TL:DR: For buyers who can endure the current rate environment (in the low 7’s again as of today), you have a lot of opportunity in front of you. In the month of October, 3 of our 4 buyers who closed on new homes closed below list price and/or received seller concessions. The market is active despite entering a historically slower time.
Realtor.com’s October Housing Report reflects a fresh wave of energy in the housing market as more sellers re-entered as buyers, fueling a jump in pending sales and giving inventory a slight boost. High mortgage rates are still keeping affordability in check, but in several cities sales surged as sellers made their next big move. Even with these upticks, homes are staying on the market longer, giving buyers a touch more breathing room to weigh their options. We can certainly relate to this as we just TODAY closed on our West Barnum listing, which sat on market for 41 days.
Regionally, we’re seeing gradual listing growth, especially out West, and price stability across the board, which is refreshing for both buyers and sellers. In key swing states, affordability is noticeably stronger compared to pricier blue states, showing how different regions are navigating today’s market challenges.
As for the Denver Metro according to the same report:
* Median list price is $600,000
* Median list price is down 5.5%
* Median list price is up 21.2% from October 2019
* Active listing count is up 59.5% YoY
* 30% of active homes on market experienced a price reduction.
This data paints a picture of a housing market that’s resilient but adapting to the “new normal” of higher rates and evolving buyer behavior and new seller expectations as we round our the first month of Q4. See chart below showing the trend of PENDING homes over the last year.
