June showed that Denver's Real Estate Market is still very strong. Although Home Sales were down by 8% vs. June 2018, homes continue to appreciate with most showing a 2% gain year over year. More inventory came on the market increase the weeks of inventory from 5 to 7 weeks allowing more choices for Buyers.
Fewer Home Sales, More Inventory
Over 7,500 new homes were listed for sale in the Denver Metro Area this past June. The new inventor raised levels above 9,000 at months end.
The increased inventory is welcome relief to Buyers who found it difficult to find a home. Homes are spending a little longer on the market, however they continue to sell quickly, spending an average of 32 days and a median of only 9 days on the market.
Understanding Housing Market Trends
Homes priced between $300-$500,000 continue to be the most in demand. Nearly 50% of all the new listings and homes sold were within this range. Not all segments of the market are experiencing the same rate of sale. The Luxury market including homes above $600,000 are moving at a much slower pace. Longer days on market, concessions and price reductions are common.
