The latest Greater Denver real estate market report is OUT!
It is important to understand what is happening currently in the Greater Denver housing market and as well as why it is happening if you are thinking of buying a home in Colorado this 2021. Real estate market reports are only the beginning of the process of understanding the changes, opportunities, and challenges in the Greater Denver real estate market. My Colorado Move is here to dive deep into these numbers with you.
Greater Denver Housing Market Report
The Greater Denver real estate market still continues to depict an extreme seller's market. June 2021 Greater Denver housing market closings keep increasing up to 18.78% despite active listings in Denver continue to decline down to 4.11% year-to-date compared to 2020's Greater Denver housing market report. At the same period, the Greater Denver real estate market reports that show the 18.78% increase is a reflection of how the Coronavirus pandemic shutdown has impacted the real estate industry at this time and supports the concept of increased buyer demand.
There were 1,336 single-family detached active homes on the market compared to last year's 4,725. There were also 4,545 new homes listed on the market which showed a 13% decrease compared to the previous year. 3,685 single-family detached homes were sold in April 2021 which also showed a 42% increase compared to the previous year. Detached single-family homes are also being sold quickly with a shocking average of only 8 days of being live on the market.
Denver housing prices in today's real estate market continue to soar than in the previous month and have shown what they call a 'buyer fatigue'. Based on the recent release of Andrew Abrams, Chair of the DMAR Market Trends Committee and Metro Denver REALTOR®, "Like a marathon, buyer fatigue has slowed people down but has not stopped anyone from crossing the finish line. Interest rates continue to be relatively low and consistent. Listings continue to slowly hit the market, while buyers continue to gobble up properties as soon as they do." The Greater Denver housing market report has turned into such an unpredictable year that lacks consistency with the rainy weather to consider, however, prices still continue to rise. The average closed price for detached family homes in Denver was $700,559 compared to last year's $542,003. This resulted in a whopping increase in closed price by 29%. The Denver housing market forecast for 2021 showed the month-end active inventory is down 20.01% and this outlier of a stat can be explained by two things: overall listings are down and buyer demand is up. With competition continuing across all price ranges and static inventory scarce, it is likely records will continue to be broken in this hot market.
Buying or Selling a Home in Colorado
If you are planning to sell your home in Colorado, now is the best time as you can still expect multiple offers. On the other hand, if you are planning to buy a home in Colorado, it can be challenging as there is a lot of competition. You deserve a real estate agent who has a proven strategy, a strong negotiator, and backed with experience to help you be successful in today's challenging Denver real estate market. If you are looking for great homes for sale in Denver, we can help you.
Our goal is to help our clients understand how these changes impact them to be able to create a strategy to benefit from the current Denver housing market. It is still definitely a great time to sell and move up to buy in many Denver communities with today's historic low-interest rates.
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