Denver has rallied from a -1.8% decline in the median sales price last month to just a -1.1% decline this month. As I have said before, we are slowing from 7 years of solid appreciation. The market needs a breather and we are getting it. I believe the median sales price will end up in the positive territory this year, but probably under 5%.
We saw Denver County and all of the surrounding Metro Denver communities falter back in the 4th and early 1st quarters. This was due to the market flirting with 5% interest rates. Interest rates are definitely helping this market right now. As of this writing, interest rates are around 3.9% which is close to a 12 Month low. This should only help as this is the first day of summer.
New listings are up 5.2% year over year. This is the first time that I have ever seen new listings for a month in Denver County crack the 2,000 mark (albeit it was 2,001). Sold Listings were down 3.6% last month, but have fought back and are now up 0.6% year over year.
As I mentioned above, interest rates are great right now. This should only fuel the real estate market. Now is a great time to buy. Higher inventory numbers gives you a better chance at negotiating a more advantageous price.
Thanks for viewing my blog post. If you have any questions regarding buying or selling, call me at 303.520.8700.
The numbers provided above are from RECOLORADO. They provide real estate agents in the metro Denver area the Matrix MLS. I can’t confirm that these numbers are 100% correct, but they are the best source of information regarding real estate.