Market Update: Buyers may have a few more options at the moment

It’s been quite a busy year so far with an extremely competitive seller’s market in Northern Colorado.  Overall year-to-date, the number of listings sold is up 14.4% and the average days on market has dropped from 103 to 81.  If you’ve been searching for a house recently in Northern Colorado, you know what I mean about a competitive market.  However, recently I’ve noticed a little bit of an increase in the number of price reductions that are happening which leads me to believe that homes are staying on the market a little bit longer.  I think this is a great opportunity if you’re a buyer to catch your breath and take advantage of an increase in the availability of more inventory.  I’ve talked to other agents who have noticed the same thing and the general consensus is that the market may be starting to balance out just a little bit.

My opinion is that Seller’s have gotten accustomed to listing their homes at increasingly higher prices and at the moment we’re seeing more price reductions because supply may be starting to catch up with demand.  Also, interest rates have dropped a bit recently since rising over ~1 point this past year.