Inventory Jumps as Market Enters Retraction Phase
Your July 2018 Metro Denver Market Update from LaDawn Sperling, Realtor
The Denver housing market held steady during June with prices for both detached single family (DSF) and attached single family (ASF) homes slightly increasing compared to May. Other vital statistics for the month include:
· Total inventory increased 17 percent compared to the previous month;
· Days on market remained low, holding steady at 19 days for DSF and increasing to 17 days for ASF; and
· Around 54 percent of DSF and 59 percent of ASF homes were under contract in 7 days or less.
Signs – such as extended time on market, reduced showing and price reductions – indicate that the market may be entering the retraction phase a bit earlier than previous years. While 59 percent of homes sold in June were at or above asking price, this is down from around 70 percent the previous month and 68 percent a year ago. In addition, more than 50 percent of homes on the market for 15 days or more are electing to make a price reduction, and this percentage is expected to rise as we head into late summer/early fall.
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This update is based on information from REColorado®, Inc. provided by Land Title for the period of June 1, 2018, through June 30, 2018, 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.