Barry Kunselman | 303.887.0588 | Contact Barry
Fall is coming to the Denver Metro housing market! The latest data shows that compared to July, prices are down and time on market is up, indicating an opportunity for buyers. With higher inventory levels, buyers have more choices. Meanwhile, home prices continue to increase, but at a slower rate.
For buyers who are concerned with the possibility of a future recession, they should still purchase but make a financially responsible decision-not buying at the top of the market and consider purchasing resale in lieu of new construction which tends to be hit hardest in a recession.
Denver continues to maintain a “slightly less-good seller’s market.” While the market is not what it was in 2017 or 2018, it’s still historically very favorable for sellers.
Highlights for August 2019
• Inventory went down from July to August by -1.6% with a total of 5,793 homes for sale. Contracts accepted were also down MOM by -3.1% with 3,765 units placed under contract.
• Days on market were up to 29 average days to contract, or 14 median days to contract. Both metrics continue to report at a similar pace as previous years in this cycle. (2013-2018)
• Home prices usually peak annually in either May or June, this year the peak was in May and prices began to pull back starting in June and continuing in July and August. The average sold price reported $524,089 which is a decline by -3.0% from the previous month, and up 2.2% YOY. Median sold price was also down -2.6 from July, but up 3.6% over the same month last year to $452,750.
• Close to list price ratio steady in August at 99.2%. Original to Sold price ratio down from the last month to 97.6%. Both metrics are likely to decline through the end of the year giving buyers more negotiating power in the back half of 2019.
• Flash sales, or units under contract in the first weekend, slowed in August. The number of units under contract in 7 days or less was 36.6%.
• 41.2% of homes closed in August sold for at or over their asking price.
PorchLight Real Estate Group has statistics by neighborhood for the Denver area. We can show you the rate of appreciation, median home price, number of sales, as well as other indicators to illustrate what the market has done in these neighborhoods.
Need stats for a specific Denver neighborhood? I'd be happy to compile the neighborhoods you're interested in learning about and email the numbers to you. Accompanying the statistics for each specific neighborhood is a detailed description of the area so you can see if that neighborhood sounds right for you.
If you like numbers and think this would be good information for you, let me know which neighborhoods you'd like and I'll gladly send them to you right away.
It's my job to help you and all of my clients make smart housing decisions. The stats are a phenomenal indicator of the market, but they're just the start. I'm happy to share my expertise to tell you the stories behind the numbers.
If you need to discuss the numbers above please don't hesitate to call/text 303.887.0588 or email me at email@example.com!
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