Denver Real Estate Market Statistics for July had some surprising results to me!
Inventory – UP
Sales prices – UP
Days on Market – DOWN
I could feel the days on market were down, I could feel prices rising, but I haven’t felt our Active inventory UP!
Look at the breakdown from single family to multifamily. Remember we do not have a distinction between condo and townhome. We use attached or detached to differentiate and the reality is that the person who inputs the property makes the decision as to the relevance to the “attached” portions of a residence to a prospective buyer.
You see we had an Average Sold price drop and a Median Sold Price go UP. That means that we sold fewer condos in the higher price range. It does not mean that we are seeing a drop in values.
All of these numbers and stats can and should be taken down to the neighborhood level when you are ready to decide to sell or make a purchase.
Selling your home in the Denver Area?
Think about this. If you are not having showings, your price is too high, the agents are refusing to show your property because THEY think it is priced too high. If you have showings but are not receiving offers, the buyers are rejecting your price. When you receive offers, you are in the game. If you receive an offer price more than once, take that into consideration that it is what the buyers think your house is worth.
Buying a home in the Denver Area?
Think about this. When you see a house you like and there are multiple offers, you have to make a decision to whether or not you are willing to take the risk of paying more than an appraiser might say the house appraises for. That is a completely personal decision that only you can make. Have you looked at the comps of the neighborhood as if you were a seller, because if you buy this house, you will be a seller someday. Your real estate agent should be able to explain why this is important. Appraisals aren’t necessarily deal breakers, but we’ve had a few surprises this year.
As always, I’d love to help you with any of your Denver area real estate needs. Just let me know how I can help.