Looking for a single-family home? Good luck, the latest trends report from the Denver Metro Association of Realtors says that inventory is down almost 5 percent from this time last year.
On the other hand, if you’re looking for a condo, there was over 10 percent more active listings than last July.
Would-be condo owners shouldn’t get too excited though. Median sold prices for condos rose 3.9 percentage points faster than median single-family home prices when comparing this July and last July.
Plus, these figures are part of a bigger picture, and that picture still depicts a Denver real estate market that’s not affordable for everyone. In July, the median condo sold price was $275,000. The median single-family home sold price was $420,000.
Steve Danyliw, chairman of the DMAR Market Trends committee, says there are some signs that the market could be cooling in the future though.
The number of residential sales dropped almost 20 percent from June, which is “significantly higher” than the normal seasonal decrease of five percent. And roughly 15 percent fewer homes were placed under contract in July, as compared to June. DMAR says a decrease of 6.2 percent from June to July is considered normal.
But real estate markets do not turn on a dime, and the yearly figures still suggest the metro real estate market strong.
“While the decrease in sold listings may raise some concerns, those concerns can be mitigated as year-to-date sales are still up 4.69 percent compared to 2016,” Danyliw said in a DMAR release.