Ready to Make Your Move?Market Insights
The market isn’t quite what it’s been in the last couple years, but it is still very strong. Home prices are historically high, but interest rates are still low and there’s much more for buyers to choose from. More choice and low rates makes it a great time to buy. It’s also a very good time to sell. In most parts of town, it’s still a seller’s market, but homes that aren’t prepared well and those not priced for the market are taking longer to sell.
Homes that Sold
5,234 homes sold in the metro area last month, down 14.31% over the prior month and 14.34% since June 2018. As I write this, the average rate for a 30-year fixed rate mortgage is 4.23%, with actual offered rates ranging from 3.13% to 7.92%. It’s easier for buyers to find new construction homes in the Front Range now. REALTORs® and their clients can access new construction listings through the local MLS.
Pricing
Homes in Metro Denver sold for an average price of $499,807 and a median price of $428,000 in June. Single-family homes averaged $547,461, down .82% compared to May and up 1.57% over 2018. The
median price was $465,500 for single-family homes and $310,000 for condos. Single-family homes took an average of 23 days to sell while condos spent 27 days on the market on average.
Inventory
9,520 homes were for sale in Metro Denver, an increase of 7.07% over the prior month and 28.03% over the prior year. Historically, the average number of homes for sale in June has been 16,577. The record high was June 2006, when there were 31,900 active listings. The record low was June 2015, with 6,197 listings. Historically, the number of listings rises from May until June 5.22%. The rise this year was 7.07%.
June numbers based on data from the Denver Metro Association of REALTORS®