Denver Real Estate Statistics – July, 2017
THE HOUSING MARKET REMAINS STRONG!
Denver real estate statistics from the month of July show that the market is still strong, but we are experiencing a slight cool down as we head into the late summer months. The average price of a home sold in Denver went down slightly from last month, and the average length of time a home is on the market increased. However, numbers are still strong (the average sold price is up almost 10% from last year), and inventory continues to grow, which is great news for buyers.
One number worth noting is the 20% drop in the number of sold homes from June, since the normal decrease at this time of year is 5%. This is a statistic worth watching to see what happens in future months and if more homes sell into the fall, but it doesn’t necessarily raise red flags. Steve Danyliw, chairman of the DMAR Market Trends Committee says, “While the decrease in sold listings may raise some concerns, those concerns can be mitigated as year-to-date sales are still up 4.69 percent compared to 2016.”
More research from DMAR shows that there is what is called a “dual market”, where some areas outside of the competitive neighborhoods are seeing price reductions and spending a longer time on the market, which is quite a different scenario from many areas where homes go quickly and with multiple offers above asking price. We are in such a unique market, so every neighborhood has slightly different trends and statistics!
If you’re curious about a certain area – either to see what your house is to worth or to find out what you can afford to buy – CONTACT ME and I can run a custom report, fine tuned to your needs. I can help you navigate through this market!