Why Was the 3rd Quarter So Strong?

The third quarter was extremely strong in our market. It's definitely a seller's market, so you need to be prepared if you're thinking of buying or selling a home.

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Today I wanted to talk about the 3rd quarter results from the Colorado real estate market.

It's definitely a seller's market. A lot of homes have sold and inventory is low, and we also have a lot of people looking to buy a home here. We currently have 459 properties pending and 540 still on the market with an average price of $449,500. We had more than 1,000 sales in the last six months in our market and most of those sales came from the $200,000 to $400,000 price range.

It's definitely a seller's market.

There are only 49 properties on the market in that price range currently. Homes are actually selling in an average of fewer than three weeks, but the properties still on the market are either not what people are looking for, not in perfect condition, or possibly overpriced.

Interestingly enough, the $1.6 million to $1.8 million price range is the other one that's really moving right now. The average days on market for this range is just over 30. The $400,000 to $600,000 price range is doing well, but it's also the price range with the most inventory; 83 properties are under contract, but there are still more than 80 properties available on the market.

Here are the market reports for these areas:

As you can see, the 3rd quarter has really been a great quarter for our market. When it comes to our team, typically the 4th quarter is our best quarter, but this year, the 3rd quarter was the best quarter we've had in 12 years! Homes are selling quickly and we have buyers who want to buy as long as the home is priced correctly.

We're looking forward to a great 4th quarter. If you're thinking about buying or selling a home soon, you need to be ready, and we'd love to help you do that. Give us a call or send us an email!