The Denver housing market continued its expected seasonal cooling off leading up to Labor Day, the unofficial end of summer.
The average sold price for detached single family (DSF) decreased from the previous month by 1.9 percent but increased 6.7 percent from a year ago while prices for ASF held steady compared to July and rose 10.4 percent compared to August of last year;
For both DSF and ASF, inventory went down and days on market (DOM) held steady compared to the previous month; and
The percentage of homes selling in seven days was down by 4.8 percent compared to the previous month.
So is the bubble bursting? The data still supports “no” as the answer to that question. The market typically retracts between August and October, and compared to August 2007 – the last peak in home prices before the recession – the current market is different for a number of reasons including:
Low inventory: Today, there are nearly 79 percent fewer active listings than there were in 2007;
Speed of the market: The average days on market is down 75 percent and flash sales – homes under contract in seven days or less – are up dramatically across all price points; and
More cash transactions: Across all price points, the percentage of cash transactions is up 50 percent or more.
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.
Based on information from REColorado®, Inc. provided by Land Title for the period of August 1, 2017, through August 31, 2017, for Adams, Arapahoe, Broomfield, Denver, Douglas, Elbert and Jefferson Counties. Note: This representation is based in whole or in part on content supplied by REColorado®, Inc. REColorado®, Inc. does not guarantee nor is in any way responsible for its accuracy. Content maintained by REColorado®, Inc. may not reflect all real estate activity in the market.