Redfin declares metro Denver a homebuyers’ market

Metro Denver has moved solidly into the buyer s camp with home sellers outnumbering buyers by a widening margin according to a description Thursday from Redfin a Seattle-based residential real estate brokerage firm Nationally there were an estimated million home sellers in the U S housing sphere and an estimated million homebuyers in April according to Redfin which works out to a advantage to buyers Metro Denver had sellers functioning in April compared to buyers giving Denver a ratio in favor of buyers Nationally markets of the examined were in the buyer s camp Denver ranked th sandwiched between Los Angeles and Anaheim At no other point in records dating back to have sellers outnumbered buyers by this large of a number or percentage A year ago sellers outnumbered buyers by just and two years ago buyers outnumbered sellers noted Lily Katz and Asad Khan authors of the review Cooper Thayer a Realtor with The Thayer Group Keller Williams Action Realty in Castle Rock commented May s numbers will provide more clarity when they come out in early June but added he would definitely agree that metro Denver is now a buyer s region The ratio of buyers to sellers is skewed and with more listings on the area the smaller buyer pool holds even more leverage as sellers compete for attention he commented in an email Sellers face the preponderance pressure in southern Florida In Miami sellers outnumber buyers three-to-one and West Palm Beach and Fort Lauderdale aren t too far behind Austin Texas is another glutted sector with sellers outnumbering buyers by And in Phoenix there are twice as plenty of sellers as buyers One contributor to Florida s lopsidedness is a heavier preponderance of condos which have seen a surge in insurance premiums and HOA dues following more severe storms and the collapse of the Surfside condo in July which killed people including Colorado resident Cassondra Stratton Florida also experienced a surge in population following the pandemic which temporarily boosted demand and helped push up real estate prices Various of those newbies as well as longtime Canadian snowbirds are wanting out Nationally the condo field is the segment that has swung the bulk solidly in favor of buyers with sellers vs buyers last month an overrepresentation by sellers Katz and Kahn announced in their account For single-family homes the seller overrepresentation is and for townhomes it is Prices still aren t falling in preponderance markets that have tilted in favor of buyers but if current trends hold and mortgage rates don t fall and reignite buyer demand then it is likely only a matter of time Redfin estimates that the median price of a home sold in metro Denver is down over the past year compared to a gain nationally Although it doesn t have a forecast for Denver it predicts home prices nationally will drop this year and is advising sellers in Colorado and elsewhere to get moving before they lose the bargaining power they have left Related Articles Sellers outnumber prospective homebuyers as high prices and mortgage rates skew the housing sphere Colorado to return nearly M to former tenants of Four Star Realty Twitter ordered to pay million for urgent Boulder lease Can downtown get its swagger back Denver leaders agree it s both workable and vital At a crossroads Downtown Denver is waiting for its rebound Inventory is piling up as buyers are pulling back due to high costs and ongoing economic uncertainty Prices are already starting to drop slightly with the median sale price down compared to a year ago and likely to fall more by year-end predicted Chen Zhao Redfin s head of economic research Denver s home price decline could be a rounding error but it could also represent a tipping point Zillow which had predicted home price gains averaging for metro Denver at the start of the year now predicts they will fall by next April But Zillow in a statement published Thursday also shows above-average demand still at play in metro Denver Listings in March had engaged buyers in Denver compared to nationally About of homes sell above the list price in Denver compared to only nationally Half of listings go under contract within days compared to days required nationally And the inventory of homes listed for sale in metro Denver remains below the historical averages going back to according to the Denver Metro Association of Realtors But that gap is closing rapidly Get more real estate and business news by signing up for our weekly newsletter On the Block