July 2015 Denver Real Estate Market
Statistics & Trends Report
"As a North Denver guy, I always look forward to summer ushering in great times walking the neighborhood feasts and bazaars, with a sausage sandwich in one hand and an ice cold one in the other, as “Sweet Caroline” plays in the background. Well, the sweet sound my fellow Denver Metro REALTORS® heard in June was 10-10-10, or as any Northsider would say, “An ace, a deuce and a tre.” So what exactly was the significance of 10 at the end of June as it relates to the Residential (RES) market? How about a 10% increase in active listings, sold properties, and a record-breaking $2.15B in overall sales volume compared to the previous month!
Digging into our June stats, it was a record-setting month in several categories: Residential (RES) SOLD prices averaged $377,550, with the median at $325,000 and closed dollar volume of $2.15 Billion; Detached Single Family (DSF) SOLD prices averaged $424,609 with the median at $362,000 and closed dollar volume of $1.7 Billion; Condo (Attached Single Family) SOLD prices averaged $217,999 with a closed dollar volume of $423.9 million and number of homes SOLD at 1,631. We brought on 7,130 new listings, 5,823 homes were placed under contract and a whopping 5,695 homes sold and closed. As we look at the month-over-month Detached Single Family Home market, we saw a slight 1.82% increase in new listings, while the average and median sold prices increased ever-so-slightly by 0.94% to $424,609 and 0.84% to $362,000, respectively. The Condo market (AKA Attached Single Family) showed the supply of new listings decrease 0.87% over the previous month, while the average sold price dipped 0.21% to $260,243 and the median price inched up 1.28% to $217,999. For the entire Residential (RES) market, which includes Attached and Detached properties, under contracts slipped slightly by 0.92%; sold listings shot up 10% and total sales volume jumped 10% to $2.15B. The Days on Market (DOM) declined from the previous month by 8%, or 25 days, for Detached Single Family Homes and 18 for Condos (Attached Single Family). Finally, a quick summary of the year-to-date RES stats shows new listings at 35,060; DOM at 32; average price at $362,525 and a record-setting $9.24B in Sales Volume.
Even with records being set in many categories, our
market is showing signs of “easing up” or “cooling off” as we enter the
prime home buying season, and some sellers are beginning to sense a slight
shift in the market as we’re starting to see price reductions and the end
of the “frenzy”. Buyers are finally able to go under contract without
competing offers and, in some cases, finding a little room to negotiate.
Escalation clauses are not as common, but appraisal and inspection
considerations are still factoring into many purchase contracts.”