August Denver Housing Market Update

Overview

• The market in the Denver metro area has been slow.
• Average close price decreased slightly in July.
• Data is primarily from the Seven County Denver Metro area.
• July closings were for properties under contract in June.

Pricing Trends

• Average Close Price:
  • Decreased by $12K in July, typical seasonal trend.
  • Average: Just over $700,000 for residential properties.
  • Median: Approximately $600,000, remained flat.
• Price per Square Foot:
  • Expected to decrease as market slows and seasonality takes effect.
  • Useful for investors looking for deals in the second half of the year.

Market Activity

• The pace of the market is the slowest since fall of 2013.
• Months of Supply:
  • Currently about three months, indicative of a more balanced market.
  • Historically, six months was considered balanced, but faster information access now shifts this to 3-4 months.
• Closed Listings:
  • Only over 3,300 residential properties closed in July.
  • This is the lowest number of closed listings since 2010.

Market Balance

• The market feels balanced for both sellers and buyers.
• Close-to-list price ratios are decreasing.
• Days on Market:
  • Average: 29 days.
  • Median: 15 days.
  • Buyers have more leverage as the market slows.

Showings and Pending Listings

• Takes approximately 12-15 showings to get an offer.
• Showings per listing are about five a month, indicating slow market activity.

Conclusion

• The market is currently balanced, with leverage on both sides.
• Important for buyers and sellers to understand market trends for making informed decisions.
• Real estate consultations are offered to align strategies with market conditions.

Additional Resources

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• Appointment link available for personal consultations.