Denver Housing Market Update June 2021
The Denver Housing Market continues to outperform the month before!
Two important highlights:
- The average price of a Single Family home hit another all-time high of $700,000!
- The condo/townhouse or attached home market caught on like wildfire. They are moving in every price range and every neighborhood. That market slowed down, especially the homes without outdoor space, but they are back on track now that the city has opened up.
Buyer Tip for Summer 2021:
If you are really interested in a house, you must see it on the first day. On your lunch hour, leave work early, go in late. Don’t wait until the weekend.
Seller Tip for Summer 2021:
Buyers know what price they are willing to pay. The trend right now is to price right or a little low. Buyers have lowered their price ranges because they keep getting outbid. If you are pricing high you are going to miss your buyer. It’s that simple.
Overall Picture of Denver Housing Market June 2021:
We are at all-time record lows for inventory – but again, that isn’t the story…that is the outcome of what is happening. We had a little more than 6,300 houses come on the market and we put a little more than 6,700 homes under contract, so our inventory is staying extremely low. The average inventory for May is 15,563. We had 2,075 homes for sale at the end of May. Record high was just before the crash at 30,457.
At this pace we will have a record year of number of home sales and the volume of prices sold.
Buyers and Sellers are having to make quick decisions. It’s important to have an experienced agent who has your best interest in mind and knows your big picture so they can help you stay focused and who is actively working in the market.
Moratoriums are being lifted
The moratoriums on foreclosures and evictions are set to expire June 30, 2021. We do have homeowners in forbearance, if you are one of those people or know someone, you need to know that you do not have to go to foreclosure, call me and let’s figure out what your house is worth and get it on the market. Almost every neighborhood has gone up. It would be very unusual if your house was worth less than you owe.
The builders cannot build fast enough. Products used to build homes are delayed. Lumber is up 300%. Appliances, especially those that have computer chips are delayed for months. Steel and concrete prices are going up as well.
Arizona builders – a couple months ago I talked about builders giving people their earnest money back because they didn’t know when they were going to be able to produce the houses they had under contract…well, now they are going to lottery systems for selling lots. That could easily happen in Denver.
Top 5 Neighborhoods in Denver by 5280 Magazine:
Country Club, South Park Hill, West Washington Park, and Platt Park. Click the links if you are interested in what is currently available to purchase. Click this link for more information on how they determined the ranking and to see the other top 20.
The Denver Housing Market for June 2021 is moving quickly, if you are thinking of making a move in the next year, now is the time to talk to an agent.