Denver Real Estate Market Update – July 2018
Denver homebuyers, a bit of good new for you. In June Denver saw an increase in inventory. June closed the month out with 7,436 units on the market. This is up 15.52 percent from May and up 5.34 percent from June of 2017.
Does this indicate a change in the market? I wouldn’t go that far. But if you are looking for a new home in Denver you may have more choices than you’ve seen in recent months. However, I was out with homebuyers in June shopping in the 300k range and it felt as competitive as ever.
We still have plenty of shoppers buying homes. 6,043 homes went under contract in June. Just like inventory numbers, these numbers are up as well: up 2.46 percent over May and up 2.55 percent over June of 2016.
Average sales price of a detached single family home came in at $539,943, up .71 percent from May and up 8.75% over June of 2017. That is the lowest year over year increase that I have seen in awhile. Typically I see a year over year increase of about 10 percent. We’ll keep an eye on that over the coming months.
Average sales price of an attached home (condos and town homes) came in at $362,246. This is up 1.35 percent over May and up 9.19 percent over June of 2017.
The average days on the market is June were 19. However the median days came in at just 6 days. So half of all homes sold in the Denver area went under contract in under a week. It is still common to see homes listed on a Thursday or Friday and go under contract early the following week. So if you are getting ready to purchase a home, be ready to power shop on the weekends.
Planning to buy a home in the near future? Keep interest rates in mind! You could save a bundle over the life of your loan by shopping now instead of waiting a few months. The Fed has raised interest rates once already this year. And it is speculated that they will raise them two more time before the end of 2018.
For all your real estate needs contact Courtney Murphy. Courtney is a Denver metro Realtor serving Castle Rock, Parker, Aurora, Centennial and beyond! Courtney also specializes in new built home sales so if you aren’t finding the home you want or you are sick of competing on home, let’s look at new built homes. Many builders have inventory homes that are ready now!