Is this slowdown here to stay?
The September 2017 Denver Real Estate Statistics show a big slowdown overall. Signs show that this may be more of a slowdown than typical seasonal slowing. For example, the number of homes sold and the number of new listings are lower this September than they were in September 2016 or September 2015. The same can also be said about the average number of days a property sits on the market. With fewer homes to choose from one would expect that buyers would be snatching up properties at a faster pace. Yet this could also be a sign that those listed properties are priced too high for the season. With the median sales price now over $370,000, it may also signal that the Denver Metro area has become unaffordable for a larger population of would-be buyers. Buyers still in the game will benefit from average thirty-year mortgage rates falling even lower than last month to 3.81%. We’ll all be watching the market closely the next few months as we finish off the year.