Sloan's Lake Area Market Update: Fall 2023

Crisp morning air, yellow aspen leaves, and more days on market have arrived. While we're still living in a low inventory market, we've started to see more homes taking longer to sell, which is creating more options for buyers. The Denver metro area currently has 6,593 listings for sale. According to market stats expert, Megan Aller with First American Title, to achieve a balanced market with a 6-month supply of inventory, we would need 20,776 total listings. With our current supply, we have 1.9 months of inventory or 31.7% of balance.

 

Buyers are also responding to the Fed’s ‘hawkish pause’ by slowing down their searches as well. Pending sales in the Sloan’s Lake area are down by almost 10% and closed transactions are down by over 20% as compared to summer. In my business, I’m seeing buyers tour more properties, compete in fewer multiple offer situations and get more concessions or repairs completed by the Seller during the inspection period. But their options still feel limited, and in low inventory neighborhoods, it’s still tough to find a ‘deal’. Cash transactions have also increased as buyers look for ways to avoid using mortgages in this higher rate climate.

 

The highest priced sale in the last 30 days was 2762 King Street in Sloan’s Lake, a 4 bed, 5 bath new construction home built by Thomas James Homes. It was sold by my colleagues, Peter Blank and Jack Urbano with milehimodern. It sold for $1,885,000 on September 15th after being on market for 39 days. The sale also included a $20,000 concession to the Buyer, which may have been used to buy down their rate. You’ve probably heard people in the market talking about a rate buy down or a ‘2-1 Buy Down’. Don’t be embarrassed if you don’t know what that means you’re not a lender! Feel free to call me and I can explain or put you in touch with one of my lender partners to break it down for you.

 

Are you trying to decide if now is the right time to move? Do you want a change of scenery, or more space (or less!) but don’t want to give up your sub 3% interest rate? As always, I’m prepped and ready should you have questions or want to dive into buying, selling, or investing in the Denver area!