The Denver real estate market took a bit of a breather for the month of July as the sales were a bit soft. Inventory increased from July's numbers, the number of under contract homes decreased which usually means the market is changing. The following data is courtesy of Joan Cox - Metro Brokers - House to Home, Inc.
Denver saw a 10% increase in listings over the prior month, an 3% decrease in under contract homes and 4% decrease in sold property. Nice to see the inventory increasing, as buyers now have choices, and not seeing as many multiple offers now. (If you were waiting, now is the time!) Sellers are seeing fewer showings, but homes are still going under contract quickly. Here are the current active listings in Denver. At one point in February we had less than 4,200 listings available, which is crazy with so many buyers moving to Colorado and looking for a home. The days on market were only 20 days (no change from last month). Seasonally, the market slows around the middle of July with families taking their summer vacations before the kids go back to school. Sales resume in September, but they are less frenzied than what we saw in early Spring.
Here is a chart showing what the days on market versus median sales price from 2011 to current - (sure shows how the inventory has decreased)
Buyers are seeing more homes to choose from, even though the inventory is increasing. The price range between $200,000 and $400,000 is still showing slim inventory and going under contract usually within a weekend. This is really tough for relocating buyers in for a short period of time, and not many to choose from! From February through June most buyers were competing with 10+ other offers with sellers seeing purchase prices way over list. You will see a flurry of new listings come out near end of week, on the market for the weekend, and under contract by Monday.
Sellers - there are buyers out there viewing and buying homes! It is a great time to list, as we sure need the inventory! If you are thinking of listing, I can always put a contingency in the MLS with the requirement of finding a replacement property.
The following data included both detached and attached properties across the Denver metro area. If you need more detailed information for your neighborhood, give me a call. Real estate is and always will be local.
Like to know how this years' sales compare to last year? The new listing inventory decreased this last month. The lowest the inventory got was 4,968 in February 2016, and with so many buyers out looking for a home, this made it a very tough market for buyers. Here is the Market Snapshot for the year to date information -
** Market data courtesy of REColorado
Denver's unemployment rate is 3.3% (July 2016) with the national average at 4.7%, so Colorado's economy is still strong. Colorado's population is 5.272 million, the Denver metro area is 2.951 million and Denver proper is 682,545. Out of the 50 largest cities in the Country, Denver is #19. In the last five years, we have seen an 11% growth in the city. We are seeing more corporations relocating to Denver creating job openings, which is keeping the economy on a good path.
Homeowners - if you have thought about selling and would 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.