Is the Denver Housing Market cooling off? The Denver Housing Market Statistics for July are here and as I look back to last month, I was surprised that the average price for a single-family home was $700,000, in June it was $728,000! We had 7800+ new listings come on the market and 6600+ of them went under contract.
The prior few months we saw more go under contract than what came on the market. So that left us with a little bit more inventory in June, 3,122 compared to 2,075 in May.
You’re going to hear people talk about this shift in the market, the Denver Housing Market is cooling off, our inventory did go up just a little bit. Some of the shifts we are seeing behind the scenes or fewer showings and fewer offers but we are still selling for over asking price. The cold front the media is hyping up is not really anything yet. Let’s see how that plays out because there is a frenzy to get out of town before the kids go back to school.
The Denver Housing Market in June is still an extreme sellers’ market. It will take 15,000 new listings to change that.
Where are the Real Estate Deals in Denver?
BUT…we do have one segment of the market where I think the deals are…the Downtown Condo Market. I am not saying the prices have dropped, they haven’t. With the interest rates so low it is such a deal to buy right now! It is still steady, the market slowed down with the pandemic and I predict that it will heat back up in November.
The Downtown Denver housing market is slower in the summer months compared to the rest of the city normally. The buyers there are not worried about getting their kids into a school by August. The city life heated up last month, while we are still missing a few restaurants, and the workforce is not back, the evening life is. You do need reservations for dinner. The tourists are back, and so I think once the colleges get back to class downtown and the workforce is back to normal, the real estate market will be too. This is the time to buy that second home, that rental property, or your primary residence…message me so we can get going before prices go up!
I love to look at this graph every month to see where we are compared to where we were in the housing meltdown to where we are now. It helps put everything into perspective. We are in the opposite situation right now.
My Denver Housing Market predictions:
I think overall the Denver Real Estate Market is going to feel unusual for the next couple of months while everybody goes back to pre-pandemic life.
This seller’s market won’t last forever. These interest rates won’t last forever.
If you think it is your time to make a move, do it because nothing lasts forever.