Summer is officially here and residential active inventory kicked it off with a near 20% jump from May to June 2017. As supply went up, the number of sold homes decreased slightly over the previous month (-1.82%) but is holding steady (+.55%) over the same period last year.
Despite the spike in inventory, the market is still short about 10,000 listings when compared to the 1985-2016 combined average. As a result, average and median sold prices continue to climb slowly but steadily coming in at an increase of around 8% and 7% respectively over June 2016.
Single family home listings closed on average after 23 days on the market — four days faster than in May and three days ahead of the same period last year. However, condo sales are lagging a whole 10 days behind June 2016 at 36 days on the market and three days behind last month. Slow condo sales may be due to a 22.49% increase in inventory combined with an augmentation of over 14% in average sold price year-over-year.
A recent study by ApartmentList.com indicates that the majority of Denver millennials would like to buy a home within the next five years but cite affordability as their biggest roadblock. With high rent, student loan debt, and rising home prices, saving for a decent down payment is an uphill battle for young Denverites. As financial concerns force Denver’s largest generation to delay home ownership, the housing market will certainly feel the effects — how exactly this phenomenon will influence it is yet to be seen. If you’re a millennial looking to buy, we can help you find a starter home within your budget. Give us a call at 720-935-0412 or fill out our contact form.
Note: All data has been sourced from the July Denver Metro Real Estate Market Trends Report compiled by the Denver Metro Association of Realtors and includes 11 counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson, and Park.