Metro Denver Housing Market Watch: July 2021

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Market Trends

Compared to last July when more homes sold than any other July on record, this year saw 17% fewer Homes Closed. Homes Closed was also down 7% compared to last month, due in part to a long July 4th holiday weekend. Strong demand kept prices high and inventory low, with homes spending a median of only four days Active in the MLS. Year to date, home prices continue to see double-digit increases with Single-Family homes up 22% compared to this point in 2020 and Multi-Family/Condo/Townhome prices up 14%.

 

HOMES CLOSED: Down 17%

In the Denver Metro area this July, 6,119 Homes Closed, 17% fewer than we saw last July when more homes sold than any other July on record. Compared to last month, the number of homes closed is down 7% due in part to a long July 4th holiday weekend.

In July, the count of listings in Pending status was 6,030, 10% lower than last year and down 5% from last month.

 

 

PRICES: Up 16% 

In July, the average price of a home in the Denver metro area was slightly lower than last month. The Average Closed Price for homes was $622,092, down 3% from last month but up 16% year over year.

Single-Family Residences sold for an average price of $697,397, up 17% year over year. The price of Multi- Family/Condos/Townhomes was up 15% from July 2020, at an average of $440,403.

 

 

NEW LISTINGS: Down 6% 

In July, sellers added 7,182 New Listings to the market, 6% fewer than last year at this time and 6% fewer than last month.

The count of Active Listings of homes for sale at the end of July was 4,215, 42% higher than last year, but 29% lower than the end of last month.

We currently have 3 weeks of inventory, 2 weeks fewer than last July and 1 week lower than last month.

 

 

DAYS ON MARKET: Down 16 Days 

In July, homes spent an average of 9 days actively for sale in the MLS, 16 days fewer than last July and 1 day fewer than last month. On average, Single- Family Residences were on the market 8 days, while Multi-Family/ Condos/Townhomes were on the market 12 days.

The median number of days a home spent on the market in July was 4, 3 days fewer than July 2020.

 

 

YEAR TO DATE

The count of Closed Listings continued at its record-breaking pace. Year to date strong buyer activity has resulted in the number of homes sold being 9% more than last year at this time. The number of New Listings is lagging behind last years year-to-date count by 3%. Home prices continue to see double-digit increases with Single-Family homes up 22% compared to this point in 2020 and Multi-Family/Condo/Townhome prices up 14%. Homes continue to spend an average of just over two weeks actively available on the market.

 

Thinking about buying or selling a home?

If you're considering buying or selling a home, contact me today, your local real estate agent and experienced REALTOR to help you navigate market conditions, see new home listings as soon as they hit the market, negotiate an offer based on the true value of the home, and more!