Are Things Slowing Down In The Denver Market

Dated: 06/17/2015

Views: 405

The rumor is that Denver has seen a slight lull in activity for the month of May.   During the spring holidays like mothers day, graduations, father days and

Memorial day, Denver typically experiences lower number of units going under contract while life happens.  It would be a wise time for buyers to get out and
take advantage of this lull.
While we are seeing a slight increase in inventory of 6720 units (detached and attached) on the market for May 75% of them were gone by the end of the
month and 65% of them were under contract in 7 days or less.     Here are some high lights for May 2015:
New records were set for days on market and prices:
     The  average price for single family homes is $419,465 and for attached homes $261,886


Considering since January 2009 the lowest price for single family homes was $230,878 and attached $138,239 the Denver market value has doubled since the lowest point in the recession in 2009
Days on Market is historically low
-  20 for single family and 13 for attached homes.
There were 6082 properties that went under contract in May.   To create a balanced market Denver would need 36,492 units to offset the demand.
        

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LaDawn Westbrook

With more than a decade of experience, LaDawn enjoys educating first time home buyers, working with the 55+ community, relocation clients, sellers who want to downsize, step up purchase or anything in....

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