The market continues to slow as we end the summer. We saw 1.4% depreciation with the median home price now at $582,000. For perspective, the median home price last year at this time was $575,000. I would guess that we will be below that in a few months time. According to US News and World Report, Denver is still a very strong real estate market ranking it the fourth strongest housing market in the nation. Our 1.8 - 1.9 months supply of inventory is considerably lower than the 3.2 month national supply. This makes sense and will continue. People move to Denver for the lifestyle and beautiful weather. After the world just experienced the hottest summer on record, Denver will continue to be a desirable place to move. Unfortunately, the secret is out on how awesome it is to live here. TLDR: Buyers: There are a lot of flaky buyers right now. You will have significant opportunities if we can position you as strong by submitting a reasonable, clean offer with proper financing and proof of funds to back it up. Sellers: When comparing multiple offers, choose the offer that is going to make it to the closing table or you may end up chasing the market as it continues to slow.
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