I don’t think it’s a stretch to say, but upon review, this will be the best selling season Denver has seen since 2006-2007. I imagine that when the stats come out next month from Metrolist, it should show a dramatic increase in overall sales from last year, a higher average price per sale, shorter days on market, and less inventory. That is the best anyone could hope for at the conclusion of this selling season.
I know it’s cliché to say, but “where did summer go?” As I look back on the past few months, there were some surprises and there were some disappointments.
1) It was a surprise to everyone how fast this market turned around. In a matter of 120 days, it was a full-blown seller’s market in some price ranges. This was a welcome surprise to many.
2) I thought we would see maybe 3,000-4,000 homes come on the market in time for the selling season to give buyers more choices. This did not happen, to the disappointment of some.
3) The fact that inventory stayed low meant that the laws of supply and demand remained in place for the majority of the summer. That was good for most since it meant an increase in home values.
4) It was a surprise that people (both buyers and sellers), found themselves in multiple-offer scenarios.
5) It was a disappointment that many buyers were late to the party and did not get the home they wanted.
6) It was a surprise that luxury inventory was down by 47 percent, and shocking how many luxury homes were sold this summer.
7) It was a disappointment to buyers that a lot of the great deals were gone, and that they missed the bottom of the market by about 12-14 months.
8) It’s surprising how well Denver is doing as a whole as compared to the rest of the country. This seems to be an anomaly, with only a few other parts of the country experiencing this resurgence.
Those are my surprises and disappointments for this summer’s selling season. The second selling season starts September 15th. I can’t wait to see what the end of the year brings.
Dan Polimino is an Owner/Broker with Keller Williams Realty DTC. He can be reached at firstname.lastname@example.org