Denver Housing Market Report August 2021: What's Going On With Denver Real Estate Market Today?
The August 2021 Denver Metro real estate market report is OUT!
It is important to understand what is happening currently in the Denver Metro 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 Denver Metro real estate market. My Colorado Move is here to dive deep into these numbers with you.
Denver Metro Housing Market Report
The July 2021 Denver Metro housing market showed an increase of 29.92% of overall month-end active inventory compared to the previous month's real estate statistics. However, today's Denver real estate market also showed a 12.30% decrease in closings compared to June 2021 real estate statistics. This simply indicates a supply increase and demand increase in homes in Denver, Colorado. As we head into fall, we are still experiencing a strong seller's market but buyers will start to have more time to look at homes available in the market as there is less competition.
In July's history, July 2021 presented the lowest number of active properties on record with only 4,056 properties available on the market at month's end. However, the month-end active listings actually increased 29.92% from the June 2021's Denver housing market report. July 2021 Denver real estate market also showed a 16.40% increase on the average closed price compared to the previous month. The Denver housing market report predicts that the balance between supply and demand will remain steady through the remainder of the year 2021.
In July 2021 Denver housing market report, there were 2,878 single-family detached active homes at month-end on the market which showed a 34.67% increase compared to the previous month however showed a 28.07% decrease compared to last year. There were also 5,125 new homes listed on the market at month-end which showed a 9.42% decrease compared to the previous month and a 2.83% decrease compared to the previous year. 4,123 single-family detached homes were sold in July 2021 which also showed a 12.13% decrease compared to the previous month and also a 22.34% decrease compared to the previous year. Detached single-family homes for sale in Denver are still being sold quickly with an average of only 8 days of being live on the market, the same as the previous month's statistics.
In the attached market, attached single-family homes in Denver showed a 19.59% increase in active homes at month-end compared to the previous month, however, it showed a 51.88% decrease compared to the previous year. New listings showed a 6.42% decrease from the previous month and a 14.74% decrease compared to the previous year. The number of sold attached single-family homes in Denver also showed a 12.71% decrease and also being sold the quickest it has ever been with an average of 12 days in the market.
Buying or Selling a Home in Colorado
If you are planning to sell your home in Colorado, now is still the best time as you can still expect multiple offers because of the lesser homes available on the market today. On the other hand, if you are planning to buy a home in Colorado, it can also be a great time as there is now competition which enables you to have more time to look at homes available. 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.
To download or see a copy of the full report, click here.