Metro Denver Inventory Reaches Highest Level Since 2013 as Affordability Continues to Plague Both Buyers and Sellers
South Metro Denver REALTOR® Association October Market Report States that Winter Opportunities are Available for Those Wishing to Avoid the Spring Rush
The South Metro Denver REALTOR® Association (SMDRA) has released its October 2022 market statistics and real estate trends report which shows that metro Denver’s current two-month inventory is the highest it’s been since 2013. The report also states that affordability continues to be a significant obstacle for home buyers and sellers alike, coupled with rising mortgage rates that have doubled since March.
“Rate improvements will likely spark buyer excitement fairly soon after the New Year,” said Barb Riley, current Chair of SMDRA’s Board of Directors. “For home sellers, now may be the time to sell, and pricing and condition are the two key factors for a successful sale. The spring season has the potential to be a typical competitive market. In addition, there are still some fine opportunities out there for buyers hoping to beat the spring rush. We advise buyers not to wait until March to make their decision.”
According to the October market report from the Colorado Association of REALTORS (CAR), the U.S. housing market is undergoing a major shift with rising mortgage rates and home prices remaining elevated due to a limited supply of homes available on the national level, even though price gains are slowing at a quickening pace. As a result, says the CAR report, many homeowners are waiting until market conditions improve before selling their homes. Meanwhile, other sellers are increasingly cutting prices and offering concessions to attract a greater number of buyers.
REALTOR members of SMDRA subscribe to the National Association of REALTORS strict Code of Ethics and Standards of Practice, which is dedicated to protecting consumers in the real estate transaction. The code requires REALTORS to identify and take steps to eliminate practices which may damage the public or which might discredit or dishonor the real estate profession. As local business owners and residents, REALTORS are vested in building healthy and vibrant communities across the country. SMDRA members have made extraordinary commitments to improve the quality of life in their communities through volunteer work and by supporting a variety of charitable organizations.
For more than 78 years, SMDRA has provided real estate professionals with the resources they need to help them grow and prosper in the real estate business. For more information, visit www.smdra.com.