The Denver housing market continued to moderate in June, creating advantages for both buyers and sellers.
“I’ve heard this year referred to as the ‘Goldilocks year’ in Denver real estate—not too hot, not too cold,” said Jill Schafer, chairwoman of the Denver Metro Association of Realtors (DMAR) Market Trends Committee. “We are halfway through 2019 and things feel different than they have in the past few years. In some price points and areas, the market is still very strong for sellers. In others, buyers are gaining the advantage.”
According to DMAR’s monthly report, buyers enjoyed greater choices in June. In fact, the number of homes for sale hit the highest level in nearly six years, increasing to 9,520. This represents a 28.03% rise over June 2018 and a 7.07% increase over May.
Homes also took longer to sell—an average of 23 days—giving buyers time to consider their options, unlike past years when homes sold nearly as fast as the “For Sale” sign went up out front.
As for sellers, the market is still delivering high rewards. Despite increased competition, sellers are reaping 1.57% more than last year at this time. The average sold price was $499,807 in June.
Those selling homes priced between $1,500,000 and $1,750,000 faced a bigger challenge than others, however, with a “91.20% sale-to-original-price ratio for detached homes and 94.9% for attached homes,” according to Schafer.
In all, the market is much different than in previous years, when sellers were in the driver’s seat zipping down the fast lane. But a more balanced market is a welcome change for most.
“The market isn’t what it was,” said Schafer, “but it’s still strong and looks like it will continue to remain that way. With interest rates staying low and inventory going up, it is really a perfect time to buy. Prices may be high, but are leveling off so it’s still a great time to sell, too.”
In other words, Goldilocks would be happy. “In my opinion,” notes Schafer, “this market is just right for everyone.”