The Denver real estate market continues to see inventory increase, and so did the days on market. The sales were down 2.2% over last year's sales, which shows we have seen a shift in our market. The total inventory has increased, but we are seeing some going under contract fairly quickly, especially in the lower price points. The days on market increased from last month (by 5 days). The number of homes that are under contract have also decreased from last month. Typically, the market picks up again right after Labor Day. August is typically a slower month, as the kiddos have returned to school, some families are taking their last vacation, and/or enjoying the last of summer.
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 increase in active listings, and we have 1.4% more new listings than we did this time in 2018. The under contract listings saw an increase (9.2%) over the same month 2018, yet a decrease from June 2019. Sold properties saw an increase from last year. With 31 days on market, this still indicates we are experiencing a Seller's market, just is a bit slower paced versus past years. (July 2018 we saw only 20 days on market) Sellers should remember to list a home properly, as those over priced 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 August 2019
New Listings - 6,733 - up from 6,632 last month (in 2018 it was 6,642)
Under Contracts - 6,557 - down from 6,704 last month (in 2018 it was 6,006)
Sold Listings - 5,540 - down from 5,753 last month (in 2018 it was 5,665)
Days on Market - 31 days - up from 26 days last month (in 2018 it was 23 days)
Average Sold Price - $487,205 - down from $496,130 last month (in 2018 it was $471,397)
Percent of Sold Price to List Price - 99.1%, down from 99.3% last month
Buyers - inventory increased this month, giving Buyers the chance to view more listings that match their criteria and not have pressure to write the instant they see a home 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, as you now have competition. 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 is currently at 2.4% for May. First time to experience higher than the national average of 3.7% 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. Lockhead 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.