Whether you have kids going back to school or not, the school year shapes local real estate trends. Back to school edition of our market update.
Denver Metro home sales saw a slight decrease again in August from July compared to last year as the traditional summer months draw to a close. Year to date, sales are still up slightly, however, compared to this time last year.
We are seeing a steady flow of new inventory compared to last year but the amount of homes going under contract in August was up a whopping 16% from August 2018. We attribute that to more favorable interest rates and generally more overall vigor and activity in the marketplace.
If you owned your home this time last year you’ll be thrilled to know that home prices are up by 3%. What's important to know about that statistic, however, is that home prices have come down for the third straight month after hitting their peak in May.
That’s been typical for the past several years. Again, home prices have risen year over year for the past several years.
However, increases are never linear throughout the year and we see prices spike typically in the spring or early summer months as was the case this year.
We currently have 7 weeks of available inventory, unchanged from both last month and last year at this time for the second consecutive month.
The median amount of time a home spends on the market before garnering an offer is up by 5 days compared to last year so sellers are having to be more patient. The upside is that buyers have more breathing room to evaluate each house without rushing.
If you’re watching these videos, you’re staying current with all the latest local market trends..so you know it’s a great time to take advantage of favorable market conditions for both buyers AND sellers.
As always, we know everyone’s situation is unique.
Please give us a call to discuss how the real estate market impacts you. We’d love to hear from you!