DMAR Market Highlights:
- Foreclosure reports are down by 18% from a year ago.
- Denver was named the 5th highest market to watch for foreclosure starts, with an increase of 6%.
- 50% of households in Denver can afford an existing entry-level home with a 5% down payment. Colorado has one of the lowest mortgage delinquency rates in the country at 1.03%.
- Denver ranked 15th out of 100 large U.S. cities for work-life balance.
- In the country’s 20 major markets, home prices rose 2.1% year-over-year, Denver is up 3.4%.
- Inspections are a growing area of contention between buyers and sellers with some Title companies reporting up to 33% of contracts failing due to inspections. (This is an area where I can really help your transaction, call me.)
Source: Denver Metro Real Estate Market Trends Report, September 2019, by the Denver Metro Association of REALTORS®.dmar_markettrendsreport_sep2019
Metro Denver Market Review by Megan Aller
Here are some of the finer points of the Detached residential housing market data from August 2019.
- Inventory went down from July to August by -1.6% with a total of 5,793 homes for sale. Contracts accepted were also down MOM by -3.1% with 3,765 units placed under contract.
- Days on market were up to 29 average days to contract, or 14 median days to contract. Both metrics continue to report at a similar pace as previous years in this cycle. (2013-2018)
- Home prices usually peak annually in either May or June, this year the peak was in May and prices began to pull back starting in June and continuing in July and August.
- Average sold price reported $524,089 which is a decline by -3.0% from the previous month, and up 2.2% YOY. Median sold price was also down -2.6 from July, but up 3.6% over the same month last year to $452,750.
- Close to list price ratio steady in August at 99.2%. Original to Sold price ratio down from the last month to 97.6%. Both metrics are likely to decline through the end of the year giving buyers more negotiating power in the back half of 2019.
- Flash sales, or units under contract in the first weekend, slowed in August. The number of units under contract in 7 days or less was 36.6%.
- 41.2% of homes closed in August sold for at or over their asking price.
And that concludes this month’s Denver Real estate market update