The number of active listings in the Denver area has jumped 17% in June and July, compared to May.
This has coincided with a slow down in buyer demand, according to Redfin’s index that tracks buyer interest.
This is good news & provides temporary relief for home buyers.
This comes after a dizzying spring and summer market, where home prices continued to increase at close to an annual 10% rate. This resulted in buyers competing with multiple offers, often cash offers, which pushed prices yet higher for the third straight spring. This trend has pushed some first-timers into renting again, or into considering other less desirable areas of town.
This breather is a welcome sign to many, who know that a healthy, steady market is one that has a better listing/buyer demand ratio. This means that buyers can be a little less aggressive with offers, while still keeping in mind that the higher quality homes will still attract multiple offers over list price.
Always make sure to gauge the interest in each property you are making an offer on. Your realtor should be checking how long similar properties in the area stayed on the market & how much over list price they sold for.