Denver Real Estate Market Update – September 2018
In July Denver saw it’s highest inventory in three years. August saw an even greater increase in inventory and had the highest inventory in the past four years.
Denver had 8,228 active properties at the end of August. August saw an increase of inventory of 7.65 percent over July 2018 and an 11.79 percent increase over August 2017.
The increase in attached homes, condos and town homes, was significantly higher than detached homes. Detached homes saw an increase of 5.75 percent over July and a 8.64 percent increase over August of last year. While attached homes saw an increase of 13.58 percent over July and a 22.07 percent increase over August of 2017.
Homebuyers should be finding a bit more selection when they are out shopping.
The average sales price in the Denver area came in at $474,838. This includes both attached and detached homes. This is a decrease of .58 percent from July and a year over year increase of 9.73 percent. (watch the video above for more on the year over year increase)
The average sales price for a detached home in August came in at $525,346. And the average sales price for an attached home came in at $345,791.
5,339 homes went under contract in August. This was 2.27 percent lower than July and 1.8 percent lower than August of 2017.
The average days on the market in August was 22. This was up 10 percent from July and came in exactly the same as August 2017.
Despite the added inventory, Denver is still a seller’s market. But we are seeing some relief, which frankly is a relief! With more inventory sellers are less likely to have multiple offers come in. And there will be less offers with inspection and appraisal provisions.
Sellers can still expect to sell their homes relatively fast but a lot of this depends on pricing the home right!
The last few months have seen drops in average sales price but these drops have been comparative to the last few years. Normal seasonal drops which don’t indicate any reason for alarm.
The year over year average sales price dropped a few percent in both June and July but jumped back up in August.
Planning to buy or sell in the Denver area? Contact Courtney Murphy today! Courtney is a Denver metro Realtor who has lived the majority of her life in Colorado. Courtney knows Denver and would love to help you find your new home in the Denver area!
