Denver Real Estate Statistics – June 2016.
Inventory, Inventory, Inventory.
Every month I begin talking about our inventory and breaking records. It has been low or record low for over a year. When we have record low inventory, we see record high prices.
- This month we had a record month of inventory of active listings and new listings! Over the past 11 years, Denver’s active homes for sale increased by about 4% from May to June. This year the active homes for sale increased by 24.4%! Wow.
- The Denver real estate market saw a record average sold price of $421,226 up 2.77% from last month and 12.23% from last year. That is an average price for detached single family homes and attached homes combined.
- We’ve been watching price reductions for about 6 weeks. Seller’s are not receiving offers if they are priced too high.
- Denver Metro Association of Realtors is saying that “sellers are accepting contingent offers in the suburbs” and I can confirm that.
- Mortgage rates have dropped again to the lowest levels that we’ve seen in 3 years.
- Denver County is the #1 county in Colorado for sold homes and #7 in the country for inbound migration.
Every neighborhood is different, don’t forget. For instance, Washington Park saw an increase of 5 more homes for sale than last month. There were basically the same amount of sold homes and total transactions.
This could be the beginning of the Denver Real Estate market moving towards a more balanced market of buyers and sellers but I don’t think we should get too excited yet.
What’s next?
Set up an advanced search on this website that will send you an alert when a neighbor decides to sell or send me a message and I’ll set one up for you if you are wondering what is happening in your neighborhood.
If you are thinking of selling in the next year, let me know, I’d love to help you set up a plan to make it happen.
