The stats are out for the month of June, and all the numbers revolve around the increase in the inventory along with the lack of buyers. The inventory climbed 39% from May. Most weekends in March we saw 2,000 or less. April's high hit 3,200 for one weekend. May we saw it top 5,000, and for June we saw a high of 6,300.
This data is courtesy of Joan Cox - House to Home, Inc.
I track data daily for the Denver metro area, and are seeing between 1,500 and 2,000 price reductions every week (to 6,300 listings) and almost 400 homes returning to market in a week's period of time. Both of these numbers have been steadily increasing daily.
See what homes are currently available - Active Homes for sale in Denver
Buyers - If you have thought about buying a home this year, rates have increased, but the good news, there are fewer multiple offers on properties. Be sure to be pre-approved and know what your budget is! Be prepared, many homeowners are asking for a 60-day rent-back to find a replacement home. Even though the inventory has increased, it is still at a very low level, you may need to be more flexible in the features you want. Select the home with the items that cannot be changed (location, layout, school district). We are also seeing a high number of homes returning to the market, so it would be a good idea to write a back-up offer if you did not "win the bid", as you may get a second chance.
Sellers - My sellers are seeing a nice bottom line! 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 or ask for a 60-day rent-back to enable you to locate the replacement home. Seasonally we see a slowdown around the end of June or at least mid-July. (Kiddos returning to school and families taking a summer vacation)
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.