We examined price reductions in the metro area back in May. As we head into fall and the market starts to slow, we thought it would be a good time to revisit the issue and see whether sellers are lowering prices on homes for sale now.
When many sellers lower their asking prices, it could indicate that the market is shifting, making conditions more favorable for buyers. Large numbers of price reductions may also suggest that sellers don’t understand current market conditions and are trying to sell homes at unattainable prices.
Price reductions were generally on the rise in May, but even more sellers have lowered their asking prices this month. In fact, we haven’t seen this many price reductions since we started doing this survey in May 2022. Today, most of the homes for sale in the cities we survey have been reduced in price since they went on the market, and many sellers have lowered their asking price multiple times.
For comparison, during mid-May 2022, 16% of homes for sale in Westminster had been reduced in price, while Sellers lowered prices on 32% of homes on the market in Highlands Ranch and 20% in Denver. Price reductions are way up compared to May 2022!
If you’re selling a home, you want maximum interest from buyers. You want as many qualified buyers to see your home as possible to get top dollar. If your home feels like an excellent value to buyers, you’re more likely to get offers from many buyers. If your property is over-priced, buyers will know it and won’t come to see it or make offers on it.
Percentage of homes on the market with at least one price reduction by city:
City | Today | May 2024 | January 2024 | August 2023 |
| Highlands Ranch | 55% | 41% | 29% | 47% |
| Aurora | 54% | 49% | 33% | 38% |
| Lakewood | 53% | 38% | 48% | 38% |
| Arvada | 52% | 37% | 33% | 40% |
| Denver | 52% | n/a | n/a | 47% |
| Littleton | 51% | 40% | 38% | 43% |
| Westminster | 50% | 51% | 34% | 49% |
| Castle Rock | 50% | 43% | 37% | 43% |
| Longmont | 50% | 36% | 33% | 36% |
| Thornton | 46% | 42% | 38% | 43% |
| Boulder | 46% | 37% | 31% | 36% |
| Broomfield | 42% | 34% | 44% | 42% |
Percentage of homes on the market with at least one price reduction by county:
| County | TODAY | August 2023 | June 2023 | March 2023 |
| Arapahoe | 55% | 48% | 35% | 40% |
| Denver | 52% | 46% | 36% | 43% |
| Douglas | 51% | 43% | 38% | 43% |
| Jefferson | 51% | 36% | 40% | 42% |
| Adams | 47% | 43% | 34% | 45% |
| Weld | 47% | 34% | 30% | 41% |
| Boulder | 46% | 36% | 32% | 39% |
| Broomfield | 44% | 34% | 45% | 43% |
| Larimer | 43% | 33% | 37% | 41% |
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Try it nowDuring the last week:
New Listings – 1551
Back On Market – 304
Price Increase – 140
Price Decrease – 2383
Pending – 1413
Withdrawn – 221
Closed – 1059
Expired – 381
Previous Week:
New Listings – 1678
Back On Market – 326
Price Increase – 126
Price Decrease – 2183
Pending – 1324
Withdrawn – 194
Closed – 1031
Expired – 314
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Based on data from REColorado®
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We appreciated David’s flexibility and willingness to show us homes when it was convenient for us. With our crazy schedules, we needed to see homes at off times such as late in the evening, but David always made time for us.
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