The latest housing market statistics report from REcolorado shows continued seasonal cooling. Throughout August, prices fell, fewer homes sold, and there was a decrease in the number of homes being listed. But even though sellers may get a little less for their home now than a few months ago, inventory is still tight. That means competition for Colorado home buyers isn’t going away anytime soon.
Seasonal Cooling is Expected
If you’re at all familiar with a typical year in the real estate market, you know the selling season heats up in late winter and early spring, continues that momentum through the summer, and then cools when the back-to-school season hits. This year, the average home sale price peaked and reached a record high in June 2017 at $448,467. In August, that price fell to $428,174. Still, that’s eight percent higher than this time last year so the Denver metro market continues to be a desirable place to live.
Fewer Homes for Sale Means More Competition Among Buyers
Inventory remains tight across the metro market which means more competition for buyers. In August 4,920 homes sold, and half of those homes were in the $300,000 to $500,000 price range.
August 2017 Housing Market Report
For more information on Denver Metro real estate trends, view the REcolorado Market Watch Infographic for August 2017.
Even though the market is showing signs of seasonal cooling, Colorado home buyers should still be prepared when it comes to finding a home in a fast-paced market. Selling a home? Consider these tips for selling your home in a fast-paced market.