Denver Real Estate Market Update – September 2019
The average sales price in Denver at the end of August came in at $488,918. This was down 1.3 percent from July and up 3.53 percent over August 2018.
5,219 homes sold in August, down 10.91 percent from July and down 7.86 percent from August of 2018.
August ended with 9,350 homes on the market. This was nearly identical to the end of July, down just 0.1 percent. But is was up 13.64 percent over August of 2018.
We have seen an increase in inventory in 2019, to homebuyer’s relief. But the year over year percentage gap has decreased over the last few months. In the spring we saw a year over year increase in inventory around 45 percent. Now in August our year over year increase is sitting at just 13.64 percent.
Average days on the market in August was 30 days, up 15.38 percent over July and up 30.43 percent over August 2018.
Median days on the market came in at just 14 days. So half of all home sellers are still going under contract in two weeks or less.
Today’s market in Denver is a market that both buyers and sellers can be happy about. With under two months of housing inventory we are still in a strong seller’s market. Home prices are high and 50 percent of homes are going under contract within two weeks. Buyers have more home choices than they’ve seen over the last few years. There are less homes with multiple offers, although those still do exist. And interest rates are low!
Planning to buy or sell a home in the Denver area contact Courtney Murphy. Courtney is a Denver metro Realtor and long time resident with experience in both resale and new built home sales.