It happens every Summer in the Denver real estate market. Home sales melt when temperatures soar in June. This year was no exception as the number of Denver home sales dropped in June by 8% from May and the same amount from the previous June sales.
Pundits have a variety of interpretations of this data. Some say this is the beginning of the end of veracious real estate market in Denver. Others say it’s just the normal seasonal swings. Everyone seems to agree that somewhat slower sales and more homes staying on the market longer is actually a healthy sign for a market which has been on fire for the last several years.
However, this year, Denver Mortgage interest rates are falling. At his time last year, the were beginning to rise. So, July sales could end up matching or beating last year’s home sales.
More Denver Homes On The Market
While the number of homes for sale in the Denver real estate market remained essentially the same from May, inventory of resale homes increased 15% over last year. This is giving buyers more choices. That a welcome relief for home buyers who have starved for inventory.
And, sales prices are generally about the same as they were a year ago. That does vary by Denver neighborhood. In addition, more outlying Denver suburbs seem to have old prices that are just a little softer than a year ago.
Days on Market and % of Asking Prices
These statistics show a slightly slowing real estate market. But, these numbers reveal that the market is not “soft” by any means. For example, homes that sell do so in less than 20 days on average. Sure, that’s more than than this market has been running. But, an average market days on market runs about 45-70 days.
Sold homes now are selling within 1% of asking price. Granted, last year at this time that number was slightly above 100%. But, that hardly counts as a “slowdown”.
All and all, this market has been remarkably resilient. More people move into the Denver metro are every month than move out.