What’s new in the Denver real estate market this August?
It’s normal to have a drop in home sales from June to July each year. And yes, Denver had a drop in sales, a drop of 19.66 percent.
That is quite a drop from June to July when the average drop in these months is 6.2 percent. So is there reason for concern? This Realtor says no. Although sales dropped by 19.66 percent, the average sales price of a home only dropped by .82 percent. Compare that to last year when average sales prices dropped approximately two percent from June to July. And then another two percent from July to August.
At that time, in 2016, so many folks fell into the chicken little syndrome. News reports spouted worrisome reports about a possible downturn in the market. Chatter spread about the possibility of a coming market crash. All for nothing!
Yes, sales dropped from June to July. But in 2017 home sales are up 4.69 percent year to date over 2016. The Denver economy is booming in many industries including, but not limited to, technology, construction and oil and gas. Approximately 270 people are still moving to Colorado every single day. And builders are not building nearly enough homes to keep up with Colorado’s growth.
Denver’s real estate market is still charging forward quite strong despite this drop in sales from June to July.
The average sales price in July was $449,054. This is down .82% from June and up 9.56% over July of 2016. Single family detached homes came in with an average sales price of $496,382 up 8.43% over last July. And attached homes (condos and town homes) had an average sales price of $324,187, up 13.65% over last July.
The median sales price of a detached home in July was $420,000 and $275,000 for an attached home. (condos and town homes)
Inventory in July was up over June by 4.15 percent but still down from last year at this time by -1.55 percent. While single family homes have had a decrease in inventory compared to July of last year of -4.75 percent, it’s a different story with attached homes. Attached homes (condos and town homes) have seen an increase in inventory over last year of 11.42 percent.
Active Listings: 7,352
New Listings: 6,551
Under Contract: 5,280
Days on the market: 29
Close price/List price: 100.30%
Buying or selling a home in the Denver market? Contact Courtney Murphy today! Your best choice in Denver area homes!