The August Denver Metro Real Estate Market Update and market final figures for July shows listings DOWN 35.8% (8,474) from July 2019. This lack of homes for sale (inventory of homes) is creating bidding wars again.
Buyers put 10,155 homes Under Contract – a 22.8% increase from July 2019. So last month buyers put more homes (10,155) Under Contract than we had in inventory at the end of the month (8,474). WOW!
The Average Sold Price increased last month – $529,773 in July compared to $498,735 in June. If buyer demand stays steady and number of homes for sale stays low, prices will continue to increase because of the #1 rule in economics of supply and demand.
In July 8,784 homes were sold/closed. The absorption rate has dropped again – if no other home came on the market it would take approximately 28 days to absorb/sell all the homes currently on the market (8,474). Anything under 6 months absorption rate is a sellers’ market, so we’re still in a very strong sellers’ market with less than a month of inventory.
That means it’s a very, very good time for sellers to sell but a buyer may experience bidding wars.
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??