July’s Denver Area Real Estate Market final figures shows 19% more homes for sale (13,334) this July vs July of 2018. Encouraging news for buyers – more homes to choose from and less buyers competing with you.
The Average Sold Price is down slightly from last month – from $489,258 to $482,526. The Average Days on the Market is about the same as the last two months – right at 26-27 days.
The absorption rate is higher than it’s been in quite a few years – if no other homes came on the market it would take close to 2 months to absorb/sell all the homes currently on the market (13,334). For quite awhile we were down to less than a month absorption rate.
Our market is moving towards a more balanced market.
As has been the case for the last 2 years, we still do not have enough homes in the lower price range – under $400,000. Those buyers in that price range will most likely have to get a condo/townhome, buy a fixer upper single family home or go further away from the city. The recent drop in interest rates does give some help to those in that price range. Interest rates dropped to below 4%. We expected them to go up to 5% by the end of last year, but the experts aren’t always right.
That’s what was happening in the July’s Denver Area Real Estate Market.
Whenever you are ready, here’s some ways that I can help with your real estate goals:
1) Free Access to search the Denver MLS for all homes currently on the market: Denver Home Finder Service Property Search
2) Join me for a home tour – Home tours are Monday thru Saturday at 2:00 pm or 6:00 pm – choose your tour here
3) Request a specific search that sends all the homes that meet your parameters as soon as they come on the market – that way you can beat others to the best homes. Send me an email with “specific search” in the subject line and your wish list – Price range, school district, style, minimum number of bedrooms, etc. – [email protected]
4) Receive a Home Loan Report –There are so many different loan programs. Do you need 20% down payment to purchase a home? Are there special programs for first time home buyers? What does CHFA mean? What’s the difference between a FHA loan and a Conventional loan? Send me an email – – [email protected] with “Home Loan Report” in subject field and I’ll send it right over.
Also….check these out??