Highlights of the Denver metro real estate market update — July 2017
The Denver metro real estate market was quite hot the first 6 months of the year. July’s data shows the shift we expected toward a cooling market (relative to recent months, we’re still in a very tight inventory market). The DenverPost published an article recently further highlighting this market shift (read Denver home sales and prices drop in July, putting area brokers on alert). Here are some of the highlights from July’s data:
- Detached single family active units with a large bump to 5,112 available homes for sale which is an increase of +7.3% over the previous month. Attached single family reported an increase of +5.0% in active units from June to July bringing the count to 1,644. Both markets together represent 6,757 units for sale.
- 5,317 homes were placed under contract. A balanced market with a 6 month supply of inventory would require 31,902 active units.
- Average sold price showed seasonal decline in DSF at $485,766 as well as in ASF at $317,007.
- Average days on market remain low heading into July with DSF at 21 days to contract and ASF 17.
Source: Megan Aller, Land Title Guarantee Company
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There are a lot of details here. I would be happy to help you understand how they relate to your situation and your real estate goals. Just shoot me an email or give me a call.