Denver Real Estate Activity Picks Back Up
After months of heading in a cooling direction, the Denver real estate market has somewhat surprisingly picked back up in the fall.
I’ve seen some listings with 60 showings on a weekend, something that hasn’t happened in months. I’m seeing buyers motivated to get transactions done now because of uncertainty of what may be coming before the end of the year.
The Denver metro real estate data backs these observations up.
The 6,033 pending single-family home Denver metro sales in August jumped 16.4 percent from July, according to Denver Metro Association of Realtors data. While closed single-family home sales were down 6.5 percent from July, they were only down 31.0 percent from last August, near the height of Denver’s real estate frenzy.
The average closed price for single-family homes in August was $744,589, 8.1 percent above last August, but down 4.4 percent from July. Some of that drop from the previous month has to do with fewer sales in the luxury market, which saw a 12.8 percent decrease from July to August.
This means that Denver sellers still have the opportunity to take advantage of buyers actively looking for homes. While the cooling market requires sellers to price their homes carefully, the uptick in activity shows that sellers still benefit from demand.
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