June 2019 Metro Denver Market Update
Home Inventory Reaches Highest Level Since 2013
The number of homes that went under contract in May was up more than 10 percent compared to May of 2018, but new listings were up more than 12 percent, pushing the number of active listings to the highest point since November 2013.
Vital statistics for all homes – detached single family (DSF) and attached single family (ASF) combined – in May include:
· The average price was up 2.1 percent from the previous month and 3.4 percent from a year ago;
· Active listings jumped 26.8 percent compared to the previous month and more than 38 percent from this time last year; and
· The average days on market declined 14.3 percent from the prior month but increased 26.3 percent from a year ago.
The increased inventory is giving buyers more options and more opportunities to negotiate. The close-to-list price ratio has dropped below 100 percent, and the average days to sell is up over the previous year. The good news for sellers is that prices continue to rise and those who price right and are patient are still likely to sell for asking price. The Denver Metro area also continues to attract new residents, with U.S. News & World Report recently naming Denver as the second best place to live in the U.S.
If you need any advice or assistance navigating our real estate market, contact me today at 303.710.5817 or firstname.lastname@example.org. I am never too busy for your referrals.
This update is based on information provided by the Denver Metro Association of Realtors® for the period of May 1, 2019, through May 31, 2019, for the following counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park.