The Denver real estate market saw an uptick in inventory this past month, which is pretty similar to what we saw in 2018 for these summer months, however, we are seeing 2,000 more homes on the market this year. The sales were down 6.6% over last year's sales. The total inventory has increased. The inventory has increased 24.5% over last year. The days on market has increased from last month, but still in the Seller's favor. Last month the days on market rose to 24 days and dropped back to 23 for the month of June. The torrential rainstorms we were seeing every afternoon most of June have dissipated for the most part.
The drop in interest rate did spur on sales, which is good, as it was much slower starting the new year versus past years. The following data is courtesy of Joan Cox - House to Home, Inc.
Denver saw an giant increase in active listings, although lower than last month. The under contract listings saw a slight decrease (.3%) over the month of February 2018 and sold properties saw an increase from last year. With 23 days on market, this still indicates we are experiencing a Seller's market, just is a bit slower paced versus past years. Sellers should remember to list a home properly, as those overpriced homes will sit on the 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
Stats for the Month of June 2019
New Listings - 7,568 - down from 8,790 last month (in 2018 it was 7,468)
Under Contracts - 7,062 - down from 7,258 last month (in 2018 it was 6,713)
Sold Listings - 5,635 - down from 6,000 last month (in 2018 it was 6,031)
Days on Market - 23 days - down from 24 days last month (in 2018 it was 19 days)
Average Sold Price - $501,550 - down from $503,337 last month (in 2018 it was $489,013)
Percent of Sold Price to List Price - 99.6%, down from 99.7% last month
Buyers - inventory increased this month, giving Buyers more inventory now to view before making a final decision. There are times you even can think about a purchase overnight, and not "lose the bid". With the Interest rate reduction, buyers are thinking this is a good time to buy a home, and seeing increased activity.
Sellers - Pricing your home is very important, and not start too high, or you will be sitting on the listing for a while. If you don't have showings, you won't see an offer! If you are thinking of selling, but worried you won’t find a replacement home, I can enter into MLS the fact you require a contingency of a replacement home.
Denver’s unemployment rate took a dive and currently is at 2.4% for May. First time to experience higher than the national average of 3.7% in June, showing Colorado is doing quite well! 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 expects 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. Lockheed Martin announced they are hiring many more employees. See who else is adding employees. 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. I recently got a first-time buyer into an affordable housing development at a lower price than found elsewhere in the City. The builder was offering first-responders a fabulous deal!
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.