We've done some research online for the latest market trends in the Denver area. Lucky for us the Denver Metro Association of REALTORS releases a monthly report titled Denver Metro Real Estate Market Trends Report. We've decided to highlight some of their numbers in this post as well as a few Market Insights. Even though the sale and median sold price of homes has decreased over the last month, the market is still strong in our area!
The Denver Metro Association of REALTORS Market Trends Committee has released the July market transactions that encompass the 11 Counties that comprise the Denver Metro Area (Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson, and Park). The numbers we are sharing with you are for Residential Properties (Single Family and Condos) and those are as follows:
Active Inventory: 7,470 (20.54% Increase from the prior month)
Sold Homes: 5,484 (-9.67 decrease from the prior month)
Average Sold Price: $366,419 (-2.33% decrease from the prior month)
Median Sold Price: $314,900 (-3.11% decrease from the prior month)
Average Days on the Market 20 (13.04% decrease in time from the prior month which was an average of 23 days on the market)
We'd also like to highlight a few Market Insights by Denver Metro Association of REALTORS (for all of the insights please visit this link)
-7,494 homes were available for sale at the end of the month which is a 5% increase over the month prior.
-The large increase in rent pricing makes home buying more appealing, especially for those in the $200,00 to $300,000 price ranges.
-Price reductions are the result of inexperienced real estate agents and For Sale by Owner (FSBO). (We spoke about pricing your home in this blog article: “Selling your home, what you need to know”)
- Denver (1,264), Arapahoe (1,256) and Jefferson (1,041) counties are the top three counties for sold properties in July.
Despite the increase in inventory and the decrease in sold homes and median sale prices that was shared by the Denver Metro Association of Realtors, Trulia shares that during the May 15-Aug 15 time frame, the median sale price for homes in Denver was $320,000 which represents a 2.6% increase over the previous quarter.