The Denver metro area appears to be entering a “period of neutrality” as homes stay in the market for longer and inventory levels shift in favor of buyers, the Denver Metro Association of Realtors September housing market report shows.
DENVER – After over a decade of extreme fluctuations, the Denver metro area appears to be entering a “period of neutrality” as homes stay in the market for longer and inventory levels shift in favor of buyers, the Denver Metro Association of Realtors September housing market report shows.
Single-family homes sold for a median price of about $632,000, a 2.02% decrease from August, but condos saw the inverse last month, selling for a median price of about $410,000 – an increase of 2.68%, according to the DMAR report. “My advice for buyers is to take a breath,” said Levinson-Katz. “The last few years, buyers have had to make a decision so, so quickly and they've had to waive all of their rights. Now, buyers are able to negotiate on price, appraised value and inspection items. They can even start asking for credits back from a seller to help buy down their points for their interest rate. They can finally take a moment to look at home homes.
Westminster has seen the fastest rent growth in the metro, with a year-over-year increase of 7.1%. The median two-bedroom there goes for $2,119, while a one-bedroom apartment is renting for $1,778.
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