Denver Real Estate Statistics – June, 2017
We’re in the height of summer, and our Denver real estate market remains hot as numbers continue to grow! The Denver metro area is #1 in the United States for price increases year over year. In our city, the average residential sold price has reached $454,547, which is up over 3% from last month and just over 8% from last year at this same time.
At the same time, June also brought a glimmer of hope for Denver buyers as more new listings came on the market and the number of active listings grew by 20% to reach 7,059. Therefore, inventory is growing, but the average days on market has decreased to just 27 days, so homes are still going quickly and there is high demand.
Single family homes priced between $300,000 – $400,000 are the most in demand and continue to have the most competition with buyers. Luxury homes are also experiencing a boost, as sale volume for homes over $1 million grew almost 25% from last year, and these high-end homes are also selling faster than ever.
As prices rise more and more, many wonder if we are in a housing bubble. Steve Danyliw, Chairman of the DMAR Market Trends Committee, says no. “The mortgage market is the healthiest it has ever been. Only 0.3 percent of the properties that sold in the Denver metro area were in some form of financial distress; compare that to 32.6 percent in June 2011.”
Wondering if now is the time for you to enter our market? CONTACT ME to discuss your options. Real estate in Denver is fast-paced and we are in an exciting time for both buyers and sellers. I can help you navigate through it all!