The Denver real estate market has been very strong through the Spring and early Summer. Early May the Denver metro area saw an influx of new listings, easing some of the issues with thin inventory. The following data is courtesy of Joan Cox - Metro Brokers - House to Home, Inc.
Denver saw the first decrease (3.9%) in new listings for the month of July over July of 2016. This is very seasonal, as school-age children returned to school, and many families were taking their last vacations. Mid-July through August are usually slower. The under contract listings decreased 7% over the month of June. Sold properties saw a 14.7% decrease from June 2017. Despite the slower activity this past month, days on market only increased by two days from June to July (18 in June to 20 in July) (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
New Listings - 6557 which is .-3.9% from July 2016
Under Contracts - 6434 which is -1.0% from July 2016
Sold Listings - 4884 which is -8.2% from July 2016
Days on Market - 20 days which is up 11.1% from July 2016
Average Sold Prices - $449,041 which is +9.7% from July 2016
Percent of Sold Price to List Price - 100.3 which is down -.4% from July 2016
Buyers - inventory is decreasing, and not seeing the line of buyers ready to view a home, but you may need to compete with some other offers if the home is priced right, shows well and is in a highly desired area of town. The price range between $200,000 and $450,000 has been the “sweet spot” and these homes are the ones garnering the most showings and offers. Typically, homes come on the market late in the week, with showings over the weekend, and receiving responses early in the week.
Sellers - we are seeing some homes now reducing their sales price, and is best to list your home at the fair market value and not "test the market", you may lab behind other listings going under contract first. If the home is truly HOT, you will see multiple offers and see offers over list price. Listing too high will result in your home sitting on the market with slow showings. 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, put into MLS the fact you require a contingency of a replacement home.
Pricing a home is very important in this current market, and here is a chart showing how our median prices have shifted over the last few years.
Here is a chart showing when the Sellers are getting closest to their list price. We are in the slower part of the summer, and need to price homes correctly to get a quick offer (or more).
Denver’s unemployment rate did have a slight increase from 2.3% in July to 2.5% in August 2017. Still very low comparing to the national average of 4.3% in July. Colorado’s population is 5.457 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. Our state government is working hard on affordable housing issues with so many relocating into the Denver metro area.
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.