Metro Denver has flipped to a buyer’s market, Redfin reports
Metro Denver Real Estate Market Shifts in Favor of Buyers
The housing market in Metro Denver has shifted significantly in favor of buyers, with home sellers outnumbering buyers by a widening margin, according to a recent report from Redfin, a Seattle-based residential real estate brokerage firm.
In April, there were 16,357 sellers active in Metro Denver, compared to 11,526 buyers, giving Denver a 42% ratio in favor of buyers. Nationally, there were an estimated 1.9 million home sellers and 1.5 million homebuyers, resulting in a 33.7% advantage for buyers.
Denver ranked 19th out of 50 markets examined, with 32 markets overall in the buyer’s camp. Cooper Thayer, a Realtor with The Thayer Group Keller Williams Action Realty, stated that May’s numbers will provide more clarity but agreed that Metro Denver is now a buyer’s market.
Sellers are facing the most pressure in southern Florida, particularly in Miami, where sellers outnumber buyers three-to-one. Other glutted markets include Austin, Texas, and Phoenix, where sellers significantly outnumber buyers.
Nationally, the condo market has shifted most solidly in favor of buyers, with a significant overrepresentation of sellers compared to buyers. While prices are not falling in most markets, if current trends continue and mortgage rates remain stable, it is likely only a matter of time.
Redfin predicts that the median price of a home sold in Metro Denver has decreased slightly over the past year, compared to a national gain. The advice for sellers in Colorado and elsewhere is to act quickly before losing bargaining power, as inventory is increasing and prices are starting to drop.
Despite the shift in favor of buyers, Zillow’s report shows above-average demand in Metro Denver, with listings attracting more engaged buyers compared to the national average. While the inventory of homes for sale remains below historical averages, the gap is closing rapidly.
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