While some of the state’s hottest areas continue to favor sellers, parts of the Front Range are starting to cool. It’s good news for buyers who have been frustrated by the frenzied pace and over asking-price sales of the past few years.
Colorado is still a hot market overall, and many parts of the Front Range continue to experience inventory shortages and rising prices. Much of Boulder fits that category with an average of 7.6 percent appreciation in single-family and attached dwellings, average days on market at just 58 days, and sales price to list a shade under 100 percent.
It’s a different story in Denver. Based on median sales price, it was $25,000 less expensive to buy a home in Denver in September compared to August. Seasonal tapering accounts for part of that drop, but for comparison, Denver saw a decrease of $7,000 in the same period in 2017, and an increase of $12,650 in 2016.
Similar stories are being played out across the Front Range, not just from city to city but from neighborhood to neighborhood. Some remain hot, some are starting to cool. But it’s a rare instance where both sellers and buyers are well served. Sellers are capturing the upside of accumulated appreciation over the past decade, and buyers are finding more options and a calmer buying experience.