The greater Denver Metro housing market continued to show signs of being healthy and sustainable in June due to a more plentiful supply of homes, as well as continued low-interest rates.
As compared to last June, there are more new listings of homes for sale and homes are staying on the market a bit longer. Year over year, the number of new listings was 1% higher in June and homes were on the market for an average of 32 days. The average sold price of a home was $501,550 in June, down slightly from last month and up 2% year over year. What do these trends mean from home buyers and sellers?
Fewer Home Sales, More Inventory
Over 7,500 new homes were listed for sale in the greater Denver Metro Area in June, keeping inventory levels above the 9,000 mark at month’s end.
This higher level of inventory is giving buyers a bit more room to navigate the market. Although homes are spending a bit more time on the market, they continue to sell quickly, spending an average of 32 days and a median of 9 days on the market.
Understanding Housing Market Trends
Homes in the $300-500,000 price range continue to be the most in-demand. Nearly half of all new listings and homes sold fell in this range. However, not all segments of the market are experiencing the same conditions.
Headlines like Denver is Now a Buyer’s Market—at least for Luxury Condos illustrate the challenge of looking at overall market trends only. For many buyers and sellers, it is more helpful to look at the specific market that would impact your neighborhood or home search.
For a detailed housing market report as it pertains to you, talk to your local REALTOR®. Your real estate agent can review specific trends within your neighborhood or an area where you’d like to buy a home. They can help you review detailed statistics and understand what they mean for your situation. This advice can be very important for strategically pricing your home for sale and setting up saved searches to find a home.