The Denver real estate market reflected a small dip in home sales, inventory increased from August's numbers, the number of under contract homes decreased also. Maybe a bit of uncertainty with the upcoming election? The financial markets and real estate always are a bit unstable at this time. The following data is courtesy of Joan Cox - Metro Brokers - House to Home, Inc.
Denver saw a 3% increase in listings over the prior month, a 9% decrease in under contract homes and 7% decrease in sold property. Nice to see the inventory increasing, as buyers now have choices, and not seeing as many multiple offers now. 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 4,900 listings available, which is crazy with so many buyers moving to Colorado and looking for a home. The days on market were only 25 days (increase from 23 days last month). Seasonally, the market slows around the middle of July with families taking their summer vacations before the kids go back to school and picks up again after the Labor Day Holiday.
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 slightly. The price range between $200,000 and $400,000 is still the "sweet spot" and are quickly going under contract. This is really tough for relocating buyers in for a short period of time. From February through June most buyers were competing with 10+ other offers with sellers seeing purchase prices way over list, but we are not seeing this as much now. 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 increased this last month giving buyers more options to look at. 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 3.2% (August 2016) with the national average at 5.0%, so Colorado's economy is still strong. Colorado's population is 5.272 million, the Denver metro area is 3.011 million and Denver proper is 664,220. 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 and topping the list of population gain in 2015. We are seeing more corporations relocating to Denver creating job openings, which is keeping the economy on a good path. With the thriving economy and influx of new residents, it will be a while before we can say Denver's housing is "in a bubble.".
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.