Denver Real Estate Update: Summer 2018
August 2, 2018
Does the Denver Real Estate Market Continue to Sizzle?
There is no doubt that the Denver metro area is experiencing a sizzling hot summer but does the Denver real estate market remain as hot? LIV Sotheby’s International Realty compiles regular reports that provide valuable insight into the state of the Denver real estate market.
The most recent LIV Sotheby report, released in mid-July, gives a solid analysis of the current Denver real estate market conditions. Here are a few of the report’s findings:
-The data points to an ongoing sellers’ market with the average days on the market sliding to 23 days, which is a 4.2 percent decrease.
-The report reveals a sold-price to list-price ratio 99.8 percent, an impressive number.
-The report discloses a slight decrease in the total number of Denver area homes sold January through June.
-The Denver real estate market experienced a 9.8 percent year-over-year increase in the total dollar volume sold, which is mainly from price increases.
-At the mid-year point, the number of new Denver listings was relatively unchanged from the same period in 2017.
-The Denver economy continues to thrive, supported by a tight skilled labor market. The strong economy greatly impacts the real estate market, resulting in lower levels of inventory, higher home prices, and decreasing affordability for buyers.
So, the answer is yes, the Denver real estate market remains very hot this summer, meaning buyers should be prepared to act fast once they find their dream home. The fast-moving Denver real estate market can present a challenge to even the most skilled buyer and seller, so there is great value in having a seasoned professional help you navigate.
For more information on Denver real estate market trends, please contact Andrea Webber at 303-475-7057.