JUNE 2018: JO MYERS BLOG - DENVER METRO REAL ESTATE MARKET

While the rumble among some real estate agents is that they felt a slight slowdown in the Denver metro market in June, the statistics tell a different story.  The 11 counties of the Denver Metro Area, including both single family homes and condos/townhomes, shows stats for June 2018 that offered no change in the number of days on market (still staying strong at only 19 days on market on average before being placed under contract); and the stats show that active inventory is up just a little more than 5% over June 2017. Also, it shows that the average sold price of a single family home in June was $539,934 (a 8.75% increase over June 2017) and for condos/townhomes it was $362,246 (a 9.19% increase since June 2017).

One of the surprises in the Denver Metro Area continues to be the Luxury Market (properties sold for $1 million or more).  The sales volume of luxury homes was up more than 31 percent (wowzer!) compared to this time last year!  There were 1,068 luxury homes sold by the end of June 2018.  Of those purchase transactions, more than 32% of them were CASH deals.  It will be very interesting to see if this pace keeps up for the remainder of the year in the luxury real estate market.

Not every neighborhood in the under $500,000 range is experiencing multiple offers and quick sales.  And when folks say they feel like there’s been more price reductions occurring on recent Listings, it may be due to the situation that Sellers continue to push the list price on their properties even higher that their Listing Agents recommend.  Those overpriced homes sit on the market typically for 2 or 3 weeks, then a price reduction is put into place, and more potential Home Buyers swing by for a Showing.  Most Home Buyers in this market are savvy…they’ve done their homework, are working with a reputable Lender, and ask for comparable sold property information before considering a full price offer on a new listing.  Thinking of buying or selling a property in the greater Denver area?  Please give me a call (Jo Myers: 303-868-8058) so I can provide you with current statistics and guide you to success in your real estate journey.