Even though a recent study determined that home affordability in Denver was the second-worst in the country, promising new data shows that buyers who expand into nine different suburbs outside the
Is The Denvers Hot Housing Market Showing Signs Of Cooling
According to the August Denver Metro Real Estate Market Trends Report, the red-hot housing market in the metro area is showing signs of cooling, which is a bit of positive news for would-be buyers.
The report, released last week by the Denver Metro Association of Realtors (DMAR), shows both average and median prices have dropped from June, and buyer activity has slowed amid higher inventory, which the report says may be attributed to the historic spikes in Denver home prices.
DMAR’s latest numbers show the median price for a home in metro Denver in July was $417,500, a 0.60 percent decrease from the previous month.
Denver REALTOR Chairman Steve Danyliw said that while some sellers may be disappointed in the change, overall they have experienced unprecedented equity growth over the past several years. “It’s time to share the love and keep home buying an option in the Denver Metro area,” he said.
Other report highlights include:
Active listings in the residential market (single-family and condos) were at 7,643 total units in July, up 3.96 percent year-over-year.
The number of sold listings decreased by 15.65 percent, compared to the previous month and 8.54 percent from last July.
The highest priced single family home sold in July was $4,036,670 representing six bedrooms, five bathrooms and 5,424 above ground square feet in Denver.
The back to school season typically sees a slowdown in home sales, and coupled with the slight cool off we’re seeing now makes it a great time to check out what Denver has to offer. If you’re ready to become a homeowner in the Mile High City, give Metrowest a shout – we’d love to show you around!
DAVE NELSON, 4-time 5280 Magazine 5 Star Real Estate Professional. Dave’s career in real estate has chronicled more than 15 years. Known as a true real estate professional, Dave is experienced i....
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According to the August Denver Metro Real Estate Market Trends Report, the red-hot housing market in the metro area is showing signs of cooling, which is a bit of positive news for would-be buyers
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