We've decided to change the format of our update to be emailed on a quarterly basis- we hope this will allow us to create the most valuable real estate data to you, and that you will continue to enjoy reading it! We're also sad to announce that Conner Piretti is leaving the Coakley Sacerdoti team in order to pursue a focus on commercial real estate. He'll remain a part of Kentwood Real Estate, so we'll still get to see him around the office and may be around to help us from time to time!
Our Current Listings
The Denver Market in Review
Summer started off with a robust June. Vigorous activity was evident for both Buyers and Sellers in all price ranges and in a variety of neighborhoods. In July, the pace of the market slowed a bit. We attribute this "change in tides" to the fact that our inventory in the month of June was up by almost 24% from the previous month. This increased inventory allowed for less frenzy and fewer bidding wars than we have seen in previous months. The market continued this pattern in August and as you can see in the chart below, we saw an increase in inventory, but fewer total homes sold. With people traveling, families vacationing and the usual summer distractions, August showing statistics were down compared to last year's activity although our team was able to capitalize on this and allow for greater negotiation for our Buyers.
In the last week to ten days, there has been an uptick. We are once again experiencing an elevated number of showings and our supply of homes on the market has remained steady. This upward trend makes for a promising Fall season ahead. So whether you are a Buyer or Seller, you may be well positioned to buy and/or sell your home in the next few months.
As we move into the second half of the year, we continue to note the subtle changes in pace of the Denver Metropolitan Real Estate market and use that knowledge to help our clients achieve their best price. We've pulled some data and graphs from the Metrolist to demonstrate some of the features of this marketplace.
The images below break down the greater trends we've seen over the course of the last few years or few months that help explain the combination of factors contributing to our real estate market. The first image is the last 5 years of active, detached single family residential listings in the city of Denver. As we've noted in many of our newsletters, lack of inventory remains one of the key reasons why our marketplace is as fast-paced as it has been.
This image below reflects the Average Sale Price of detached single family residential homes in the city of Denver over the past 5 years.
This chart below shows the last 5 years of Months of Inventory for detached single family homes in the City of Denver. You can see how when we emerged from the recession, we had a many months of inventory (and thus longer days on the Market). Most real estate professionals will agree that 6 months of inventory reflects a balanced market that benefits Buyer and Seller equally. Below 6 months of inventory is when Real Estate professionals will begin speaking to a 'Seller's Market."
The final chart below is the Median Original List Price versus Median Sale Price Compare- i.e. how close Sellers get to the original price for which their home is marketed. July is the first month this year where the Median Sale price actually exceed the Median List price- an indication of the number of over-asking price offers and bidding wars have occurred this summer.