Denver Market Update - June 2015
The Denver real estate market has been very strong since mid-January this year. With incredibly low inventory there are multiple buyers for properties priced under $400,000. The following data is courtesy of Joan Cox - Metro Brokers - House to Home, Inc.
Denver saw a 9% increase in listings over the prior month and we are starting to see the inventory increase over the last couple of months. These numbers represent a 17% decrease in listings over the previous year. We are still hearing homeowners fearful of listing their property and not finding a replacement property! Sold property saw a 16% increase over the prior month and the under contract properties saw a 1% increase over the prior month. This could mean the market is finally starting to slow just a tad. The days on market decreased to 20 days (reduction from 21 last month).
Here is a chart showing what the days on market have done over the last five years -
Buyers do not have many homes to choose from in any neighborhood, and the well-priced homes that are ready to move in are going quickly with serious bidding wars!
The following data included both detached and attached properties across the Denver metro area. If you need more detailed information for your neighborhood, give me a call. Real estate is and always will be local.
Here is a snapshot showing what the average price and days on market have done.
Like to know how this years' sales compare to last year? The new listing inventory is growing ever so slightly and still making it difficult for the buyers to find the right home. The lowest the inventory got was 5,087 in February 2015. Here is the Market Snapshot for the year to date information -
** Market data courtesy of Metrolist
Homeowners - if you have thought about selling and would like a home evaluation, please let me know, I will contact you right away. Relocating to Denver, and need some advice - see my Relocating to Denver information.
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