October 18th 2024.
The current state of Colorado's housing market can be compared to hitting the pause button on an old VHS player. Despite the recent decrease in interest rates, the market seems to be at a standstill. The monthly housing report from the Colorado Association of Realtors reveals that properties are staying on the market for longer periods of time, the list-price-to-sale-price ratio has decreased, and there has been a slight increase in the median sales price. The upcoming election only adds to the uncertainty of the market.
Realtor Chris Hardy, from Fort Collins, reminisces about the days when people used VHS players to watch movies. He compares the tension created by hitting the "pause" button and risking breaking the tape to the current state of the housing market. Buyers are being cautious and taking advantage of end-of-summer deals offered by sellers who are willing to lower their prices and make concessions. Hardy believes that this will entice buyers to make offers and take advantage of the lower interest rates in the coming year.
On the bright side, there are more homes available on the market. The monthly report shows a 10% increase in new real estate listings compared to last year, and a 16% increase in active listings. The months' supply of inventory has also increased by 22% from the previous year. Additionally, the number of properties pending sale or under contract has increased by 24%. However, the median sales price has only increased by 1% from $539,000 to $545,000.
Realtor Kelly Moye, from the Boulder-Broomfield area, notes that despite the decrease in interest rates in September, it did not result in the expected increase in buyer demand. She believes that the market has become stagnant as everyone waits for the election and hopes for further rate reductions. While some buyers are taking advantage of motivated sellers, others are choosing to wait it out.
Realtor Cooper Thayer, from the Denver-Douglas County area, believes that the increase in inventory, particularly in the luxury market in Douglas County, may lead to a shift towards a buyer's market. He believes that with more inventory available and fewer motivated buyers, this winter may be the perfect time for buyers to enter the market.
Sunny Banka, an Aurora realtor, agrees with Thayer and believes that the housing shortage seems to be easing up. In the past few months, the number of available homes has significantly increased, giving buyers more options and potentially giving them the upper hand in negotiations. Banka believes that the next few months may present some excellent opportunities for buyers.
In conclusion, the state of Colorado's housing market is currently experiencing a pause, similar to hitting the pause button on a VHS player. Despite lower interest rates, the market remains stagnant, and the upcoming election only adds to the uncertainty. However, the increase in inventory may lead to a shift towards a buyer's market, giving buyers the upper hand in negotiations. It will be interesting to see how the market evolves in the coming months.
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