Denver Market Update - July 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 19% increase in listings over the prior month and we have seen the inventory increase over the last couple of months. This is very typical this time of year. The children are going back to school, and families are taking their summer vacations. These numbers represent a 8% 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 1% decrease over the prior month and the under contract properties saw a 5% decrease over the prior month. This could mean the market is finally starting to slow a bit. The days on market decreased to 19 days (reduction from 20 last month).
Here is a chart showing what the days on market have done over the last five years -
Buyers are seeing a few more homes to choose from in any neighborhood, and the well-priced homes that are ready to move in are going quickly with multiple offers, but not as many as we saw earlier this year.
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 grew this last month and may make it easier for buyers looking for 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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