The tides are shifting. After five long years of intense bidding wars, buyers are happily negotiating with sellers on price, general terms, rent-backs to assist with buyer’s lease obligations and inspection items. Sellers are being forced to quickly come off their price if they want a fast sale.
In August, 37% of sold properties had price reductions prior to receiving an offer. This compares to 31% the previous year. Properties with reduced prices spent an average of 58 days on market compared to 13 for those with no price reductions.
Median rent for all apartments in the City and County of Denver stood at $1406 at the end of the first quarter of 2018, representing an increase of 4.3% over the end of 2017. This represents the highest ever median rent in Denver and an increase of 74% over the last nearly 10 years.
3,943 households reported experiencing homelessness on any given night in Denver in January of 2019.
CoreLogic noted in their September Home Equity Report that borrower equity rose to an all-time high in the first half of 2019 and has more than doubled since the housing recovery started.

Source: Denver Metro Real Estate Market Trends Report, October 2019, by the Denver Metro Association of REALTORS®.

And that concludes this month’s Denver Real estate market update

Denver Metro Real Estate Market – October 2019