Moving toward a more balanced market
After years of a supply-demand imbalance, the Denver real estate market has begun to see more supply of homes for sale hit the market.
The number of single-family Denver homes for sale at the end June, 4,684, represented a leap of 120.0 percent from a year ago and a jump of 65.6 percent from the end of May!
Source: June Denver Metro Association of Realtors Market Report
Months of inventory — the time it would take to sell all the homes on the market at the current sales pace — came in at 1.1 months in June, up from the 0.3 months of inventory back in February. This signals to buyers an opportunity to have some negotiating power in the transaction.
Prices jumped, too, with the average close price of Denver single-family homes coming in at $810,415 in June, up 11.5 percent from a year ago, and 0.8 percent from May.
Want help navigating on the changing Denver neighborhood real estate market? Email me at kharris@milehimodern.com
What does this mean for you?
Buyers have more negotiating power than they have had in the last several months. So if you’re looking to buy in Denver, the balance is shifting more in your favor than it has in the last several years.
To find success, sellers have to price their homes correctly, to attract showings and offers. In some cases, this means pricing a home slightly below recent comps. Pay attention to pending sales when pricing. The pending sales may be under contract below list price. Knowing under-contract prices is powerful knowledge when pricing this July and August 2022.