July 2019 Metro Denver Market Update
Market Still Strong But Continues to Cool Down
The Denver housing market typically reaches its peak around June, but this year, active inventory was up, the number of home sold was down and prices held steady compared to the previous month.
Vital statistics for all homes – detached single family (DSF) and attached single family (ASF) combined – in June include:
· The average price was down 0.5 percent from the previous month but up 1.6 percent from a year ago;
· Active listings rose 7.1 percent compared to the previous month and more than 28 percent from this time last year; and
· The average days on market declined 4.2 percent from the prior month but increased 21.1 percent from a year ago.
Overall, the higher inventory and low interest rates are providing buyers with a much more favorable market than the previous year. However, supply remains low and demand is high for homes in high walkability neighborhoods (such as those in Denver’s urban core), at a price point below $750,000, and with smaller but more open floor plans. These listings are still moving quickly and generating offers that are at or above listing price.
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 June 1, 2019, through June 30, 2019, for the following counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park.