The Denver area real estate market is still going strong even after seeing a 2.75% decrease in housing prices from July 2017 to August 2017. Home prices in the area have still increased over 8 percent from August 2016.
While the market is still turning over quickly, the Denver area is on it’s way to becoming a more normal market as opposed to the low inventory market that’s been hard for buyers but great for sellers. Chairman of the Denver Metro Association of Realtors Steve Danyliw says “I still feel positive about this market even though we are transitioning towards something that looks more normal.”
While the number of home sales dropped in August 2017 from July 2017 by 5.795 no one expects the number of sales to completely drop off anytime soon. Denver has been discovered for the great city it is and big companies are taking notice. Vertafore, Xero, and DaVita are still looking to relocate their headquarters to Denver, bringing with them employees who need housing.
The best news of the current market update is for buyers. Traditionally, the Denver area experiences price decreases and a slowing market as we approach winter, which makes conditions better for buyers. This continues to prove true, especially as we see one of the largest price month-over-month price drops of the past several years.
If you have been waiting out the market for an opportunity to buy, this is it. Competition is lower and prices have dropped, take advantage while you can.
Here are the nitty-gritty numbers for the Denver area market as of August 2017:
Number of New Listings – 1,482 in August 2017, down from 1,718 in August 2016.
Number of Sales – 1,344 in August 2017, up from 1,371 in August 2016.
Average List Price – $508,614 in August 2017, up from $461,430 in August 2016.
Average Sale Price – $451,918 in August 2017, up from $426,010 in August 2016.
Average Days on Market – 46 in August 2017, up from 34 in August 2016.
Total Months of Inventory – 2 in August 2017, equal to 2 in August 2016.
Data from REColorado.com for the time frame of August 1, 2016 to August 31, 2017.