August 2019 Metro Denver Market Update
Price Reductions on the Rise
The Denver housing market continued its gradual cooling off with prices holding steady compared to the previous month, fewer homes being sold, and slight increases in price reductions and the average days on market.
July’s vital statistics for all homes – detached single family (DSF) and attached single family (ASF) combined – include:
· The average price was down 0.2 percent from the previous month but up 4.3 percent from a year ago;
· Active listings declined 1.7 percent compared to the previous month but rose more than 22 percent from this time last year; and
· The average days on market increased 4.2 percent from the prior month and 19.1 percent from a year ago.
Although inventory is still well below the six months needed for a balanced market, price drops are on the rise. In 2018, around 3 percent of the Denver-metro zip codes had a median price decrease while 2019 has seen it grow to 22 percent of zip codes. As a result, sellers are having to adjust their approach to pricing and buyers have more leverage in negotiations.
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 July 1, 2019, through July 31, 2019, for the following counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park.