Saturday, November 27, 2021

Denver Real Estate Market Update July 2021!

Denver Real Estate Market Update July 2021!

Michael Kozlowski #1 Individual RE/MAX Agent in the State of Colorado!

Selling homes from $30,000-$105,000 Over Asking Price in 2021! Don't Miss Your Opportunity Call or Text Today! 303-949-2755

The Real Estate Market continues on a steady pace of low Inventory and strong demand, however it is feeling like our early predictions of a more balanced market by August may be coming true!  The Market definitely showed some signs of the brakes getting tapped a little in June as Showings per day decreased, Listings coming back on the Market increased and the number of Price Reductions saw a steady increase. 

  • The biggest factor that we finally saw was our Active Listing Inventory at 3,122 the end of June which is up 50.46% over the previous month. That was the first time we have been over 3,000 for many months!
  • The Average Price of a Single Family Home was at $728,385 in June, with Condos/Townhomes holding an Average Price of $440,066! Wow is an understatement!  These prices surely don’t feel like a market shift at all, but we will probably start to feel those soften during the second half of the year!
  • The Mid Year Report shows what an amazing first half of the year we have experienced, with New Listings just 1.99% less than the first six months last year.  The market Closed 29,835 Residential properties in the first half of 2021, compared to 25,847 in the first half of 2020.  That is a 15.4% increase
  • The Luxury Market is the biggest reason for Average Prices increasing so much in 2021!  The Luxury Market above $1M Closed on 2,500 homes the first six months of 2021, while the first six months of 2020 only Closed 1,050! 
    • That is a whopping 138% Increase in the number of Luxury Homes Closed, while the Volume for Luxury Homes Closed for the first half of the year is almost $4Billion vs only $1.5B in 2020!  

Now is definitely the time to focus on pricing homes correctly as we may not see as many multiple offers, we may see longer days on the market, and not as many offers as we saw the past few months! 

  • Active Inventory increased to 3,122 detached and attached residential homes, which is up 50.46% over the previous month but still 51.09% lower than this time last year! 
  • Pending home sales in June were flat and actually down 8.53% from last year! 
  • Closed homes in June were 9.29% higher than last month but .88% lower than last year!

There is no better time to list your home and take advantage of an unprecedented Seller’s Market! With interest rates near all-time lows there are opportunities for Buyers as well with the right strategies!

The Market is moving differently in certain parts of town, but much of the Buyer demand has been moving in the suburbs, Douglas County, the Foothills and the Luxury Market!  Low Interest rates continue to help drive the demand! 

Please let me know if you have any questions or would like any more specific information, feel free to forward our market update to everyone you know and spread the word that real estate is open for business!

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