June 2019 brings Denver more national recognition. Named the second-best location to live in the nation by U.S. News & World Report (following Austin,Texas), The Mile High City is still going strong. Denver's rapidly booming housing market streak appears to be slowing, but still maintains solid footing, further solidifying the area's popularity as a highly desirable place to call home.
U.S. News & World Report described Denver, Colorado as œan easygoing crowd of ambitious, progressive-minded fitness fanatics and nature lovers who are eager to push the envelope on everything from civil rights to drug laws. While recent drug legislation and civil rights progressions in Colorado have impressed the nation, our history of enlightened ambition isn't a recent development. In fact, Colorado was the first state to pass women's suffrage into law. And since then, we've continued to œblaze the reformation trail with marijuana legislation, equal marriage rights, and so much more. All this may be why unemployment rates continue to drop (as of June, 2019) and migration continues its net growth trajectory.
The Denver Housing Market, June 2019
All that said, the real estate market in Denver is following the country's overall move toward more balance between buyers and sellers, creating a softening effect on the housing economy:
- The number of homes for sale has increased by 38%, year over year, producing a housing market with more options for those looking to buy a home.
- May ended with almost 9,000 active listings - the highest inventory available since November of 2013.
- Homes are spending an average of 26% more time on the market than the same time last year - likely a product of the expanding inventory options.
- Denver's average price for a single family home landed at $555,482 by the end of May 2019, representing a 2.9% increase, year over year.
Denver's Spring Seller Advantage
While year-over-year numbers indicate a balancing market, month-over-month data displays a typical spring-induced seller advantage increase:
- With the number of sold homes up 8% since last month and days on market down by 14%, sellers are enjoying more interest in their listings than in prior months.
- Live Urban Real Estate is trending with Denver's spring market. The brokerage is experiencing record volume and sales. Our clients are taking the opportunity to finally buy that first-time or move-up dream home.
Despite the evident softening of Denver's real estate market for June 2019, we have solidified ourselves as a world-class city. Our economic success, political progressiveness, and sheer beauty will undoubtedly continue to act as the foundation for our healthy real estate market.
Thank you to Caren Colangelo,Live Urban Realtor, for starring in our June market stats video.
Recommended Reading
2019 Denver Real Estate Predictions
Market Stats By Denver Neighborhood
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