Median closed price dropped again to $576,171, days in the MLS increased to 25 and closed homes dropped by almost 20%. This time of year is usually slow due to families wrapping up vacations, kids starting school and everyone settling in for fall. There is an interesting trend growing in Colorado where parents are purchasing homes to be closer to children and grandchildren, encouraging longer and more frequent visits and freedom of travel.
Read MoreAugust saw the number of closed homes drop by 7.5%, days on the market rose to 21 days, a 31% increase from July and the median close price dropped by 1.67% to $590,000. Buyers are focusing on flooring that is consistent throughout the home, and still want a move-in ready rather than a fixer upper. Sellers, understanding the market challenges are wise to offer compensation to a cooperating buyer's agent and being flexible in negotiations.
Read MoreMore sellers are putting their properties on the market with a 68% increase from this same time last year and an overall close-price-to-list-price ratio of 98.99%. Buyers are still discerning and playing the waiting game, looking forward to a supposed rate cut coming in September. They also want improvements and upgrades to energy, water & space efficiency and they are willing to wait to find it, as evidenced by less properties closed in July this year compared to last year. With elections just around the corner, everyone seems to be holding their breath to see what the market does.
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