“I wouldn’t call it a crash. I think we could all use a little more attainability in the housing market,” said Susan Thayer, DMAR committee member and realtor.
DENVER — Denver’s housing market is cooling down. A report from the Denver Metro Association of Realtors found the housing market in January hit one of its slowest months for sales since 2008.
Realtor Susan Thayer, a market trends committee member with the Denver Metro Association of Realtors, knows there’s plenty of supply in the metro — more than 8,200 active listings in January.
“To put that in perspective, if we go back to 2022, just four years ago, we only had 1,184 active listings at the end of the month. So what’s that – a 600% increase,” Thayer said.
Even with more inventory, last month was slow. DMAR said the metro marked one of the slowest months of sales since 2008.
Thayer said it hasn’t been this lethargic in a long time.
“Years,” Thayer said. “And that’s OK though, because I think Colorado’s been a crazy, great place to live and to buy real estate for so long, that at some point it’s gonna slow down. And is it necessarily a bad thing? I don’t think so.”
Homes are staying on the market longer–more than 50 days. And the median home price is down, below $570,000 for the first time in two years, according to a DMAR report.
Thayer said it’s a cooldown, not a crash.
“Definitely cooled off. I think it’s still a hot place. I think Colorado is still hot, and unfortunately, buyers are still going to have bidding wars because there are still really desirable houses,” Thayer said. “I wouldn’t call it a crash. I think we could all use a little more attainability in the housing market. I think that you can’t keep appreciating houses this crazy, this fast for too long or people get priced out, and we want people to be able to move here.”
Thayer said even with the lethargic January report, there’s hope. In real estate, the spring season kicks off just as the Super Bowl winds down.
“We always say March, April and May are our big busy months,” Thayer said.
Brian LaFlamme and his wife are moving back to Colorado after a few years on the East Coast — or, they’re hoping to once they find the right place.
“We want something with somewhat of a view, and that’s what we had when we lived in Golden for over 20 years,” LaFlamme said.
They’ve been hunting for a home since September.
“We have a list. It’s frustrating because we’re here in Pennsylvania and we went out there in September, my wife went out there in October, we’re planning another trip. We’ve done a few virtuals. We have looked at many online. We even put an offer on one, but either the seller or the seller’s realtor decided to play ‘how much can I get’ game,” LaFlamme said, laughing. “Not used to that.”
The cooldown is good news for LaFlamme and his family.
“There seems to be more that are coming on the market,” LaFlamme said.
He’s hopeful one day soon they can once again call Colorado home.
“Very much so. And so are our friends,” he said.
If you’re thinking about selling, Thayer said you should expect it to take a while longer to sell, and you might not get as much as you want. For those looking to buy, Thayer said buyers have choices now, and the time to find the right fit as more supply comes onto the market.
