The Denver Housing Market for August 2021 continues to break records.
Denver housing inventory at the end of July is a record low 4,056. We had 7,150 properties come on the market. 6,061 went under contract. We had more come on the market than I anticipated which was great for the buyers who didn’t put their search on pause. The average number of active listings in July is 16,302.
Between June and July, the supply outpaced the demand. Inventory is slowly creeping up. But for how long?
July and the first couple of weeks in August are travel months for many, and after COVID, people were ready to get out of town. Schools are starting a little earlier, so we may see a more robust August, but I don’t see a major change coming.
July had record low-interest rates again, under 3%. The eviction moratorium was going to be lifted at the end of July but that was extended, which will keep our interest rates low.
Denver metro median rental prices hit an all-time high of $1,575, which is up 8.1% from last year.
Buyers in the lower price ranges are continuing to struggle to get the house they want for the price they want but the time to try to do it is now, while interest rates are extremely low.
The Denver Luxury Housing Market, over $1 Million, continues to be strong. There isn’t anything typical about what happened in July which leads me to believe we are going to have a strong market for the rest of the year. The inventory is still low.
Market trends for the summer of 2021
We are still seeing homes that are overpriced, are not receiving offers. In July, 10 percent of the closed transactions had to reduce their price before receiving an offer. This is not the time to push your price if you want to get the property sold. The only time you push the price at this time of the year is if you have substantial upgrades or views or location that sets them apart from the rest of the neighborhood like I did last year with an incredible home at The Coloradan, #1820. Homes that were overpriced stayed on the market for 27 days. As we move into the autumn months pushing prices is not a good idea.
My Denver housing market prediciton
The market is still incredible for both buyers and sellers.
If you are renting you could be paying top dollar for rent, it might be time for you to jump in to homeownership. Let’s talk and decide if now is the time to make your move or if it is just time to explore. The interest rates are what make the prices affordable.
Seller’s markets don’t last forever, and it takes longer to put a house on the market than you would expect. If you are considering selling in the next year, let’s talk sooner rather than later.