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By Lindsey Canino at

Listing Shortage for Affordable Homes Means It’s a Scramble for Many Buyers! DENVER REAL ESTATE MARKET REPORT FOR June 2017

As Colorado real estate takes its steady step up into summer, buyers are feeling the heat. With increases in listings lagging and ballooning numbers of buyers, Colorado home costs are on the rise and Denver homes for sale are going quickly. Sellers, take heart knowing that your home equity is in the safe hands of a booming market. But buyers, be on your toes for a lightning-paced purchasing process.

 

Single family homes were on the market for less days than the same time last year and the average price of a detached home was $490,700 - that’s almost a 10% increase over May of last year! Active inventory is up as well, but not quite enough to keep up with demand. Our Live Love Wag team pointed out that, “inventory continues to be a concern, especially for those seeking properties in the lower price range.”

Although those looking to buy affordable Colorado homes face a competitive sellers’ market, there is one sector that remains buyer-friendly. The average sold price of condominiums is down from April at about $317,000. More importantly, days on the market (34 days) for condos has increased since last year! These condo stats may very well be this month’s silver lining for buyers.

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Both buyers and sellers can expect similar trends moving into June and July, as price increases are expected seasonally this time of year. “The arrival of summer brought healthy gains in the active and new listings as well as under contracts. The average days on market for all properties dropped to 29.” Thanks to our Live Love Wag agents, Alli Amen and Jen Brown, for the June Market Report video and for keeping our furry friends in mind throughout the home purchasing and selling process!

Source: Denver Metro Association of Realtors

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