August finished up with some very interested market data in the Denver Metro Real Estate market. Let's break this down. Some of these statistics may be giving the appearance that sellers should be worried, but when we look at a long term picture, things are still looking up.
Despite a 2% drop in the number of homes sold in August when compared to last year, there was a 16% increase in the number of homes that went under contract and home sale prices were 3% higher than this time last year. This means that the buyers are still out there making offers and looking to buy your home for great prices.
They may just be taking a little bit longer to make their decision, which is reflected in the number of days on the market. Since last year, that has increased by 5 days and since the end of July, it has increased by 7 days.
Why are the buyers taking longer to make their decisions, you may wonder? It's simple. There is more inventory for them to choose from. Since last year at this time, there is a 14% increase in the number of homes actively listed for sale. But as we saw earlier, the buyers are still out there, taking advantage of lower interest rates, making great offers, and buying beautiful Colorado homes!
Wondering what your home is worth?
Call us today and we will you a complimentary report that will give you all the details on your home.
Julia Bandel
303-931-5106