Denver Real Estate Market Update – August 2019
The average sales price in Denver dropped very little over the summer months. This was a surprise to me. Over the last few years the average sales price in Denver has dropped about three percent from the end of May to the end of July. This year the average sales price dropped less than one percent during that time.
From May to June the average sales price in Denver dropped just .54 percent. And from June to July the average sales price dropped just .21 percent.
The average sales price for a home in Denver in July came in at $498,960. As I said earlier this was a .21 percent drop from June. And it was a 4.27 percent increase over July of 2018. This is a higher year over year increase than we’ve seen over the last few months. This is likely due to the minimal decrease in average sales price we’ve seen over the last two months compared to last summer.
5,415 homes sold in the Denver area in July. This was down 6.19 percent from June and down 6.19 percent from July of 2018.
For the last six months Denver has seen a rise in housing inventory. In July inventory decreased ever so slightly, down by 1.69 percent from June, with 9,359 homes on the market at the end of the month. Although inventory was down from June, it was up year over year by 22.45 percent.
Average days on the market in July was 25. And median days on the market was 11. Home sellers in Denver are still doing pretty well when half of all sellers are under contract within 11 days of going on the market.
Sales are down, inventory is up but prices are hanging steady. (In May of this year Denver hit it’s record for highest average sales price) Although buyers are seeing more choices and we aren’t quite in the same selling frenzy we’ve seen over the last few years, we are still in a strong seller’s market.
A housing market is considered a seller’s market when housing inventory is five months or less. Denver currently has 1.73 months of housing inventory. Despite some of the headlines you may have seen, the home sellers in Denver still hold the cards.
Buying or selling a home in the Denver area? Contact Courtney Murphy. Courtney is a Denver metro Realtor and long time Denver area resident with experience in both resale and new built home sales.
