Denver July Market Hits Seasonal Summer Slump

Dated: 08/05/2019

Views: 280

Image titleWhile 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!

Blog author image

Frank Visocky

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....

Latest Blog Posts

How You Can Help Your Community Through COVID19

With concerns about the Coronavirus heightening every day and information updating nearly constantly, droves of Coloradans are coming together to help their neighbors far and wide. It’s important

Read More

Denver Slips In Popularity Rankings For Commercial Real Estate Expansion

For years Denver has been considered one of the hottest markets in the country for real estate and expansions. However, at least among local commercial and real estate pros, it appears that trend

Read More

Top 4 Colorado Cities To Be A Home Seller

If you’re considering selling your home in Colorado, now might be a good time. But if you live in Denver, Arvada, Lakewood, or Aurora, it could be a great time. At least that’s according to

Read More

Im Relocating And Need To Sell My House In Denver Article your house fast with multiple offers to chose the right one and net the highest $ to you! Fast, flexible

Read More