The Denver Real Estate Market in September 2021
“My mom always said life was like a box of chocolates. You never know what you're gonna get.” –Forrest Gump
The same is true in real estate.
While the 2021 Denver real estate market has been steadily cooling since its peak a few months back, and you might expect that trend to continue, you never know what's going to happen next. This market continues to have a few surprises up its sleeve.
Let’s take a closer look.
The number of new listings remained basically unchanged, up just a tad, from 6,110 in August to 6,125 in September. The number of active listings at the end of the month also jumped by over 10% month-over-month.
Meanwhile, the average number of days on market for all residential listings increased again, this time from 10 to 13, and just 5,233 homes closed last month compared to 6,002 the prior month.
However, according to the latest data for Denver, the average price for a detached, single-family home bumped up just a touch from $687,768 in August to $688,629 in September. Attached listings also increased from $440,156 to $446,800.
In summary, there’s more inventory, it’s taking longer to sell and the total number of closed homes is down. Yet prices are up a tick. So, what gives?
If you step back and look at the year-over-year data, things become a bit more clear.
Looking at market data from 1985 to 2020, the average number of total active listings (both attached and detached) for September is 15,988. The record high was back in 2006 with 31,450 and the record low was set last month with just 3,971—down 25.1% year-over-year.
And while days on market was up month-over-month, it’s down 43.5% year-over-year overall, and 40.9% when looking at detached, single-family homes.
Without it being a balanced market, 6-7 months of inventory, the market will continue to favor sellers and there will continue to be competition for buyers. In Denver, we currently have less than ONE month of inventory.
While we’ll have to wait and see what the box of chocolates reveals next month, continued low interest rates will drive buyers to buy and continued increases in prices will drive sellers to sell.
So, make sure you have an experienced, PorchLight Real Estate Group professional by your side. Our agents have the connections (including 170+ colleagues in-house) it takes to find a home that fits your needs or a buyer who is ready to get closed.
To view our full report on Denver real estate market stats for September, click here.
Get to Know the Home Buying and Selling Processes
If you've been holding off buying or selling because you're not sure of how complex the process is, we completely understand. There are a lot of moving parts! So, let's do a quick review. There's no time like the present when competition is high and interest rates are low.
The Home Buying Process
- Figure Out Your Finances – Connect with a reputable lender and complete the process to be pre-approved. Just make sure the pre-approved amount fits into your full budget, adjust as needed.
- Choose a Real Estate Agent – The right agent will take time to really listen to you, then guide your journey based on your needs, budget and preferred location.
- Find Your Perfect Home – Browse listings online then attend open houses or private showings. At PorchLight, our agents use RealScout to notify you of homes that match your preferences as soon as they’re listed.
- Make an Offer – Work with your agent to prepare an offer. They’ll write, submit and negotiate on your behalf.
- Come Under Contract – Once both sides agree and sign a contract, the home will be held in escrow until closing.
- Do Your Due Diligence – Get an inspection and appraisal, do a title search, find insurance and more—your agent can guide you and advise you if any issues come up, even renegotiate contract terms.
- Close and Get the Keys – Once the loan is secured and you’re cleared to close, your final stop is the closing table where a ton of paperwork is signed and the keys are yours!
The Home Selling Process
- Choose a Real Estate Agent – The right agent will provide home pricing and marketing strategies to help you sell quickly and for top dollar. Your PorchLight broker will start with an in-depth Comparative Market Analysis.
- Prep Your Home for Market – No matter what your home needs—cleaning, staging, photos and more—our in-house team has you covered. It will gleam in photos and impress in person.
- Show Your Home – Open houses and private showings are scheduled to get tons of potential buyers in your door. And with PorchLight, our unique, collaborative open house program maximizes buyer traffic.
- Accept an Offer – Your agent will advise you on selecting the best and strongest offer, ensuring you get a great deal. This might be the highest offer or the one most likely to close based on financing and other factors.
- Come Under Contract – Once both sides agree and sign a contract, the home will be held in escrow until closing.
- Wait for Due Diligence – The buyer will set up an inspection and appraisal, as well as secure their home financing. Trust that your agent will be in contact with the buyer's agent to ensure everything is moving along smoothly.
- Close and Get Paid – Once the buyer is cleared to close, paperwork is signed, and funds are transferred!
Now that you have a better idea of what to expect, it's time to get in touch with one of our friendly and knowledgeable agents. They will guide you through this rollercoaster of a market, advocate on your behalf throughout the process, and provide you with red carpet service every step of the way. You don't want to miss out on your best opportunity to achieve your goals, and we're here to help make it happen!
