Buyers, and sellers for that matter, have been adjusting to high-interest rates as they navigated...
Record-Breaking June for Central Denver Real Estate Market
June was a landmark month for the central Denver real estate market, breaking three records and marking a significant moment in the past decade of home appreciation.
1. Record Inventory
Last month, we saw the highest number of homes on the market in the past 10 years, with 601 homes available. June typically has the most inventory, but this year's figure surpassed the previous high of 561 homes in June 2019. For context, the ten-year average is 437 homes, and the low was 234 homes in 2021.
2. Record Low Sales
In a surprising twist, fewer homes were sold last month than in any other June over the past decade. June usually sees the highest number of closings, but only 205 homes closed this year, compared to the second-lowest number of 225 homes sold in June 2023.
3. Record Stability
Despite the increased supply and decreased demand, home prices have remained stubbornly steady. For the eighth consecutive month, the rolling 12-month median price has held firm at exactly $900,000. This level of price consistency is unprecedented in central Denver's real estate history.
Looking Ahead
We anticipate that as the gap between supply and demand widens, prices will start to soften, especially as we approach the end of the selling season in the fall. Last month, 64 sellers withdrew their homes from the market, the highest June figure since 2014. While some sellers may have the luxury to wait, those who need to sell should consider pricing their homes competitively to attract more buyers and drive the highest return on their investment.
July Market Report >> CLICK HERE
July Buyer Tips
With the market moving more into a balance, buyers have more negotiating power. There are fewer properties selling for over asking price, and seller concessions are becoming the norm. The level of competition varies greatly by micro-neighborhood and price point, so if you've been thinking about buying your next home, request a buyer strategy session and we can dive into what it looks like in the areas that you are interested in.
July Seller Tips
Buyers today want less deferred maintenance and more updates. Sellers who make sure that their home's major systems like HVAC, roof, and water heaters are properly maintained and not past their lifespan will sell their homes quicker and for more money in today's market.
If you're in the market to buy/sell a home or know someone who is, let’s connect! I'm happy to share market resources, vendor referrals, or anything else that would be helpful in your journey.
Michelle Fitzgerald
Real Estate Broker, Realtor®
phone: 970.215.8455
email: michelle@michellesellsdenver.com
Instagram: https://www.instagram.com/michelle_sellsdenver/