Greater Denver Metro Counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson, and Park.
As another school year begins, real estate activity is showing an expected seasonal slowdown compared to the busy summer months for most homebuyers and sellers. Year-over-year comparisons also reflect decreases due to the fact that the housing market was very active in August 2020 as the economy recovered from the coronavirus pandemic.
August saw a decrease in the number of new listings with sellers adding 6,058 New Listings to the market, down 11% compared to last year at this time and 15% fewer than last month. However, homebuyers are still actively looking to submit offers. The count of listings in Pending status was 9% higher than last month.
What does this mean if you are a buyer?
Although fewer homes are hitting the market, you are not alone in continuing the search for your next home. Home owners who weren’t quite ready to list in the summer may list in the fall instead of waiting until next spring since demand is still strong. You can expect prices to continue to increase, but at slower rates. The Average Closed Price was $613,656 in August, a welcome 1% decrease from last month.
What does this mean if you are a seller?
You’ll find that some buyers put their homebuying needs on hold when summer ends, children go back to school, and the holiday season approaches. However, because inventory was limited this summer, many buyers will still be looking for homes in the fall. Average Closed Prices, although down from July, are 14% higher than last year at this time. If you’re thinking of selling, your home is sure to stand out because there are so few new listings. Talk with your real estate agent about whether now is a beneficial time to list your home.
Strong buyer activity has catapulted the count of Closed Listings to the highest year-to date level we have on record. Single-Family Residence prices are up 21% and Multi-Family/Condo/Townhome prices are up 14% from last year. You can thank this strong buyer activity for those double-digital increases!
Worried you missed the opportunity to list your home? Be sure to connect with your real estate agent. They can give you valuable local market insights and perform a comparative market analysis (CMA) which will give you an accurate view of the value of your home.