The housing market in the Greater Denver Metro Area may be shifting. The latest data from REcolorado show both home sales and new listings were down compared to this time last year. Meanwhile, average sold prices for single family homes continues to rise.
Is the Housing Market Becoming More Favorable for Buyers?
5,824 homes sold in June this year, down 5% compared to this time last year and 1% compared to last month. On top of fewer home sales, fewer new listings of homes for sale came on the market in June. This could indicate that more Colorado homeowners are choosing to stay in their home, rather than sell it and buy a new one.
Average days on market also increased. In June, homes for sale were on the market for an average of 31 days, which is 3 days more than June of last year. However, half of all homes sold in June were on the market for one week or less. Especially in price ranges with high demand, $300,000-500,000, homes still sell very quickly. Single family homes also tend to sell faster than condos or townhomes, with an average of 24 days on the market compared to 51 days.
Should I Sell My Home?
Despite fewer new homes for sale coming on the market, June saw an increase in the number of homes under contract compared to last year. Homes in the $300,000-500,000 price range continued to see the most activity. Half of all sales and 49% of all new listings fell within this price range.
Average sold prices are still on the rise. In June, the average sold price for a detached single family home reached $538,642, which is 7% higher than last year. Prices of condos and townhomes are also up 9% from last year at $360,958. For more detailed statistics, view the REcolorado Detailed Market Watch Report for June 2018.
If you’re considering selling your home, the first thing you should do is talk with an experienced local REALTOR®. Real estate agents can provide you with detailed information about the housing market in your neighborhood. They can also help you estimate the value of your home. With insight and expertise, your REALTOR can help you weigh the pros and cons of selling your home.