We’ve all been eagerly awaiting the August market statistics. The numbers that reveal what’s happened in Denver real estate with the tax incentive pretty much stripped away.
While there are a few closings under the tax credits through the end of this month, most buyers have closed. The under contract numbers reflect buyers who are purchasing now and didn’t receive the credit.
So where are we?
For single family and condos combined our inventory is up 1.3% over July and up 14% over last year.
Under contracts are up over July by 4%! That’s very good news for Denver. However, under contracts are down 24% from last August. That will mean fewer closings this Fall from last.
Our average sales price stayed about even with last month and increased 7% from last year. Last year, high end home sales were dead, the high end has picked up and that’s reflected in the increased average price.
Denver’s closed volume has fallen over 21% from last August and 5.5% from July.
What will be impacting sales and prices in coming months is the days on market. The length of time it takes to sell a house is directly impacted by the amount of inventory coming on the market at any given time, and by how many buyers are out there looking at that inventory. With inventory up and days on market increasing, prices could be impacted. An increase of days on market by 12% is significant.
September and October are traditionally great real estate months in Denver. And right now, rates are breathtakingly low, homes are priced competitively and sellers want to sell.
Plus, looking at homes on a beautiful Fall day beats trekking through snowy walks and fumbling with frozen lockboxes. Get a gander at some beautiful homes at www.GretchenRosenberg.com.