It is months like this that make us appreciate living in the Metro Denver Area. With higher interest rates and summer activities ahead, we expected our typical seasonal slowdown after the 4th of July. But buyers had other plans (source: DMAR and Megan Aller, First American Title):
– While there were fewer homes added to the July market, just as many deals were made (compared to June).
– Average Sales Prices, Days on the Market, and Close-To-List Prices barely budged.
– Our seven most popular counties held at 1.3 months of inventory, significantly below a balanced market.
The only trends that slowed were the number of closings and new listings. Buyers are focused and determined to find the right home. Considering 64% of U.S. homebuyers are waiting to purchase (Source: Real Financial Progress Index from BMO Financial Group), we only lagged by 22% in total home sales (year-to-date) compared to July 2022. Our market remains strong, and buyers and sellers are both benefiting from this “rebalancing” market compared to last year’s frenzy.
So what are your real estate goals for this year (or early next year)? This is an optimal time to start our conversation. Whether you are buying, selling, or both, success is possible with expert strategies and techniques. Text or call me at (303) 868-3097.
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