The once-predictable Denver metro residential real estate market feels topsy-turvy at the year’s midpoint, according to the monthly real estate trends report from the Denver Metro Association of Realtors.“The main culprit of higher interest rates is easy to identify.
Last year, only 47.8% included a concession, with an average concession of $7,723 and a median of $5,000. The number of contract terminations is also rising, forcing sellers to make more concessions during inspection negotiations to keep closings on track., a market trends committee member and realtor at Mile Hi Modern, said June broke the historical trend of high-priced sales in June.
“Last month featured some of the most sluggish activity the million-dollar-plus market has seen in years,” she said.“With showing activity coming to a virtual standstill in the highest-priced segments, sellers and listing agents were left scratching their heads and asking, ‘Where have all the buyers gone?'”Sponsored: Denver metro sees surge in homes for sale, but prices hold steady
“Sellers in this market will be left out of the summer fun unless they update their home before listing, price conservatively, and expect to pay a closing concession,” she said.Crews fighting Dinosaur fire southwest of Boulder on NCAR land1 hospitalized in Denver shooting near Federales bar in RiNoAvett Brothers fan dies after "medical event" at Red Rocks showRenck: Jamal Murray is salty, but not worried about max contract.