Monthly Market Update

Every month we post the past month in real estate. It will give you a solid idea of where the market was last month and you can track month to month trends to see where the market is headed.

September Update

TBD

August Update

Denver Metro home sales saw a slight decrease in August. Throughout the month, 5,540 homes sold, down 6% from last month and down 2% from this time last year. The number of sold homes year to date is 39,556, just slightly higher than last year at this time. In August, contracts were put in place on 5,838 homes, up 16% from last year and up 3% from last month. Home prices saw a slight decrease for the third consecutive month, down 3% from the summer peak of $502,460. 

In August, the average sold price for a home was $487,205, down 2% month over month, but 3% higher than this time last year. In August, single-family detached homes sold for an average price of $535,156, up 3% year over year. The price of condos/townhomes was up 8% from August 2018, at an average of $372,081. Throughout the month, the market saw 6,753 new listings of homes for sale, up 2% compared to last month, but 1% more than last year. 

Year to date, new listings are up 6% compared to last year at this time. The count of active listings of homes for sale at the end of August was 9,511, 14% higher than last year and 1% higher than the end of last month. We currently have 7 weeks of inventory, unchanged from both last month and last year at this time. In August, homes spent an average of 39 days on the market, 5 days longer than this time last year, and 7 days longer than last month.

On average, single-family detached homes were on the market 34 days, while condos/townhomes were on the market 51 days. The median amount of time a home spent on the market in August was 16 days, 5 days more than this time last year. In August, the $400-500,000 price range contained 20% of the Denver Metro region’s active listings, more than any other price range. Throughout the month, 1,513 new listings were brought to the market in this range, 10% more than last year. August sales in the $400-500,000 increased 5% compared to a year ago, with 1,296 homes sold. The $300-400,000 price range saw the highest number of August sales, at 1,484; however, sales in this range were down 10% from last year as home prices continue their climb.

July Update

Denver Metro home sales saw a slight decrease in July. Throughout the month,5,752 homes sold, down just slightly from last month, but 4% higher than this time last year. Year to date, sales are up slightly, as compared to this time last year.

In July, contracts were put in place on 5,931 homes, up 9% from last year and 2.5% lower than last month.

Home prices saw a slight decrease for the second consecutive month. In July, the average sold price for a home was $496,120, down 1% month over month and 4% higher than this time last year.

In July, single-family detached homes sold for an average price of $548,524, up 4% year over year. The price of condos/townhomes was also up 4% from July 2018, at an average of $361,882.

Throughout the month, the market saw 6,642 new listings of homes for sale, down 12% compared to last month, but 3% more than last year. Year to date, new listings are up 6% compared to last year at this time.

The count of active listings of homes for sale at the end of July was 9,416, 17% higher than last year and 2% higher than the end of last month.

We currently have 7 weeks of inventory, unchanged from both last month and last year at this time.

In July, homes spent an average of 32 days on the market, 3 days longer than this time last year, and 1 day less than last month. On average, single-family detached homes were on the market 27 days, while condos/townhomes were on the market 46 days.

The median amount of time a home spent on the market in July was 12 days, 4 days more than this time last year.

In July, the $300-500,000 price ranges continued to see the most activity. These ranges contained 49% of the new listings that came on the market and 37% of all active listings at month end. In July, 50% of all homes sold were priced between $300 and 500,000. Homes in these ranges are in high demand, spending an average of only 25 days on the market and a median of just 10 days on the market.

June Update

The greater Denver Metro housing market continued to show signs of being healthy and sustainable in June due to a more plentiful supply of homes, as well as continued low-interest rates. As compared to last June, there are more new listings of homes for sale and homes are staying on the market a bit longer. 

Year over year, the number of new listings was 1% higher in June and homes were on the market for an average of 32 days. The average sold price of a home was $501,550 in June, down slightly from last month and up 2% year over year. What do these trends mean from home buyers and sellers?  Fewer Home Sales, More Inventory Over 7,500 new homes were listed for sale in the greater Denver Metro Area in June, keeping inventory levels above the 9,000 mark at month’s end.   

This higher level of inventory is giving buyers a bit more room to navigate the market. Although homes are spending a bit more time on the market, they continue to sell quickly, spending an average of 32 days and a median of 9 days on the market.  Understanding Housing Market Trends Homes in the $300-500,000 price range continue to be the most in-demand. Nearly half of all new listings and homes sold fell in this range. However, not all segments of the market are experiencing the same conditions. Headlines like Denver is Now a Buyer’s Market—at least for Luxury Condos illustrate the challenge of looking at overall market trends only. For many buyers and sellers, it is more helpful to look at the specific market that would impact your neighborhood or home search. 

For a detailed housing market report as it pertains to you, talk to your local REALTOR®. Your real estate agent can review specific trends within your neighborhood or an area where you’d like to buy a home. They can help you review detailed statistics and understand what they mean for your situation. This advice can be very important for strategically pricing your home for sale and setting up saved searches to find a home.

