End-of-Year Opportunities for Savvy Buyers
With election results now in and the holiday season quickly approaching, the Denver real estate market is seeing a shift in dynamics that both buyers and sellers should consider. As Thanksgiving and Christmas draw near, activity tends to slow, which has created even more of a “buyer opportunity market.” While it’s not an official buyer’s market, current conditions certainly feel like one, with buyers now enjoying increased leverage.
This seasonal slowdown and election-related distractions have put buyers in the driver’s seat. Sellers are more open to concessions on price, repairs, and closing costs, creating a favorable environment for buyers ready to act. According to a recent Redfin survey, 23% of first-time buyers planned to wait until after the election due to economic uncertainty and potential Fed rate changes. For those not waiting for the dust to settle, this is an opportune moment to negotiate favorable terms.
In October, active listings reached 10,940, slightly down month-over-month but a 46.22% increase from last year. However, this remains below the long-term October average of 14,478, reflecting that inventory is still tight compared to historical norms. New listings decreased to 4,691, with some sellers holding off until spring, when prices traditionally peak.
The average close price rose 4.93% month-over-month to $708,072, and the median price rose 4.34% to $599,975. These are modest increases compared to last year, with the average and median close prices up around 3.5%. The market has cooled from its pandemic highs, but prices remain resilient.
Info for Sellers
Sellers should adjust their pricing strategies based on recent activity. With homes taking longer to sell, pricing accurately and competitively is essential. Looking at data from the last 30 to 45 days, rather than older figures, will give sellers a better understanding of current buyer expectations. Overpricing can lead to extended days on the market, multiple price reductions, and the risk of deterring potential buyers.
Info for Buyers
For buyers, this season represents a unique opportunity. Motivated sellers often list homes that stay on the market through the holidays, leading to potential deals. With fewer buyers active right now, there’s less competition and more room for negotiation. Historically, prices stabilize post-election, and waiting until spring could mean missing out on these favorable conditions.
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While some may wait until after the holidays, buyers and sellers should remember that trying to time the market is challenging. The best moves are those aligned with your personal goals and timing. Working with a knowledgeable agent will help you navigate these dynamics and maximize current opportunities.
We use reasonable efforts to include accurate and up-to-date information. However, the real estate market changes often. We make no guarantees of future real estate performance and assume no liability for any errors or omissions in the content.
