Attention Buyers: Rising inventory impacts Denver real estate prices

Excellent opportunity ahead for buyers in the Denver real estate market!

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.

As predicted in our last market update, home prices for July have retracted from the June high. Detached single family declined to $485,766 from $493,921, and attached residences reported $317,007 from $329,675.

Inventory has increased by 7.30% month-over-month with a total of 5,112 detached single family homes on the market! Attached single family homes increased by 5.0% to 1,644 total!

As mentioned in our last Denver Real Estate market update, we hit the summer peak, and observed the rise in inventory. The extra inventory is proving to give buyers an excellent opportunity to enter into this wild market that has not stopped growing! Despite the increase in inventory the average days on market is still only 21 days for detached single family homes, and 17 for attached. For buyers, this is not the time to lackadaisically go through the buying process–there is still urgency.

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