Saturday, November 27, 2021

Denver Real Estate Market Update June 2021!

Denver Real Estate Market Update May 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

I thought you might like the latest market update to review, see attached Denver Real Estate Market Stats and update below.

  • Active Inventory held on at 2,075 detached and attached residential homes, which is 71% lower than this time last year! 
  • Pending home sales in May were at a strong 6,719 which is 3% higher than last year! 
  • Closed homes in May were at 5,322 which is 49% higher than last year! (* for the Pandemic and Quarantine influence last year). 

2021 has had an unprecedented rate of Appreciation, with the Average Closed Price of a Single Family Home in May at $700,559!  A whopping 29% higher than May 2020! 

  • The average Closed Attached home was at $449,317, which is a whopping 22% higher than May 2020! 

The question asked every day is when will this cycle end???

Now for some observations on a possible perfect demographic storm that is happening right before our eyes!  This cycle or basic Inventory Shortage may go on for some time still, and we mean 2-3 years!

  • We have Baby Boomers,  (the 2nd largest demographic in America) who are aging by the day and needing a different style of house and now passing some of their wealth to their children. 
  • We have our Millennial Generation, (the largest demographic in American History) now entering their prime house buying years, well educated, starting families and ready to buy a house. 
  • Finally, we have a decade from 2010 to 2020 where our Builders only built about 25% of the normal new homes, and trying to play catch up which will take many years, maybe decades! 

This Demand Surplus may go on into 2023 or 2024! The hope for just 5,000-6,000 homes on the market could feel like a balanced market again, and we may see that later this year, but it is probably temporary! 

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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