In Front Range markets, the number of homes for sale has just hit bottom or is about to hit bottom.
This is terrific news for home buyers who have been waiting for more homes to choose from.
The market is shifting, there is no doubt about that.
Prices are still increasing and we expect them to increase, just not at the pace they have been.
The inventory of homes for sale, which has been significantly down for two years, is finally starting to show signs of change.
We have been accustomed to inventory levels being down 30% to 50% compared to the prior year.
That is not the case anymore.
Inventory in Larimer and Weld County is now only down roughly 5% year over year.
Inventory in Metro Denver is now up 13.5% compared to this time in 2021.
We believe this is a legitimate shift in the market, not just a short-term anomaly.
No need to worry about prices crashing or a housing bubble. There is still too little supply and too much demand for that to happen.
However, the pace of price of appreciation will certainly get back to more normal levels of 5% to 6% per year instead of 20% to 25% per year.
Bottom line, this market shift has been a long time coming and is very good news for buyers.