In the full heat of Colorado summer, the housing market in the Greater Denver Metro Area started to cool. Both home sales and new listings were down slightly compared to last month and last year.
Seasonal Slowing Means More Days on Market
While things start to slow down this time of year, the Denver housing market is still quite active. The majority (82%) of new listings that came on the market resulted in a sale. And homes are still selling quickly. Half of all homes sold in July were on the market for one week or less.
Overall, homes for sale spent an average of 29 days on the market in July, the same as last year but down from last month.
The amount of time a home spends on the market varies significantly by price range. As the listing price of a home for sale increases, so does the amount of time spent on the market typically. Still, half of the homes on the market in price ranges below $800,000 sold in under two weeks.
More Homes for Sale
July ended with the highest number of active listings of homes for sale we’ve seen in nearly four years. The number of active listings at the end of the month reached 8,060 homes for sale. That is more than 10% higher than June and 25% higher than this time last year.
You can find more housing market statistics and information in the detailed Market Watch Report for July 2018.
If you’re considering buying or selling a home for sale this year, talk with an experienced local real estate agent. Your REALTOR® can provide specific advice based on your situation, your home, and your neighborhood. They can even provide tailored market reports for specific Colorado cities and neighborhoods.