Denver Housing Market Report July 2021: What's Going On With Denver Real Estate Market Today?
The latest Greater Denver real estate market report is OUT!
It is important to understand what is happening currently in the Greater Denver housing market and as well as why it is happening if you are thinking of buying a home in Colorado this 2021. Real estate market reports are only the beginning of the process of understanding the changes, opportunities, and challenges in the Greater Denver real estate market. My Colorado Move is here to dive deep into these numbers with you.
Greater Denver Housing Market Report
The June 2021 Greater Denver housing market showed an increase of 50.46% of overall month-end active inventory compared to May 2021 real estate statistics. This is the highest percentage of the active inventory month-over-month increase based on DMAR's records. The number of new homes for sale in Denver spiked up 23.89% compared to the previous month. Likewise, the number of homes sold in Denver also increased 9.29% compared to the previous month. With the extreme shortage of inventory, the prices are expected to keep rising in 2021. Denver and the entire metro area remain a hot seller’s real estate market in every price point of attached and detached properties.
There was an increase to 0.50 month of inventory in June that made more buyers get an opportunity to buy and close on a home. While this increase still technically remains historically low, this caused a slight shift from the previous month's 0.39 months of inventory. Normally, adjustments are made slowly whenever there is a shift, whether it is a seasonal or an unprecedented circumstance. The competition still remains incredibly high in the Denver housing market and it remains consistently skewed to property owners in almost all the price segments. Homebuyers in the Denver housing market are still paying thousands of dollars more than the asking price for homes for sale in Denver.
In June 2021 Denver housing market report, there were 2,137 single-family detached active homes at month-end on the market which showed a 59.96% increase compared to the previous month however showed a 47.65% decrease compared to last year. There were also 5,663 new homes listed on the market at month-end which showed a 21.94% increase compared to the previous month and a 10.05% increase compared to the previous year. 4,370 single-family detached homes were sold in June 2021 which also showed an 11.56% increase compared to the previous month however, it also showed a 4.16% decrease compared to the previous year. Detached single-family homes for sale in Denver are still being sold quickly with an average of only 8 days of being live on the market.
On another note, attached single-family homes in Denver also showed a 33.28% increase in active homes at month-end compared to the previous month, however, it showed a 57.19% decrease compared to the previous year. New listings at month-end showed the highest data this year so far with a 6.13% increase from the previous month and only a 4.25% decrease compared to the previous year. The number of sold attached single-family homes in Denver also showed the highest data for 2021 so far and also being sold the quickest it has ever been with an average of 14 days in the market.
Buying or Selling a Home in Colorado
If you are planning to sell your home in Colorado, now is the best time as you can still expect multiple offers. On the other hand, if you are planning to buy a home in Colorado, it can be challenging as there is a lot of competition. You deserve a real estate agent who has a proven strategy, a strong negotiator and backed with experience to help you be successful in today's challenging Denver real estate market. If you are looking for great homes for sale in Denver, we can help you.
Our goal is to help our clients understand how these changes impact them to be able to create a strategy to benefit from the current Denver housing market. It is still definitely a great time to sell and move up to buy in many Denver communities with today's historic low-interest rates.
To download or see a copy of the full report, click here.