Denver Real Estate Market Update – Growing Inventory – June 2017

Will more inventory slow down Denver real estate price growth?

Hey all, Jody, and the Team of local Realtors(R), here to bring you your Denver real estate market update! Thanks to Megan Aller, Account Manager with Land Title Guarantee Company, we have the latest Denver Real Estate Market update.

Home values for June, despite a 1% miss in projected value, are still breaking record prices! Detached single family came in at $493,921 and attached residences reported $329,675.

Inventory has increased by 15.20% month-over-month with a total of 4,766 detached single family homes on the market! Attached single family homes increased by 18.80% to 1,565 total!

Perhaps the extra inventory will slow down home values which grew 2.10% month-over-month; and 7.10% year over year.

The Denver real estate market has remained strong, and one of the fastest growing in the country; this is despite an increase in inventory, and the down tick in overall sales by 1% to 5,611 units sold, according to REColorado. The coming months will be a great time to explore purchasing as the supply is peaking.

As mentioned in our last Denver Real Estate market update, price growth has been unrelenting. If you’re in the hunt for a Colorado home maybe it’s time to make a move! The average days on market is still only 18 days, so don’t let the increase in inventory trick you into thinking you have ample time to pull the trigger.

For potential sellers, looking in the rear view mirror for data can be dangerous. The previous several months have been positive, but you must also consider that May – June usually represents the peak in Denver real estate prices for the year. Keep this in mind when considering a list price for your Denver home.

Give us a call today if you’d like to discuss the market further. We’d be happy to give you our expert advice!