Where is the Denver real estate market headed?
We’re asked this on a daily basis, and with the frenetic pace of the news reports, it’s sometimes a moving target. What I can tell you is that in my office, we’re processing more under contract files in the $300,000 to $800,000 range these days. Last year, it seemed like the high end properties were sustaining us. This year, the mid-range properties are selling best. Perhaps the jumbo loan rates has slowed down the high end market a bit, perhaps some people are electing to stay in their homes and remodel them.
That’s not to say high end isn’t selling at all, just that the more mid-range homes are the properties that are getting multiple offers and are moving more quickly.
In-town residences are still selling more strongly than suburban homes – In the medium and entry prices.
If you’re interested in finding out the walkability of any address just go to the Walk Score web site and enter an address. Central Denver residences are more walkable, and the price of oil will undoubtedly continue to influence the home buying decision.
The Metrolist market stats are out for June and you can see that we’ve shaken out a lot of the inventory we were carrying last year with actively marketed properties dropping 13.72%. With prices adjusting downward, numbers of pending sales are improving.
The number of closed properties increased from May, but decreased from this time last year. I’m betting the decrease year-over-year is due to a lesser amount of inventory. With the rising number of pending sales, we’ll likely see that number go back up next month.