Buyers feel relief with price improvements and an abundance of listings.
In July, for the entire residential market (single family and condos), there were decreases in nearly every category, including new listings, homes sold, average and median sold prices and overall sales volume. The only category showing an increase was active listings, up 9.89 percent compared to the month prior.
œWho needs a national political convention for entertainment when we get to experience the Denver Metro real estate market? said Anthony Rael, Chairman of the DMAR Market Trends Committee and Denver real estate agent. œJuly was an interesting month overall as so many seasonal factors converged, pushing nearly every statistical category into the red zone.He adds, œThe one and only category that showed an increase at month's end was active listings. As mortgage rates continue to be ridiculously low, it's a good time to get buyers in the car and go shopping because there is an abundance of listings to quench the thirst of those who were beginning to grow weary over the past few months.
It is important to note, however, that although overall inventory is up month-over-month, this was the lowest July on record for active listings, down slightly (0.03 percent) from the previous record set in July of last year. The record high average active listings for the month of July, and also the all-time record high, was set in 2006 with a whopping 31,989 listings.
By the numbers month over month, for the entire residential market, 6,814 new listings came on the market (down 10.52 percent), 5,436 homes were placed under contract (down 2.70 percent), and 5,016 homes sold and closed (down 10.79 percent). July closed out with 7,468 active listings, representing a 9.89 percent increase in inventory over the previous month. Average and median sold home prices both slowed down from the previous month, with appreciation slipping 1.88 percent to $412,312 and 3.01 percent to $354,000 respectively. Days on market closed the month at 25.
For the single-family home market, new listings dropped to 4,988 (down 12.61 percent) over the previous month. Average and median sold prices slipped month over month with decreases of 0.87 percent to $460,623 and 1.34 percent to $389,900 respectively. Year over year, single-family home prices are still up an average of 12 percent.The condo market showed the supply of new listings fall by 4.25 percent over the previous month to 1,826 units. The average and median sold prices decreased 2.32 percent to $285,531 and 2.80 percent to $243,000 respectively. Average sold prices for condos are still doing very well with appreciation of 12.02 percent year-over-year. Across the board, total sales volume was $12.4 billion year to date (up 5.70 percent compared to 2015).
Information according to the Denver Metro Association of Realtors.
Wondering how this information might impact your Denver area home search or your home's value?
#form-buyers#
Socials