A Market Update – June 2021
Ok, let’s talk about the Denver real estate market this month! It has been a busy springtime in the metro area. As we continue to see a massive demand for inventory, we can’t get enough new homes to satisfy the need.
We saw more than a 20% decline in new inventory in both single-family and attached homes the past month. Pinching what is already a tight market is making the home buying process challenging for many. Across the board, in almost all price points, we see multiple offers, well over asking, unlimited apprisal gaps, and limited inspection verbiage.
Due to such high demand and boatloads of activity on every property, home buyers have to submit a handful of offers before snagging a property.
And let me tell you, buyer fatigue is a real thing. When you spend every weekend looking at home and writing offers, it can feel overwhelming. But don’t let the fatigue dampen your spirits! Springtime is ALWAYS the busiest part of the year for the Denver metro market. We always see the most amount of homes under contract and sold for the year. For the first time ever, the average home price is over $700,000.
A trick to beat the rush is to look at properties that have been sitting for a week plus. With more time on the market, there could be some opportunity, fewer offers, and some flexibility to work with!
As we approach summertime, everyone is crossing their fingers and toes that we start to see more inventory, less demand, and some leveling to the market!