If you had not noticed the shifting real estate market through the summer, September should have tipped you off. Many are hesitant to make predictions about market trends. Though several data points would lead one to believe that the housing market has reached its peak, there are nuggets that indicate a steadier market than we have seen in years. This means we have to approach buying or selling a home differently. Let’s look at what September brought to the Denver Metro Area Real Estate Market.
Denver Metro Area
The Denver Metro Area Housing Market’s peak selling season typically ends in September. This summer never really had a peak, like in years past, but September definitely took the typical turn. The number of sold listings was down, year-over-year, by over 25%. This has brought our year-to-date sales to around 29,000 homes. This is down 19% from last year by this time. The average time spent on the market continues to increase, now at 34 days. This is twice as long as last year. This all looks rather depressing. The nugget in all this data comes from the housing valuations and median sales price. In September, housing prices came to $620,000 which is up 2.5% from last year. When we look year-to-date, the median sales price dropped 2.4% from last year to $615,000. This has basically been the median price of homes throughout the summer, indicating that the market is holding strong just over $600,000. This is good for homeowners, property owners, and investors, but is a hurdle for homebuyers – especially with the stagnant mortgage interest rates. This is definitely leading to the decrease in homes going under contract and listings selling at rates we’ve been used to over the past few years.
Boulder County
The market is definitely having similar effects on Boulder County at large. The number of properties sold dropped 26% from last month, and 18% from last year. This brought the total to 224 single family homes sold throughout the county. The median sales price in Boulder County rose to $830,000, which is just about 4% higher than last year. Year-to-date median sales price has dropped to $840,000 (down 3%). If you’re looking to sell a home in Boulder County, be ready to wait. The average days on the market until sale rose to 47 days. This is largely due to the cost of homes in the area, which is no surprise, and is skewed by the multi-million dollar homes which sit on market much longer than the median priced homes. The statistic that stands out the most in Boulder County is the number of new listings, up 8%. This could mean property owners are looking to leave this market, and may help buyers when drafting their offers and negotiations.
Longmont
Longmont did feel the market shift that comes with autumn, just like the rest of the Denver Metro Real Estate market. The median sales price held steady, coming to $575,000. This is down from the peak, which happened in June, but has been holding steady around this price since March of 2022. The number of homes sold took a sharp dive from last month, but is mirroring our year-to-year sales trends and the larger market trends. Longmont saw 112 homes sold in September, which is down about 23% from last year. Surprisingly, the number of days on market dropped from last month, down to 38 days on market. This is a little longer than the rest of the Denver Metro Area, but showing signs that people are looking for affordable homes in a nice neighborhood – which Longmont provides!
A lot of people are going to say the market is getting ready to pop with these statistics, but in all honesty, this is the natural trend of our yearly market. Housing prices are going to waver as we notice the time on market extending, but it’s highly unlikely a 2008 crisis will occur again. There are plenty of buyers in the market, even at these high mortgage rates. Indications point to a possible surge in homes coming onto the market, but this will only allow buyers more opportunity to negotiate and find their dream home. If you have more questions about the local Longmont housing market, get in touch with The Wise Team. Whether you’re buying or selling – we’re ready to help you navigate this shifting waters.
