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Front Range Real Estate Market Update, 7/22/2021

We saw another significant rise in new listings this week – up 8.9% compared to last week. This gives buyers more homes to choose from, which is welcome news. Offers must still be competitive and homes that are priced well and show well are still selling quickly with multiple offers. Homes that are a little bit more rough around the edges or that may be priced too high are taking longer to sell and aren’t receiving as many competitive offers. If you’re a buyer willing to look past some clutter or who doesn’t mind taking on some weekend fix-up projects, you may find it easier to get into a home now than it has been in the past few months.

If you’re thinking of selling soon and wondering how best to prepare your home, call us. We can help. Some renovations pay off more than others. If you’re pressed for time or need to budget carefully, you don’t want to put your efforts into areas that won’t pay off. (HINT: Upgrade worn-out surfaces, finishes, and materials.)

Around the country, the median sales price of an existing home rose 23.4% from June 2020 to $363,300 in June 2021, the second highest pace on record since 1999. Properties typically sold in 17 days, with an average of nearly 5 offers on homes that sold. In our area, properties sold even quicker – at an average of just 10 days. The 30-year fixed mortgage rate fell again to 2.88%. The National Association of REALTOR’s chief economist, Lawrence Yun, expects the 30-year fixed mortgage rate to move towards 3.5% by the end of 2021.Cash buyers still make up a very large part of all purchases nationwide – 23%. Sellers prefer buyers who offer higher down payments. Among buyers who got a mortgage, the number who made a down payment of 20% or lower has been trending down, to 49% in June 2021 (59% one year ago), according to NAR’s REALTORS® Confidence Index Report.

Metro Denver Real Estate Market Activity

[one-half-first]During the last week:
New Listings – 1657
Back On Market – 268
Price Increase – 184
Price Decrease – 754
Pending – 2106
Withdrawn – 139
Closed – 1867
Expired – 157

[/one-half-first][one-half]Previous Week:
New Listings – 1521
Back On Market – 267
Price Increase – 174
Price Decrease – 659
Pending – 2052
Withdrawn – 137
Closed – 1697
Expired – 115

Based on data from REColorado®[/one-half][clear-line]

Trends in Metro Denver

Real Estate News

Sales of existing homes rise slightly as more listings finally hit the market

Homebuilders urge Congress to address inventory crisis

Millennials Lead Charge to Revamp Aging Housing Stock