All data taken from ReColorado, on July 12, 2019. Denver, Colorado.
How Does 2019 Denver Real Estate Compare to Denver Real Estate in 2018?
Eight County Denver Metro Area Current Trends through June 2019
- Average Price of a Single Family Home Year over Year in June 2019 recorded an increase of price of 2.5% at $480,050. Prices are leveling off as inventory rises and fewer buyers are entering the market.
- Inventory for June 2019 for both Detached Housing and Attached Housing is at 9,344 compared to June of 2018 at 6,274 or an increase of 48.9% year over year. This means the pace of sale will start to slow down as buyer have more choices.
- The number of homes attached and detached that were Under Contract in June of 2018 was 7,476 and in June 2019 decreased to 7,196. This represents a significant decrease in the number of properties placed under contract. This is the future pipeline of closings to occur. Since this is a trend that is decreasing, the market will continue to show a slowing number of closings and although we do not see prices dropping, we also do not see prices rising very much.
- We are on a pace to sell approximately 54,500 homes and condo’s in Denver for 2019. With 7569 total homes and condo’s on the market that is a 1.68 month supply of homes for the 8 county metro area. A 6 month supply would suggest an equal number of buyers and sellers.
- Days on the Market to Sell a Home increased 26.15 year over year. More choices, with fewer buyers will have properties take longer to sell.
- Know the trends of the neighborhood you are considering. Each neighborhood has its own unique characteristics. Know the Data before buying.
- How Long will you live in your Next Home? This is an important question in a growing inventory marketplace. If you plan on living in the home 5 years, you want to make sure there is still an upside of value and tax savings for you. If you are considering a shorter term in your home, consider an adjustable rate fixed for 5 years. If you plan on staying longer consider a 15 years amortized loan.
- We are approaching a market where you, as buyers, will be able to include some terms as part of your purchase. Terms far outweigh price in most cases.
- Be positioned as the best conditioned home. You will get top dollar this way.
- • As you will have more competition, now is the time to really know where to price your home. The best way to continue to attract buyers is by choosing a price position below other sales from the last 90 days. This will cause you to be in a high demand situation vs. sitting on the market with a price that may be too high in the eyes of the buyers.
- It’s July, make your exterior sparkle and trim the trees with our very wet spring season causing everything to grow beyond normal limits.
How to Navigate a Changing Real Estate Market!
Depending upon whether you are buying or selling, you need to know how your price range is reacting to the new market trends and what your odds are in specific periods of marketing or buying times.
Here’s a Month Supply Chart and the Odds of Selling a Home. These facts can tell buyers how to make offers and tell sellers how to price their home. Remember improving your odds of competing for homes or selling your home is the most important aspect of navigating in a changing real estate market. Talk to your Denver 100 Real Estate Broker for strategies and ideas to best navigate today’s Denver real estate market.