Highlights of the Denver metro real estate market update — August 2017 data
The Denver metro real estate market was quite hot the first 6 months of the year. July and August’s data shows the shift we expected toward a cooling market (relative to recent months, we’re still in a very tight inventory market). Here are some of the highlights from August’s data:
- Detached single family active units show signs of declining with 4,887 available homes for sale which is a drop of -4.4% over the previous month. Attached single family reported also decreased by -1.0% in active units down from July to August bringing the count to 1,627. Both markets together represent 6,514 units for sale.
- Average sold price showed seasonal decline in DSF at $476,510 as well as in ASF at $317,051.
- 5,365 homes were placed under contract. A balanced market with a 6 month supply of inventory would require 32,190 active units.
- Average days on market remain low heading into August with DSF at 22 days to contract and ASF 18.
- 5% of DSF and 53.4% of ASF homes were under contract in 7 days or less, which caused 60.3% of homes to sell for at or over their asking price.
- Source: Megan Aller, Land Title Guarantee Company
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There are a lot of details here. I would be happy to help you understand how they relate to your situation and your real estate goals. Just shoot me an email or give me a call.