July’s real estate market in the Denver Metro area presented a mix of opportunities for both buyers and sellers, as the market showed signs of stabilizing despite an expected summer slowdown, according to the latest insights from the Denver Metro Association of Realtors (DMAR). The anticipation of a potential rate cut in September put some buyers on hold to play the waiting game while others took this time to grab their dream home before heavy competition kicks in.
While traditionally a quieter month, this July was marked by a steady increase in inventory, with 2.86 months of available homes, indicating a shift towards a balanced market. However, Libby Levinson-Katz, chair of the Denver Metro Association of Realtors (DMAR) Market Trends Committee, notes that “some price ranges, and areas of town, have simply become a buyer’s market due to the number of available options.”
New listings in July were up 7.58% over last year, landing at 5,152 for the month but marking a decrease of 11.58% from June. Active listings reached 10,584 homes on the market – an impressive increase of 68.03% over last year and 3.62% over June.
Denverite notes that “for those willing – and able – to stomach higher interest rates, there’s more to choose from in and around Denver.” Levinson-Katz adds that “buying now allows for a thoughtful search with room for negotiation and a refinance at a later date,” pointing to the anticipated rate cut as a forthcoming opportunity for buyers. Homes may become more affordable this fall but with increased competition from buyers, so savvy buyers are choosing to purchase now rather than wait.
Meanwhile, pending sales stayed steady with a slight 0.18% dip, and closed sales dropped by 5.19% to 3,708. The median sale price for residential detached and attached homes saw a minor decrease to $600,000, down $1,000 from June, but still about $10,000 more than what the same property would have cost at this time last July. The median close price for detached homes held steady at $660,000, the same as June, marking a 1.54% increase over last year, while attached homes had a slight bump of 1.22% month over month, reaching $415,000.
As the summer season winds down, the current market offers buyers the chance to explore a range of options and negotiate favorable terms. For sellers, this balanced market means that patience and timing could be key to securing the right deal before potential changes in the fall. With the Denver Metro real estate market gradually returning to its pre-pandemic state, now may be the perfect time to make a move.