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As buyer activity slows, prices drop and inventory hits a three-year high, the market shows signs of leveling out.
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Both average and median prices have dropped from June. With inventory at a three-year high, the climate is perfect for slowing activity and price reductions as fewer and fewer homes are considered affordable.
"As we head into August, many REALTORS® and sellers alike are starting to feel those mid-summer blues," said Steve Danyliw, Chairman of the DMAR Market Trends Committee and Metro Denver REALTOR®. "Is this normal seasonality, or a sign of a real cooling trend? It's not time to panic, but this market is showing signs of cooling, and REALTORS® need to manage seller's expectations as market conditions change."
Danyliw assesses that the decrease in buyer activity and higher inventory may be attributed to the historic increases in Denver home prices.
He adds, "Can a cooling market be considered positive? To most sellers, no, but honestly, they have experienced unprecedented equity growth over the past several years. It's time to share the love and keep home buying an option in the Denver Metro area."
Active listings in the residential market (single-family and condos) were at 7,643 total units in July, up 3.96 percent year-over-year. This increase is being driven by the condo segment of the market. The number of sold listings decreased by 15.65 percent, compared to the previous month and 8.54 percent from last July. Year to date, there have been 32,879 sold homes - down 2.16 percent from 2017. The condo market saw a small uptick in average days on market, increasing to 18 days compared to 17 last July. The most active price segment for the single-family market in June was the $300,000 to $399,999, and $200,000 to $299,999 for condos.
Months of inventory increased to 1.59 months for single-family homes, compared to 1.43 months last month and increased to 1.33 months for condos, compared to 1.21 months last month. As we look at the single-family home market, the average sold price decreased 1.48 percent month-over-month to $529,124, while the median price also decreased 0.33 percent to $450,000. The year-to-date average sold price stands at $526,313 for the single-family home market, up 9.68 percent from last year, with the median sold price at $446,003 and up 8.78 percent. The condo market continues to outperform single-family, with the average sold price of $352,734, representing a 11.95 percent increase over 2017. The median price of condos sold also increased by 13.21 percent to $300,000.
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Whether you're selling your home, purchasing your first home, or you're a homeowner who's planning to stay put for a while, there is value in knowing which home renovations will net you the most return on investment (ROI).
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Some of Our Current Red Door Group Listings!
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| $520,000 |
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Beautiful and like brand-new McKinley floorplan, built by Wonderland Homes! This home is perfect for low-maintenance living, located right in the heart of Broomfield. Gorgeous features and upgrades including the gourmet kitchen package, leathered granite, stainless Maytag appliances, and subway tile glass back splash. Living here, you will love the cozy fireplace with eye-catching surround and shelving, the covered front porch that faces the pretty courtyard, and the private back patio. Many more upgrades! Great amenities- close to everything! Unbeatable location near public / private school options, Orchard Town Center, hospitals, dining, golf, and easy commutes to Boulder and close access to I25. Walk to King Soopers, Starbucks, and restaurants. Enjoy the beautiful parks, community pool, new bike park, and McKay Lake! This home is truly a perfect Colorado retreat!
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$665,000 |
If you know someone who is looking for a golf community, a low-maintenance home, and/or a gorgeous upgraded home with main floor master. Wonderful 2 story home in Serenity Ridge! Location - Location - Location!!! This home is perfectly situated on an oversized corner homesite, on a cul de sac, and backs to open space. This home has a great floor plan with 4 bedrooms upstairs, a great room, gourmet kitchen, study, and an unfinished full basement. This residence also boasts some extra great features like the 3 car garage with 8 foot tall doors, a cozy gas fireplace, and granite countertops. Living in Serenity Ridge, you will love how close you are to Southlands Mall, numerous restaurants, shopping, schools, and close access to E470 and DIA.
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