May Update

All arrows point up in the latest Market Watch report from REcolorado. During May 2019, the Denver Metro Area saw a surge of new listings and home sales. Seeing Green Sellers continued to bring new listings to the market in May, bringing inventory levels up. May ended with 6 weeks of inventory. Nearly 9,000 new listings came on the market, 17% more than last month. Increased inventory also encouraged home buyers. Sales of single-family homes increased 17% compared to last month, with 6,000 homes sold during May. 

Homes also spent a little longer on the market, with an average of 38 days on market. However, with a median of only 8 days on the market, many homes continue to sell very quickly. Good for Both Buyers and Sellers The housing market is in an interesting position, showing trends that benefit buyers (like more inventory and more days on market) and sellers (higher prices and home sales). If you’re in the market to buy or sell a home, what should you think about these trends? 

First, talk with your local REALTOR®. An experienced real estate agent can help you interpret housing market trends and understand how they might impact your experience buying or selling a home. While this report looks at trends across the Denver Metro Area, individual neighborhoods might show a different climate. Ask your REALTOR to provide local market statistics specific to the neighborhood where you live or neighborhoods where you might like to buy a home.

April Update

The latest housing market statistics from REcolorado show all major market indicators are up compared to this time last year. Welcome to buying and selling season. Record Home Sales Although up just slightly from last year at only 0.2%, more homes sold this April than we’ve seen in any other April in more than a decade. The 5,044 homes sold also represent a significant increase from last month, 12% more than March 2019. 

All market indicators in REcolorado’s Market Watch Report are up year over year, including home sales, new listings, active listings, and sold prices. Take a closer look at these housing market statistics in our detailed market watch report. What Buyers Need to Know Both weeks of inventory and days on market are also up from last year, suggesting that the housing market isn’t quite as tight as it was last year. But don’t relax yet – homes are still selling in a median of only 8 days on the market. This is especially true in high-demand price ranges. Homes listed at $300-500,000 saw the most activity. Lower priced homes typically spend fewer days on the market. If you’re looking to buy a home this year, start working with an experienced REALTOR® as soon as possible. Your real estate agent can help you interpret these trends and understand what to expect based on your specific conditions. 

What Sellers Need to Know Sellers brought more new listings to the market during April – 20% more than last month. Home buying and selling season is well underway in Denver. If you’re considering putting your home on the market this year, talk with your real estate agent. They can help you look at market trends specific to your neighborhood and comparable homes so you can make a strategic decision about when to list your home for sale.

March Update

The Denver Metro area saw a 27% month-over-month increase of home sales in March, signaling that the home buying and selling season is underway! Housing Market Trends in Denver Home prices continue their steady climb up, though with less dramatic year-over-year rises. 

Average sold prices were up across the board, both month over month and year over year, for both condos/townhomes and detached single-family homes. Despite fewer home sales compared to this time last year, more home went under contract with a 6% year-over-year increase. 

On average, homes spent 48 days on the market with a median of only 11 days. For more detail, see the detailed Housing Market Statistics Report on REcolorado.com. Competition for Many Homebuyers The $300-500,000 price range continues to be the most competitive, with fewest days on market and most activity. Nearly half of all new listings (45%) and sales (51%) fall in this price range. Because many first-time homeowners fall into this price range, it is even more important to work with an experienced local real estate agent. 

Your REALTOR® can set up searches to find your dream home as soon as it hits the market. Then, they’ll assist you throughout the home buying process – from making a competitive offer all the way to the closing table – to make real estate simple.

February Update

The Denver Area saw another welcome boost in inventory this February, with a significant influx of new homes for sale coming on the market. This also signaled that the 2019 buying and selling season is ramping up. Are you ready? 

Denver Housing Market by the Numbers Home sales and average sold price remained relatively unchanged compared to this time last year. Home sales fell only 1% while the average sold price increased by 1%. Meanwhile, the number of homes under contract increased by 10% compared to February 2018. New listings saw a 9% increase year over year, which led to a lift in inventory compared to the same period last year. Homes continue to sell quickly, spending 5 days fewer on the market year over year. Key Takeaway: New Listings At more than 5,000 new homes for sale, the Denver Metro Area saw a five-year high for new listings in the month of February. New listings are up compared to both last year (9%) and last month (6%). Buyers had more homes to choose from in February. They showed their gratitude by putting more homes under contract, too. The number of new homes for sale also buoyed weeks inventory compared to this time last year. 

However, the month ended with less inventory than last month, at seven weeks of inventory. Buying and Selling Season Has Arrived The housing market across the Denver Metro Area is ramping up for the buying and selling season. Are you ready? Buyers need to be ready for the fast speed of Colorado’s housing market. Even with more inventory, homes are still selling quickly. 

Keep up by working with a REALTOR® who knows your local market and can help you make a competitive offer when you find a home you love. Sellers too should work with a professional real estate agent. Understanding the market conditions can help make strategic decisions about when to list your home for sale, asking price, and more.

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