You’ve most likely heard the rule: Save for a 20-percent down payment before you buy a home. The logic behind saving 20 percent is solid, as it shows that you have the financial discipline and
Denver July Market Hits Seasonal Summer Slump
While July’s weather heated up in metro Denver, home buying and selling activity did not. That’s according to a recent report from the Denver Metro Association of Realtors (DMAR), who said home and condo sales in metro Denver fell 6.2 percent between June and July, and sales were down 2.5 percent year-over-year.
Other highlights from the monthly update include:
Sales between June and July typically drop 5 percent, and this year’s decline was close to that.
Last summer, sales dropped 15.6 percent in July, a severe reversal that stretched into the fall and winter.
Sellers listed 4,695 single-family homes for sale in July compared to 5,463 the month before.
Condo listings dropped to 1,937 in July from 2,150 the month before.
That contributed to a 1.7 percent decline in the number of active listings in July compared to June, the first month-over-month drop in six months. Active listings in metro Denver rise an average of 3.5 percent between those two months.
Condo listings spent an average of 28 days on the market in July, compared to only 18 days a year earlier.
Single-family listings spent an average of 24 days on the market, compared to 22 days.
The median price of a home sold in July was $469,912, an increase of 4.4 percent from a year earlier. The median price of a condo sold was $312,000, an increase of 4 percent.
In the report, Jill Schafer, chairwoman of the DMAR Market Trends Committee and a Denver real estate agent, noted that sellers are facing more challenges as they put their homes up for sale. Price cuts are more frequent and buyers are demanding more concessions.
If you’re on the hunt for a house in Denver, this could be an excellent time to start shopping. Contact Metrowest today – we’d love to show you around!
I have been in the mortgage industry for over 30+ years and have managed all aspects of the process from being an account executive who managed large origination clients to being a Senior Level Manage....
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