The Denver housing market remained strong in May with low interest rates fueling buyer interest and low inventory keeping prices high. However, in what might be good sign for buyers, prices did not appreciate as much as previously projected and days on market (DOM) jumped up:
• The average sold price for detached single family (DSF) rose to $483,472 – a new record high – while the price for attached single family (ASF) slightly declined from the previous month to $314,265;
• Days on market (DOM) for DSF and ASF were up 63 percent and 58 percent, respectively, from the previous month and 29 percent and 3 percent, respectively, from a year ago; and
• The percentage of homes under contract in 7 days or less and selling at or above asking price remained steady compared to the previous month.
The data could signal a decline in activity from buyers who are frustrated by the competition and losing out on bidding wars. With the number of new listings typically hitting their peak in June, it is important for those buyers who are still motivated to take advantage of the slower holiday weekends and to schedule showings as soon as homes go on the market. While this is still a strong seller’s market, homes on the market for more than three weekends are experiencing average price reductions of between 5 to 6 percent, highlighting the importance for sellers to price the home right.
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 May 1, 2017, through May 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.