Jumping into January, buyers had more choices in the Signature Market ($750,000 -$999,999) as the months of inventory jumped to 4.21 months for single-family homes and 6.13 for condos. Even with more choices, buyers weren’t ready to buy as the number of single-family homes sold was down 32.17 percent from the prior month, and down 17.86 percent for condos.
With more inventory hitting the market in the Signature residential segment, sellers are feeling the pressure of price reductions, longer days on market, more open houses, staging or needing to do more improvements to their homes. In January, the single-family segment actually had less average days on market, 52 days compared to December’s 68 days, but condos in the Signature Market saw a huge increase of days on market, going from 49 in December to 87 in January.
As we are hitting a more balanced market, we need to remember what it takes to sell a home: great professional photos (no smart phone photos please), videography, staging, pre-inspections and making your listing stand out from the rest of the homes on the market. Present your listing with excellence and don’t forget that buyers are still paying higher prices in Denver. In fact, Denver was recently rated the number one most competitive market by Forbes, so we need to make sure buyers are getting what they expect!