DMAR Real Estate Market Trends Report | AUG. '14
August Real Estate Market Update shows encouraging rise in the number of new homes placed on the market last month. According to this report, July activity shows an increase in the number of new listings for single-family homes and condos, of 6% and 9% respectively, compared to prior month.
With the month of July bringing relief to year-long inventory shortages in the metro-Denver real estate market, according to Rael, “There is a feeling among DMAR membership that prices will begin to stabilize in the market as inventory gradual increases.”
With first-time homebuyers coming back into the market across the Denver metro area, competition in the market remains tight.
“Buyers should be patient and resist unnecessarily bidding prices up too high out of the gate,” says Anthony Rael, Chairman of the Market Trends Committee for Denver Metro Association of REALTORS®. “Depending on their motivation, sellers may want to strike while the iron is still hot in order to maximize their equity position.”
Multiple offers, coupled with reports of metro-area home values hitting all-time highs month after month, cause many prospective sellers to hesitate listing their home, citing uncertainty in the fact that they will easily find a property to buy in return.
According to Rael, however, the Denver market is still strong and the strategy for both buyers and sellers to successfully navigate the market is simple:
“Sellers need to note that homes that are priced right and show well, sell quickly (sometimes even within days). Also, buyers should be reminded that they should be patient with, quite possibly, the biggest transaction of their life. It’s high time to feel inspired by the potential that Denver holds, as one of the fastest growing cities and economies in the country.”
DMAR’s Market Trends Report by the numbers show the inventory of available homes for sale is 8,297 homes at July month end, 6,542 homes came onto the market, 5,111 homes were placed under contract, and 5,478 homes closed at a median sold price of $284,000 and an average sold price of $336,141, resulting in a closed dollar volume of $1.8 billion.
