Is Denver a seller's market right now?

The Denver area is currently leaning towards being a seller's market, but with some mixed signals. Homes are selling somewhat quickly, and there aren't a lot of options for buyers. However, prices have gone down a bit over a year ago.

There are fewer homes for sale and homes are selling slower, which means the market in Denver is not favoring sellers right now. Sellers are also seeing prices go down compared to last year. It’s not necessarily a seller's market at the moment, but there might still be opportunities. There are 11,465 homes for sale right now, which is 7.2% fewer than last year. New listings also dropped by 2.6%. This means fewer choices for buyers, but it also suggests sellers might be hesitant. Homes are staying on the market for 43 days, which is up 13.2% from last year. This tells us homes aren't selling as quickly as they used to. Also, 25.5% of homes have dropped their prices, showing that many sellers are adjusting their expectations. The typical home is listed for $589,000, which is 1.8% lower than last year. The price per square foot is also down by 3.5% to $290. These trends suggest prices are inching downward, which sellers should keep in mind. Fewer homes are coming onto the market and those that are listed are sitting longer and often taking price cuts. If you're selling, be prepared that your home might take longer to sell and you might need to adjust your price.