The Denver area market has improved considerably from a year ago, and with rates at their lowest in 50 years, there are still buyers off the fence and in the market. b The Denver area market has improved considerably from a year ago, and with rates at their lowest in 50 years, there are still buyers off the fence and in the market. The Dog Days of Summer may have arrived early. Denver real estate sales are cooling even while we turn up the temp on our AC.
Cooling is relative. The average price has increased by nearly 6% from last year and days on market are down by 18%. Houses are selling faster and for more money.
But with inventory increasing, and likely to continue to do so, home sales may bump along for awhile without a discernible spike in activity like we experienced a few months ago. The Denver Post article last week about the local market succinctly concluded that a cooling trend is evident.
Denver and Colorado have the benefit of an educated and stable work force. Unemployment is higher than we’d like it, but below the national rate. Consumer confidence is evident at the mall, the garden stores and the summer street festivals. We are a community of hardworking Colorado enthusiasts.
What the table above doesn’t illustrate is the micro level activity in specific neighborhoods and price ranges. Luxury home sales have increased, primarily due to large and realistic price-reductions and more favorable jumbo rates. Interestingly, we’re seeing more all-cash deals in every price point.
Lower and mid-priced homes held steady for the first half of the year, and drove a lot of the higher end sales too. Move up buyers have a terrific opportunity in this market.
This is the time to list or buy a house. Buyers have the benefit of the lowest rates in 50 years and the lowest home prices in decades. Sellers have the opportunity to take advantage of what’s left of the summer. Dog days or not, selling is hot.
Looking to buy or sell a home in Denver? Look no further than www.GretchenRosenberg.com for all of the information you’ll need.