June brought some relief to home buyers in the Denver Metro market as the number of new listings rose to 7,826 – the highest number launched in more than a year, according to the latest report from the Denver Metro Association of Realtors.
That number was 19% higher than the number of new entries in May and 3% higher than the largest month of new entries last year, July 2020, at 7,636, the association’s June report shows.
But the average closing prices continued to rise. In June, it rose to $ 643,645 for all single-family homes and condos, up 3.58% from May and 26.76% from June 2020.
The report also shows that sales volume has increased, with $ 3.9 billion worth of homes sold in June, up 13.2% from May and 25.65% year-over-year.
The number of new entries pushed inventory levels up from May – but it remains historically low for a market the size of Denver.
June inventory was 3,122, 50% more than May but more than 51% less than June 2020. The association reported that this was the largest month-on-month increase in inventory it has ever seen.
“Big percentage changes happen when the market starts with the low inventory that Denver recently saw,” said Andrew Abrams, association chairman and chairman of the DMAR Market Trends Committee, in a statement.
“For the first time in a long time, buyers have to compete with less competition, so the extreme bidding wars have decreased dramatically. Sellers are now adapting their listing strategy to the suggestions made by the comps. Although inventory has increased dramatically compared to the previous month, at this point we are still less than a third of the total compared to 2019. “
The market speed did not slow down in June. The average days on the market dropped to just 10.9% less than May and a whopping 60% compared to June 2020.
“The theme of shopper fatigue, vacation travel and a general decline in buyer demand won’t be reflected until the July Market Trend Report,” Abrams said. “Whenever there is a shift, be it seasonal or unprecedented, adjustments are usually made slowly. … While buyers may feel exhausted, the possibility of getting a home under contract at list price is becoming more realistic. “