The Denver real estate market saw some very good activity in June. We are seeing a huge increase of active listings (17%) compared to last month. Saw a slight decrease in NEW listings but days on market increased by one day. We may be seeing a slight shift in the market.
Being the middle of the summer, we typically see a slowdown with potential buyers taking their vacations, as school is start in less than a month. The following data is courtesy of Joan Cox - Metro Brokers - House to Home, Inc.
Denver saw a slight decrease in new listings for the month of June, and the total number of active listings increased dramatically. The under contract listings saw a slight decrease over the month of May and sold properties saw an increase from last month. The Days on Market saw an increase (only by one day), which we see this time of year to only 19 days, remaining a strong Seller's Market. (this includes land, attached properties, single family homes and up to the mega million dollar homes)
See what homes are currently available - Active Homes for sale in Denver
New Listings - 7,452 - up from 7,749 last month (in 2017 it was 7,708)
Under Contracts - 6,713 - up from 6,763 last month (in 2017 it was 6,890)
Sold Listings - 5,822 - up from 5,617 last month (in 2017 it was 6,136)
Days on Market - 19 days, down from 18 days last month (in 2017 it was 18 days)
Average Sold Prices - $490,717 - up from $487,996 last month (in 2017 it was $452,095)
Percent of Sold Price to List Price - 100.5%, down from 100.8% last month
Buyers - inventory increased this month, although still could use more for all the Buyers out looking for their new home. This time of year starts showing a bit of a slowdown, making it easier to "win the bid" on a home. The price range between $300,000 and $500,000 has been the “sweet spot” and these homes are the ones garnering the most showings and offers.
Sellers - We need more listings priced below $500,000. Pricing your home is very important, even with low inventory. If you don't have showings, you won't see an offer! We are seeing a bit of a slowdown, which is normal this time of year - but don't worry, it will pick back up after Labor Day! If you are thinking of selling, but worried you won’t find a replacement home, put into MLS the fact you require a contingency of a replacement home.
Pricing a home is very important in this current market, and here is a chart showing how our median prices have shifted over the last few years.
Here is a chart showing when the Sellers are getting closest to their list price. Depending on what time of year you list, pricing is strategic.
Denver’s unemployment rate is still very low - at 2.3% for May. Still very low comparing to the national average of 4.0% in June. Colorado’s population is 5.557 million, with the Denver metro area seeing 3.075 million and Denver proper is 683,096. Denver has outpaced most large cities across the Country and expect to see by 2020 a population of over 3.3 million. We are seeing many corporations relocating their headquarters or putting in a hub into the Denver metro area, creating job growth. Our state government is working hard on affordable housing issues for both the elderly and first time home buyers, with so many relocating into the Denver metro area. If our traffic issues would decrease, we could retain more of our residents. It can be quite frustrating.
Homeowners - if you have thought about selling and like 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.