes is down by 20.88%. For buyers, this means more room for negotiation on price, contingencies, and even interest rates. Creative solutions like rate buydowns are becoming the norm.
 
For sellers, especially in the luxury and signature markets, patience is key. The days of quick sales and bidding wars are waning, but that doesn’t mean opportunities don’t exist. Strategic pricing and professional marketing are more crucial than ever.
 
First-time homebuyers are a notable exception, showing increased activity and leveraging the current market conditions to their advantage. They are not tied to historical interest rates and are keenly aware of the opportunities that a cooling market presents.
 
As we move into the winter months, expect these trends to solidify. Buyers will find relief in a market that allows for more choice and negotiation, while sellers will need to adapt to a new reality that calls for strategic pricing and patience.
 
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