Things have changed since the first part of 2018! Then, sellers would get offers over the weekend and choose the best one on Monday. Now, sellers are finding they may have to adjust their asking price to get a good offer. (Well-priced homes are still selling quickly – we just got a great home under contract in 15 days.) Buyers are enjoying this more balanced market and their improved ability to negotiate.
Homes that Sold
Lower interest rates have given buyers more purchasing power, but fewer people bought homes this
August. 5,219 homes sold during the month. That’s down 10.91% over July, down 0.72% year-to-date and down 7.86% since 2018. The average home spent 30 days on the market, up 15.38% from July and up 30.43% from August 2018. Buyers with full loan approval are able to negotiate better prices & terms.
Homes are taking longer to sell, but sellers are getting more money than last year. Single-family homes sold for an average price of $537,024, a year-over-year increase of 2.84% and a 2.01% decrease over the prior month. The median price was $459,900. Condos sold for an average price of $373,782, up 3.64% from July and up 8.17% since last August. The average price for all types of homes was $488,918.
9,350 homes were for sale in Metro Denver, a decrease of .10% over July and a 13.64% rise over the prior year. The average number of active listings for August is 16,761, so we’re still seeing fewer homes for sale than we have historically. 2016 saw a record low number of listings with 7,327. Denver’s real estate market is becoming much more balanced and buyers are looking at more homes before making an offer.
August numbers based on data from the Denver Metro Association of REALTORS®