Denver Housing Real Estate Market Showing Signs Of Cooling Off
by Doug Young
on Monday, August 6th, 2018 at 1:56pm.
Denver Home Sellers Market Is Starting To Favor Home Buyers
According to stats reported by the Denver Metro Association of Realtors, the Denver real estate market is starting to show signs of cooling as we are in the heat of the summer. As more homes have come on the market, home buying and purchase activity has slowed, and prices have dropped in June, and I am expecting we will see the same thing when the July numbers come out. Prices appeared to have moved a little to far to fast and this is not an unexpected correction. Rising interest rates could also be a contributing factor, but home prices do historically rise during a rising rate environment, but sellers will need to adjust their expectations on how quickly they will sell and for what price. A properly priced home should sell in less than the average days on market, but with more choice, buyers aren't having to jump at the first thing they see.
If you are interested in finding out what your home is worth, call Doug Young at 720.600.2182 or email firstname.lastname@example.org.
The report released Friday shows both average and median prices have dropped from June, and buyer activity has slowed amid higher inventory, which the report assesses may be attributed to the historic increases in Denver home prices.
The median price for a home in metro Denver in July was $417,500, a 0.60 percent decrease from the previous month.
“Can a cooling market be considered positive? To most sellers, no, but honestly, they have experienced unprecedented equity growth over the past several years. It’s time to share the love and keep home buying an option in the Denver Metro area,” said Denver REALTOR Chairman Steve Danyliw in a press release.
According to the report, active listings in the residential market (single-family and condos) were at 7,643 total units in July, up 3.96 percent year-over-year. The number of sold listings decreased by 15.65 percent, compared to the previous month and 8.54 percent from last July.
The highest priced single family home sold in July was $4,036,670 representing six bedrooms, five bathrooms and 5,424 above ground square feet in Denver, the report read.