The housing market in metro Denver is shifting more toward favoring buyers, according to the Colorado Association of Realtors.
Unsold homes are piling up, giving people looking to purchase a house more options. The number of new listings is up 11 percent from last year, with 57,434 homes listed so far this year, the association said in a new report. There were about 18,000 active listings at one point in August.
Houses are taking longer to sell amid stubbornly high interest rates and prices. Homes that sold in August were on the market, on average, for 50 days, according to the report. That compares with 40 days at the same time last year.
“It has been well over a decade since buyers have had the kind of choices they currently have,” Aurora Realtor Sunny Banka said in the report. “Builders and sellers seem more motivated and adjust pricing accordingly … For buyers, this is the best buying market they’ve had in many years.”
Many sellers are offering concessions to help offset closing costs or buy down the interest rate, Banka said. Buyers are most likely to snap up homes that are ready to move into. Properties in need of an update or priced too high are languishing, the report said.
Still, housing remains expensive in and around Denver. The median sale price for a home was $575,000 in August, down just $500 from last year.
