Wax and wane. Advance and retreat.
That seems to be material gist – the bottom line, if you will – in the most recent report authored by the Denver Metro Association of Realtors concerning the state of the city’s residential housing market.
To wit: Although relevant housing data strongly evidenced a sellers’ market in recent months, that has changed recently. Reportedly, home inventory is now inching upward, with prices for many properties dropping.
And that is good news for prospective buyers.
The DMAR points with special emphasis to a significant decline recently in the sales of upper-end properties, spotlighting the ready availability of single-family homes priced at half a million dollars or more.
“For sellers, that’s real turbulence,” says a principal with the association.
For buyers, conversely, it spells obvious opportunity. And that is confirmed, notes a Denver Business Journal article, by data showing that many sellers of homes listed between $500,000 and $600,000 have recently been offering price reductions to lure prospective buyers.
Notwithstanding what seems to clearly be a buyer’s market presently, the Journal piece stresses that sales of upper-end homes in Denver year-to-date are up from last year.
That signals a local market reality marked by continuing and attractive opportunities for both select buyers and sellers.
The well-established attorneys at O’Brien Legal Services LLC in Denver offer one-stop services for both sellers and purchasers of residential and commercial properties across Colorado. We provide on-point guidance and diligent representation to a diverse and valued clientele in matters encompassing every facet of real estate transactions.
We welcome contacts to the firm to discuss how we can help you maximize your real estate opportunity.