As October is coming to an end and the market has continued to slow. Reports are showing that showings of homes on the market are slowing and prices of currently listed homes are decreasing.
The number of sold listings decreased 21.58%, from a total of 7,586 in September. It is to be noted that even with this decrease the market is still ahead of last year of year-to-date closings.
In a sampling of DMAR REALTOR members showings are slowing down and price reductions are becoming more prevalent to gain some traction. According to this report, heightened buyer demands during the inspection are causing more contract fall outs and more home to come back onto the market. This being said, in the MLS there are more commonly seen "back on the market" and "price reduction" rather than "new listing".
In September, it was seen that the average and median home prices decreased compared to the previous month. The trend seems to be continuing into October.According to Steve Danyliw, Chairman of the DMAR Market Trends and Committee and Denver REALTOR, "Even as things cool, we remain robust as low inventory continues to move home prices higher" He adds, "The question on my mind is how much more room is left for prices to push higher."
In September the highest priced home sold was 4.3 Million in Cherry Hills Village, with 5 bedrooms and 7 baths, an above ground square footage of 7,947.