July 2019 Home Sale Market Statistics

Dated: 07/10/2019

Views: 65

This year is Being referred to as the "Goldilocks year'' in Denver real estate: not too hot, not too cold. We are halfway through 2019 and things feel different than they have in the past few years. In some price points and areas, the market is still very strong for sellers. In others, buyers are gaining the advantage. Why? Continued low rates and more choices. We ended the first half of the year with the most active listings (9,520), we've had since October of 2013 when there were 9.734.  That's up 28.03 percent year to date from 2018.
More choices for buyers means sellers have had to make price adjustments to be competitive. Sellers with homes priced between $1,500,000 and $1,750,000 have been taking the biggest cut with a 91.20 percent sale-to-original-price ratio for detached homes and 94.9 percent for attached homes. The overall close-­price-to-list-price ratio year to date was 99.41 percent. Sellers were getting, on average, more than the asking price at this point in the past four years. 
Homes have been staying on the market longer before going under contract this year. The median days on market is up 66.67 percent from six days at this point last year to 10 so far in 2019. The average days on market is up 25 percent year to date compared to last year, from 24 to 30 days. Meanwhile, days on market for all price ranges indicates a seller's market except over $1 million where it's an equal market between buyers and sellers with 5.16 percent months of inventory for single-family. For attached homes, the inven­tory is up the most in the $750,000 to $999,999 price range at 5.59 percent. 
As basic economic principles would lead us to believe. prices should be down, right? The average sold price did dip 0.54 percent from May's $502,518 to $499,807 at the end of June, but it crept up 1.64 percent year to date. 
I've heard listing agents struggling with pricing now that the market is evening out and buyers want to put in low-ball offers only to find out there are other buyers who are willing to come in at asking price or even higher. The market isn't what it was, but it's still strong and looks like it will continue to remain that way. With interest rates staying low and inventory going up, it is really a perfect time to buy. Prices may be high, but are leveling off so it's still a great time to sell, too. In my opinion this market is just right for everyone. 
~Jill Schafer, Chair of the DMAR Market Trends Committee and Denver real estate agent
DMAR Market Trends, July 2019
2019 Copyright All rights reserved to Denver Metro Association of REALTORS 
 

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