I’ve read a few articles and it sounds like the sky is falling and I’ve heard agents say the market is slowing down.
I think we are having our normal summer slow down. People go on vacation in July and August.
Here are few stats to consider:
We have a total of 7,643 homes available to purchase (single family and condos). This is slightly more than last month and last year. We have had 13.45% fewer properties come on the market this past month compared to last year, which led to few homes going under contract and fewer sold.
- The average number of homes available to purchase in July (1985-2017) was 17,074.
- Record high number of homes available to purchase was 31,989 (2006) and the record low was 7,352 (last year).
- Median days on the market is 7.
- Close/list price is at 100.39%.
- The average sold price of a single-family home is $479,802 and condo is $350,437.
- Denver Real Estate leads the country at 99.6 percent of homes here returning or exceeding the pre-recession peak values.
Buyer demand is high. Purchase applications for loans are up 1.2% year over year. Refinancing is down and there is a lot of change happening in the lending market right now.
- Denver’s Tech talent labor pool is 6.2% of our total employment, putting us in the top 10 most-tech-concentrated market.
- Where are first-time homebuyers buying? All over – Centennial was ranked third on the list of most favorable places for first-time homebuyers in a big city. The three main categories considered are affordability, real estate market and quality of life.
Most of Denver is still a seller’s market. Until our inventory is at 18,000 available homes to purchase we will not have an even market and will probably continue to see prices rise and interest rates will dictate the rate of increase along with what buyers are willing to pay.
Remember every neighborhood is different and buying or selling is such personal decision, don’t let what everyone else is doing influence what you want to do. I’m glad to help you or someone you know weigh their options.