What’s Going on with the Market?! – June
It is no surprise that the Denver real estate market continues to rally. As we enter into July, we usually see a typical seasonal shift in things. It’s summertime. People are traveling, enjoying the weather, and are out and about. As a result, we typically see a lower number of homes hit the market and fewer offers on each of those homes. Summertime can be the perfect time to re-enter or enter the buying pool!
But don’t let the season shift affect your buying mentality. It is still very much so a seller’s market in Denver. With nearly every price range sitting under a month of inventory (6 months = a balanced market), you still need to put on your competitive offer writing boots, and make sure they are laced tight!
For the first time, the Denver market saw the average single-family home price hit over $700,000 and attached hovering at $440,000. In addition, each segment, both attached and detached, saw positive new listing numbers!!! As I mentioned, this can be an excellent time to hit the home search!
What is most interesting this month is the days on the market. Days on the market are when the property hits the MLS when the buyer and seller have signed an offer. This past month we were sitting at only 8 days for single-family homes and 14 days for attached homes. As a buyer, you’ve got to have your ducks in a row. We are talking about 8 days from start to finish. You’ve got to have your local lender locked and loaded and prepared to rock through your contract deadlines!
As we navigate through the market, it’s interesting to look back on 2020 to see where we have come and what to expect. Between last May and this May, we saw over 5,000 fewer homes hit the market this year than last year. Thus the supply and demand are nowhere close to equal, resulting in the over-competitive nature of Denver.