August Market Report - Metro Denver
Last Month's Key Statistics
for Denver's Real estate Market
Attached & Detached Single Family Homes
The average sales price of $699,915 in July declined 5.6% from last month and declined 1% from last year.
Quick Stats:
- The average number of active listings for July is 15,379 (1985-2024).
- The record-high for July was set in 2006 with 31,989 listings while the record-low was set in 2021 with 4,056 listings.
- Historically, active listings increase by an average of 5.6 percent from June to July. However, this July saw a slight decrease of 0.1 percent, suggesting the seasonal peak in inventory may already be behind us.
Hi Everyone! Hope you all are enjoying your summer here in Denver. The temperatures are hot, but the market could best be described as lukewarm: neither hot, nor cold. This is evidenced by relatively flat prices year-over-year.
However, as mentioned before, there are many sub-markets within the broader Denver Metroplex. Some price points, locations, and property types are performing well, while others are struggling. As a whole, the good and bad are balancing out at the moment. It might feel like a buyer's market to some, but I believe that's simply because we're no longer a seller's market -we're more of neutral market overall.
The biggest news so far in August is that interest rates have reached 10-month lows. The average 30 year fixed-rate mortgage is in the mid-6s while most buyers today could find rates in the low-6s. This will become even better news for buyers if the rates can hold or continue their multi-week downward trend. If they keep going down and reach the 5s, then I anticipate an increase in demand which will in turn keep prices holding strong or send them higher.
As always, please reach out for data for your specific needs!
