Buyers frustrated by Denver’s lack of housing inventory will find a glimmer of hope in REcolorado’s latest market report, which showed an increase in active and new listings in June. Active listings for single family homes rose 10% in June over May, from 5,547 to 6,101. New listings rose 2%, from 5,535 to 5,629.
“We saw additional inventory come to the market in June,” Kirby Slunaker, president and CEO of REcolorado told Denver Real Estate Watch. “….[W]hile inventory levels remain among the tightest in the country, increases seen in the past 90 days are providing a stabilizing factor for the market overall.”
The market remains tight, but some feel June signaled a promising change in tone.
“Sellers are feeling the slight shift in the housing market and are now accepting good offers, and some home buyers are even finding a little negotiating room, Rael added.
Many real estate brokers, Rael continued, reported that it “felt” like consumers had more choices in June, even if the numbers didn’t reflect a huge change.
“It’s not like May was red-hot and it suddenly cooled in June,” Rael said. “And you can certainly talk to Realtors in hot neighborhoods, who said June was as hot as ever.” Still, “I think across the board, Realtors did feel the market wasn’t quite so frenzied in June.”
If the average number of days homes spent on the market are any indication, however, “frenzy” is a word that still applies to the local market. Homes and condos sold at lightning speed, taking an average of 20 days in June, vs. 21 days in May to find buyers. On the bright side, prices showed minimal increase, rising from an average of $416,495 for a single-family home in May to $417,253 in June. For buyers, that’s certainly a reason to breathe a sigh of relief.
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