After spending a decade on defense, homebuyers in metro Denver are seeing conditions swing in their favor.
Lon Welsh, managing broker of Your Castle Real Estate, recently analyzed home-price trends in themetro area as they compare with the average number of days a home spends on the market. Between Januaryand May, the average days on the market was 89; a year earlier, it was 100.After spending more than a decade on defense, homebuyers in metro Denver are seeing conditions swing in their favor in a half-dozen neighborhoods with a couple dozen more shifting to neutral territory.
A seller’s market is typically defined as one having under four months of supply, while an extreme seller’s market, at play most of the time from 2016 to 2022, has under one month of inventory, Welsh said. A balanced or neutral market has between four to six months of supply and neither side has the upper hand. Despite being highly desired, balanced markets tend not to last when they do show up, Welsh said. That’s because they usually represent transition phases to more extreme conditions.
With only one listing available at the end of June, North Commerce City had the region’s tightest housing market with only 0.3 months of supply. Larger shifts in preferences may also be at play in some areas. People can live farther out from work because of more remote arrangements, which has diminished the popularity of central Denver neighborhoods, said Jenny Usaj, owner of Usaj Realty in Denver.
Walkability remains part of the conversation, but Usaj said smaller city downtowns like Golden, Arvada and Littleton can “provide a nice blend of local, walkable, and financially sensible options without having to travel to Denver.” Yet, a softer economy, which is why the Fed would start cutting interest rates, could counteract that by knocking more buyers out of the hunt and making sellers more motivated to list their homes.
Keeler: Deion Sanders, 4-8 coach, gave a 3-9 news conference. Coach Prime showed CU Buffs fans a four-letter side they hadn't seen before: Fear
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Watch out, Denver drivers: RTD construction to shut down 2 Denver intersections for weeksTwo Denver intersections will be closed for weeks as construction continues on the Regional Transportation District’s downtown rail reconstruction project.
Read more »
BREAKING: Denver Nuggets Reportedly Sign Elite 3-Point ShooterAccording to Bennett Durando of The Denver Post, the Denver Nuggets will sign Spencer Jones.
Read more »
Three dead, eleven wounded in shootings overnight in the Denver Metro AreaMultiple shootings reported across Denver, Aurora and Commerce City early Sunday Morning. Three dead and eleven wounded.
Read more »
A 25-degree drop in temperature for the Denver metro areaLisa provides the latest First Alert Weather forecast on Denver7 starting at 4:30am every weekday morning.
Read more »
Xcel Energy customers in west Denver metro area report frequent, longer outagesJaclyn Allen is a Denver7 Weekend Anchor and Contact7 Reporter.
Read more »
Big weather change in Denver: High temps not seen in metro since MayJeff is a digital journalist with the Denver7 team.
Read more »