The Denver Real Estate Market in June 2021
If you caught the latest real estate news, you might be wondering if a much-hyped market crash or bubble burst is imminent. However, as the halfway point of the year, June peaks (like a sharp inventory increase) help shape the natural, seasonal highs and lows of our market. Any cooling that we’ll see in the coming months will likely reflect the slowdown that happens every year.
So, what peaked? In June, 7,826 new listings came on the market which is a 23.9% increase month-over-month—even a 6.04% increase compared to June of 2020. In addition, the number of active listings (both detached and attached) at the month’s end increased by 50.5% over last month.
Flush with more listings, the percentage of closings increased and so did the average price.
Taking a closer look at detached, single-family homes, the inventory increase was major, with new listings up 24.7% month-over-month and 10.6% year-over-year. While this translated into more closings, it did not even out the supply and demand gap.
Days on the market remained at just 8 and the average price increased to $728,385 which is a jump of 4.1% compared to last month. While this percentage has been trending down over the last few months, it goes to show that in this market, waiting to buy may not be the right strategy.
As for attached homes, new listings were also up month-over-month from 1,774 homes for sale in May to 2,163 in June. Again this led to more closings but fewer days on the market. And the average price in this sector actually dropped by a modest 1.4% month-over-month.
In addition, the inventory uptick coupled with eased travel restrictions and some buyer burnout has opened the door for those willing to stick with the process. Not every single home is getting 100+ showings in just one weekend followed by dozens of over-ask offers with appraisal and inspection waivers.
While things might be starting to come back down to earth, homes are still closing at about 106% of their asking price.
To view our full report on Denver real estate market stats for the month of June, click here.
Thinking About Buying or Selling a Home?
Whether you’re a seller who wants to get on the market before things cool further in the fall, or a buyer ready to stop renting (single-family rents were up 5.3% year-over-year as of April) you may be wondering what steps are involved in the process you’re taking on.
Let’s take a quick look. You can read more about each step in our previous blog.
- Figure out your finances and get pre-approved (not just pre-qualified)
- Choose a real estate agent who is a local expert and can guide you
- View listings that match your criteria and schedule tours with your agent
- Make a strong offer that’s strategic but doesn’t leave you open to risk
- If your offer is accepted, provide earnest money and go under contract
- Complete your due diligence—mortgage, appraisal, inspections, etc.
- Once cleared to close, you’ll sign a ton of paperwork and get the keys
- Choose an agent who provides first-class service and smart strategies
- Prep your home—at PorchLight, we can provide all the services you need
- Show your home online, via open houses and private showings
- Discuss offers with your agent and choose the strongest of the bunch
- Come under contract and your home will be held in escrow
- If issues arise with an appraisal or inspection, your agent will assist you
- Once funds are cleared and paperwork is signed, you’ll be paid
Ready to take on Denver’s real estate market? Get in touch with your PorchLight agent or let us connect you with one of our experts. Our entire team is here to make the process as easy and stress-free as possible while helping you achieve your real estate goals. Contact us today.