Denver Real Estate Market Statistics once again focuses on our inventory.
Denver hits an all-time low again in July, with only 7,468 homes available for purchase. Our all-time high was in 2006 with 31,989. Yes, that is 5 times the amount of homes for sale! That was a crazy buyer’s market. We need to be around 18,000 homes on the market for a balanced market.
Sellers are adjusting their prices. There comes a time when the buyers say, we just aren’t paying that price for that home in that location. Agents are still using prices as part of the marketing strategy. We are seeing some homes still receiving multiple offers and selling for over asking price. That doesn’t happen if a seller is just completely overpriced. Some sellers don’t want to sell overnight, some do, it pays to know what not only what the comps are but what your personal threshold is, as a seller or buyer.
Buyers are not willing to spend a lot more money in inspection items when they are paying top dollar for a house. We are seeing sellers fixing more inspection items than they did a year ago. Buyers are more willing to walking away at inspection this year.
The Denver Metro Area average price for a detached single-family home in July was $460,623 compared to a year ago July $411,286, a 12% increase from last year.
The Denver Metro Area average price for an attached single-family home in July was $285,531 and last year it was $254,888. That’s a 12.02% increase from last year.
Because we are still hitting record lows on inventory, I think we will have another frenzy early next year.
It is a great time to sell, you don’t have much competition. If you are thinking of selling, let’s take a look at your big picture and make a plan and timeline that works for you.