Market Updates »
Whether you’re ready to accept it or not, it’s already August, and everyone is talking about kids going back to school, fall, and yes even winter. Historically, it’s this time of the year that we see Denver’s real estate market starting to cool off and slow down. So, is that what’s happening in August of 2021? The quick answer would be no.
If you visit any real estate firm across Denver, the talk will be the same: prepare your clients for a seasonal shift; the market is starting to show signs of cooling off; make sure seller’s act fast or they are going to miss this market; buyers that have been on the fence should start thinking about getting off and getting active, which would be accurate for any previous real estate market conditions in Denver during August. However, the truth is that this is not what we’re currently experiencing in the real world, or at least across the Denver metro area. In fact, most homes we are seeing hit the market are still going under contract within days and are still going over list price. However, the market is exactly the same as it was in our last market update.
The big difference we’re seeing in today’s market versus previous months is the number of offers. Early in 2021 it was not unheard of for a single home to get 20 or more offers within days of being on the market. Today, it’s not uncommon to only receive 1-3 offers in that same time frame. Due to fewer offers and less bidding wars, as you’d expect, it’s not uncommon to now see homes selling closer to list price than before. What is also not uncommon is seeing a buyer that has missed out on one or several properties make a crazy high offer to try and avoid the same result, even when they are the only offer on the home (this is a great example of an agent not doing the legwork to learn where their client needs to be with their offer). To wrap up the current market conditions, if a home is priced correctly, it’s most likely going to sell within days of being on the market, and over or maybe even significantly over list price.
We are still early in August, and only time will tell if we will see the market cool at all as we get further into the month, closer to start of school and the inevitable winter months. Check back next month for another market update, and ask any questions you might have in the comments below! Don’t forget to share this article to help anyone that might be interested in Denver’s real estate market.
~ Article written by Team Leader & REALTOR®, Trevor Kohlhepp