Denver Area Real Estate Update: July 2019
Drew Morris
Denver Realtor | Candidate for Thornton City Council | Marine Veteran | Naval Academy Grad
We're in the summer selling season here in the Denver area! What does this mean?
Buyers are out shopping for homes!
Sellers are placing more homes on the market!
Let's take a look at the stats:
As has been the common trend for the last 8 months, home inventory continues to rise. Most recently, we saw the number of homes on the market jump another 28% from the same time last year. Great news. What was strange to see was the number of closed sales drop 14% from the same time last year. We had a strong under contract count last month so one would've expected the number of sales to rise, but it didn't. There could be a number of factors - many fell out of contract, some had longer closing timelines, etc. We're not exactly sure why that number is so "off". We'll see how next month's stats show up.
The median and average prices were down from last month but still slightly up from this time last year. It is very typical to see our average and median prices "peak" each year around May and then level off or slightly decline the rest of the year.
How is "Days on Market" trending? The numbers show us that it's trending as usual although it is taking longer on average for properties to go under contract this year.
My clients have been doing really well in the current real estate market. Several buyer clients have been able to purchase homes at a discount while also having more power during inspection negotiations. My sellers have been able to sell relatively quickly at or near list price (and above too), still capitalizing on great equity gains. What's been really awesome to see is how I've been able to get clients under contract on a replacement home before they even list their current home for sale. Last year, that would've been almost impossible to do. This year, I've done it twice in the last week. At the same time, don't think we're "out of the woods" of the seller's market yet. There are still many times where homes move in a matter of days with several buyers competing for the same home. That hasn't totally disappeared yet.
If you'd like to discuss your unique scenario in more detail, let me know. I'd be happy to provide you guidance so that you can find success in our real estate market! Have a great day!
Drew Morris
Realtor
303-929-7844
These are awesome stats. Yep, the market seems more "healthy" competitive than in the past. I was in Seattle last week and a bunch of buyers can't even put inspections contingencies in their contract if they want to win...NUTS