The Denver Real Estate Market in July 2021
As we mentioned in our last blog, June's peaks (including an increase in inventory and home prices) helped shape the typical, seasonal high of the Denver real estate market.
The slight cooling we saw in July only represents the natural, incoming slowdown that we experience each year as people take summer vacations and prep for the school year. Of course, only time will tell if this pattern continues as the market remains decidedly in favor of sellers.
In July, the average price for detached, single-family homes dropped by 3.5% from $728,385 to $699,795. While this is good news for buyers, it's still a year-over-year increase of 17.2% which makes sticking with a current house hunt even more important.
Yes, "waiting things out" or "waiting until things really cool down" will only mean paying more later, especially if interest rates start to creep up again.
Plus, while active inventory at the end of July was up by about 750 homes month-over-month, that's still down 28.1% over the same month last year, and there's less than a month of inventory due to a 9.4% drop of new listings month-over-month. A balanced market is 6 months.
Accordingly, despite the drop in average sales price, days on market remained at just 8 and the sold-to-list price ratio currently stands at 104.6% (down compared to June but not by much).
On the flip side, the Denver Metro Association of Realtors reports that 10% of all homes that closed in July were reduced in asking price before receiving an offer. These properties also spent around 27 days in the MLS.
That makes pricing incredibly important and the help of an experienced, real estate agent even more crucial for sellers.
"Let me say that again, pricing matters. You can no longer price a home high and "get lucky" or price it incredibly low and let the market take it to where it is meant to be. Working with a REALTOR® and using comparables with an understanding of seasonality is crucial. If you miss the mark, it may not only cost you time but money as well." –Andrew Abrams, Chair of the DMAR Market Trends Committee
As for attached homes, new listings dropped slightly month-over-month from 2,164 homes for sale in June to 2,025 in July. Fewer listings also closed causing there to be more end-of-month active listings—1,178 compared to 985 last month. Still, prices increased slightly to $442,949. That's just how this market goes right now, so be prepared!
To view our full report on Denver real estate market stats for July, click here.
With PorchLight Real Estate Denver, the Results Speak for Themselves
If you're thinking about selling your home, PorchLight has mastered the art and science of pricing and strategy. That means our agents can potentially provide you with a faster sale and higher return on your investment. Our numbers, compared to the competition, speak volumes.
PorchLight Denver | Full Comparison (PDF)
To get started, your PorchLight agent will conduct a Comparative Market Analysis of your Denver home to determine an accurate value. They'll also perform a walk-through and have a conversation with you to learn about every detail that might give your home a selling advantage. New HVAC? Stunning mountain views? Upgrades and designer finishes? They can all make a difference.
Their next step is to analyze Denver's market trends. While 2021 has been in favor of sellers, things can change month-to-month, and we are seeing the start of a seasonal slowdown. All the reason to choose an agent who can get you top dollar for your home by pricing the smart way.
And to get your home on the market, every PorchLight agent is backed by an in-house team of pre-listing, technology and marketing professionals. From cleaning and staging to photography and custom marketing materials, we'll provide everything you need to make an impression.
Before you know it, you'll be accepting an offer and heading to the closing table. To learn more, please get in touch!
