As summer’s end begins to creep onto the horizon, the window of opportunity in the Denver real estate market isn’t closing for the year; thanks in part to our strong job market and economy. Denver has seen a record-breaking influx of new residents and home prices in many areas have increased by double-digits. As a result, Colorado real estate has taken on a more frantic pace and some interesting new trends have emerged. Corken + Company is your Denver Metro Realtor here to help offer you some of the “need to knows”.
Whether you’re looking to buy a home or sell a home, educating yourself on the market and what to expect is more important than ever. In such a strong market, homes are moving at breakneck speeds with no clear end in sight. But there is still some seasonality to our market, and it’s worth digging into further.
Here’s What You Need to Know and Consider
According to Denver Metro Realtors, peak season is roughly April through late June (although in 2016 and 2017 the season started closer to February).
July is historically slow due to end-of-summer vacations.
August – Halloween tends to pick up again with folks getting back into post-summer work and school routines.
November – April could be considered the off season, which can make it an ideal time whether you’re listing or looking to buy.
Understanding the historical traffic flows can assist in managing expectations and in strategizing when to list or purchase a home based on your unique needs and circumstances. Each season outlined above has a variety of pros and cons for both buyers and sellers, which we’ve listed below.
February – Mid-March
This is what we call the nesting period, it tends to see increased traffic from locals and out-of-towners looking for their next home to move into once school has ended.
March – June
Pros
- Strong demand.
- High volume of offers.
- Higher selling price.
Cons
- Stiff competition.
- Higher purchase price.
- Need to consider being comfortable being the backup offer.
July
(Typically a slower month – buyers and sellers are getting back into routines and schedules). Denver Metro Realtors account for the fact that kids will soon be going back to school, and July becomes the last time for families to get in last minute vacations.
Pros
- Less competition.
- Slower pace.
- Potential for lower purchase price.
Cons
- Fewer prospective buyers.
- Fewer prospective homes.
- May take longer to find or sell your home.
August – October
Pros
- Resurgence of demand.
- Buyers and sellers are eager.
Cons
- Can be competitive.
- Shorter window of opportunity.
November – February
(the off season, typically ends in early April, but can end as early as February)
Pros
- Less competition.
- Less inventory.
- Time-strapped buyers.
- Potential for lower purchase price.
Cons
- Fewer prospective buyers and homes.
- Landscaping and shaded driveways can be an issue.
- May take longer to find or sell your home.
- Late 2017 may see higher interest rates.
- Can be stressful for sellers with holidays and inclement weather.
In terms of market trends, Colorado’s economy and employment outlook are expected to remain strong – that likely means you can count on more new residents. Whether buying or selling, it’s wise to be prepared. If you’re buying, have your financing in order so you’re able to act quickly when you find a home that meets your needs. If you’re selling, preparing your home to show as well as possible inside and out puts you in a proactive versus reactive position.
2017 real estate numbers for homes in the $750,000-$999,999 price range:
- Sales between 2016-2017 increased by 18 percent*.
- Days on market decreased by 13 percent*.
Homes in the luxury or premier price range ($1,000,000+) increased by 32%*.
*Stats courtesy of DMAR (Denver Metro Association of Realtors) June 2017 Trends
Interested in learning more on when to list your home, visit our blog post Should I list my home now or wait?
Lori Corken is the owner and managing broker of Corken + Company, and Denver Metro realtor, a real estate group located in the Denver Metro area that focuses on the south suburban areas of Lone Tree, Castle Pines, Centennial, Greenwood Village, Highlands Ranch and Castle Rock. With over 20 years of experience, Lori has earned a reputation with her peers as a tenacious real estate agent and tough negotiator. Her clients rely on her attentive listening and extensive neighborhood knowledge to ensure their best interests are put first. Lori, or one of our Corken + Company agents, hopes to be your Denver Metro Realtor and partner for Real Estate Solutions without Limits.
