I obtain the market statistics from Metrolist, Denver’s MLS system. They publish monthly statistics based on their data of properties that are entered into the Denver MLS, and provide their statistics to help brokers and consumers understand the market.
In July, Denver’s market saw a bit of a pop over previous months – as you can see by the reduction in number of homes on the market. This could be a typical seasonal increase in activity, but I think that it’s combined with increased positive feelings about the state of Denver’s market.
We’re seeing many more visitors to our open houses and days on the market hasn’t increased by much lately. In fact, in the price range from $300,000 to about $800,000, homes seem to be selling rather quickly. Actual sales of single family homes and condos are up 2.87% over last year and are up 5.74% over June, another positive marker for Denver real estate.
Prices have come down year-over-year, bringing some buyers off the fence. If sales stay consistent through the winter, we’ll be through the bottom and stabilizing for the future.
Sellers – it’s very important to remember than when you’re getting ready for the market and pricing your home you want to move to the front of the line.
What does that mean? Move to the front of the line? It means that unless you’re competitively priced and the home is in show home condition you are only providing rationale for buyers to buy the house down the block. If you’re not at the front of the line – the next house to be purchased – you aren’t going to sell any time soon.
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