While still in a robust seller’s market, the July 2021 Colorado market update indicates that as we head into fall, buyers will start to have more time to review properties. There is likely to be less competition on the number of offers overall. The July residential real estate market reported an increased inventory of 29.92 percent. In addition, it also represented a decrease in closings of 12.30 percent compared to the previous month. This indicates a supply increase and demand decrease.
The average closed price was 16.40 percent higher this July than July 2020. July represented the lowest number of active properties at month’s end in July’s history, with an inventory of only 4,056 properties. This number actually increased from June to July, reflecting the flow of the market.
“It appears that, for now, we are back to drawing within the lines. For buyers, this can be beneficial by having more normal expectations of what it takes to buy.” said Andrew Abrams, Chair of the DMAR Market Trends Committee and Metro Denver REALTOR.
Overall, historical perspective in the Denver market indicates that an increase in inventory and a decrease in sales volume is not uncommon in the transition from June to July. With the relative lack of inventory, it can be expected that the balance between supply and demand will stay steady through the remainder of the year.
If you are thinking of buying or selling a home anytime soon, reach out to our team at Corken + Company and we can get you started. With over 20 years of experience in the Colorado real estate market, we can help you get into the home of your dreams, no matter how competitive the market.
If you would like to read the full August 2021 Colorado Market Update: Click here