The Denver real estate market remains a true buyers market. Fervor is supported by Julyâ€™s housing inventory of 25,673 homes which dropped from 26,104 listings the prior month, according to numbers recently released by Metrolist, Inc.
The drop in inventory is affirmed by the 5.74% increase in homes sales during the month of July as compared to 2.87% a year ago. Residential property benefited the most with a sales increase of 7.98% in July over June and 6.54% as compared to the same month last year. Denver area condominiums and townhomes took it on the chin though with a dip of -2.91% and -10.36% respectively.
The average days on market has continually dropped during the course of the year with an YTD average of 104 days.
Last month we observed a slight uptick to 98 as compared to 97 in June. Next months results will determine if weâ€™re to continue the overall declining trend of days on market or take a turn to the upside.
Unfortunately, while sales increased, the average sales price took a turn for the worse with an overall dip of -9.36% as compared to the same month last year. Residential listings lost -1.06% in sales price last month and decreased a whopping -10.18% as compared to the same month last year. However, condos and townhomes really took a blow with a reduction of average sales price of -10.98% in July compared to -12.14% the same time last year.
Some of the dip in home sales prices might be explained by the purchase of Denver foreclosure properties by first time home buyers and investors.
Buyers have much to choose from and are being selective.
However, while selection is abundant, there are many buyers in the market place so when a property comes around that is priced right and shows reasonably well the home can sell quickly.
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