Greater Denver Metro Counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson, and Park.
Summer saw strong buyer activity continue to push the market to record-breaking limits, July cooled off only slightly to welcome in the long July 4th holiday weekend.
Last month the number of homes closed was 17% fewer than what we saw last year at this time. However, last July recorded more homes sold than any other July on market. Compared to June 2020, the number of homes closed was down 7%.
What does this mean if you are a buyer?
Although we are still undoubtably in a seller’s market, as we start another school year and welcome the transition to fall, buyers may be able to take a moment to review properties without worrying that they will sell right from under them at record pace. But don’t wait too long! Strong demand is keeping prices high and inventory low. July saw homes spend an average of nine days in the MLS, one day fewer than last month.
What does this mean if you are a seller?
There are still plenty of buyers who are looking to buy a home as many had to battle the stiff competition seen in the earlier summer months. Although the number of listings in Pending status was down 5% from last month competition remains strong, especially for homes in the $300-600,000 price range.
Home prices continue to see double-digit increases for both single-family homes and multi-family/condo/townhomes. Single-family residences sold for an average of $697,397, an increase of 22% from this time last year.
As the market continues to change reach out to your local real estate agent to perform a comparative market analysis (CMA) so you can possess an accurate view of your home’s value. Or use the online calculators on REcolorado.com to help you determine a range on how much your home is worth.