Inventory tightens back up as kids head back to school and seasonal slowdown takes hold
Active listings are down 34.83% year over year, and also down 11.69% from last month. On paper, it is currently more competitive to find a home to buy now than this time last month. The good news? Homes aren't selling quite so fast: on average they sell in 11 days, up from last month's 9.
According to DMAR, the demographic of home buyers shifts this time of year: after August, home buyers are more patient, wanting to find the right house for the "right" price. If you are considering buying a home, Usaj Realty would be honored to expertly assist you throughout the entire process.
A quick look at what happened in August:
- Denver metro's active listings available at the end of the month declined by 34.83% over last year
- The August median sale price was $535,000, up 16.3% compared to last year
- The average home spent 11 days on the market during August, 13 fewer days than the same time last year
- The average price of a single-family detached home is currently $687,768 an increase of $85,824 from the same period a year ago
August's Numbers Over the Years:
|Avg. Days on Market||
Avg. Sold Price: Single Family Home
|Avg. Sold Price: Condo||# of New Listings||# of Homes Sold||# of Homes Pending||
Avg. Sold Price Change YOY
+ 8.17 %
+ 9.73 %
+ 3.53 %
+ 11.78 %
+ 14.23 %
Average Interest Rates by Year in Denver
|Average Interest Rate||5 %||4.7 %||4.4 %||3.6 %||4 %||4.2 %||3.8 %||3.7 %||4 %||4.6 %||3.9 %||3.1 %|
Data courtesy of Megan Aller | First American Title
During these unprecedented times, Usaj Realty would love to carefully assist you with finding your next place to call home, or selling your current property. Our acumen, attention to the market, and negotiation skills will all go to work in order to advocate for your goals. Email us at firstname.lastname@example.org or call 720.398.2999. We measure our success by the happiness of our clients!
Headlines: What's Happening in Colorado
How bad is the housing crunch in Colorado’s high country? Just look at census vacancy data
"By most accounts, the housing market in Colorado mountain communities has never been tighter. People have flocked to mountain towns during coronavirus, even as many resorts shut down. Seasonal workers are being forced to move to different communities because they can’t afford rent, causing labor shortages for local businesses.
And yet, several high country communities are reporting more than half of their homes are vacant, 2020 U.S. Census data shows, as high as 71% in Hinsdale County, where Lake City is a hot destination for hikers and ATV enthusiasts, and 58.7% in Summit County, a popular seasonal destination for skiers."
Renting now costs less than buying a starter home in metro Denver
"Buying an entry-level home in metro Denver used to be cheaper than renting a similar property or apartment. But steep home price gains before and during the pandemic have flipped the advantage in favor of renting, according to a monthly rental report from Realtor.com."
Denver expanding programs to get $49 million to renters struggling from the pandemic
"On Monday, Denver City Council gave final approval on a partnership with local nonprofits to get that money in the hands of people who need it quickly. Denver has $49 million to hand out. Renters can get up to 15 months worth of rent paid for with the program."
How ADUs could help chip away at Denver's affordable housing crisis
"Although city data shows demand for ADU permits have increased over the last decade, high construction costs of more than $200,000 — coupled with the stress of navigating the city's permitting process — are likely deterring more applicants, city officials tell Axios. But Sandoval and other proponents, including the city's development department, tell Axios ADUs act as a wealth-building tool for low- and moderate-income homeowners and a way to add housing options to neighborhoods without significantly changing existing character."
Headlines: What's Happening Nationally
Housing boom rescues more than 1M underwater mortgages: report
"A home-equity report by data firm Attom shows the number of seriously underwater homes — defined as properties with secured loans that are at least 25 percent higher than the home’s market value — has dropped from 3.5 million at the end of 2019 to 2.25 million as of July 1, according to an analysis by Bloomberg News."
Drop in Lumber Prices Could Save $40K Per Home, But…
"Doug Yearley, CEO of the luxury home builder Toll Brothers, told CNBC that the recent drop in lumber prices is prompting some significant savings on the cost to build a home—but home buyers shouldn’t expect to see those savings. While lumber prices are falling, other material costs to build are surging."
July Rental Data: Buying a Starter Home is More Affordable than Renting in Nearly Half of the Largest Markets
In the 50 largest metros, the median rent was $1,607, up 9.8% year-over-year. This translates to an additional $143 per month for renters. Compared to July 2019, the median rent has increased by $175 (12.2%).
Report for August 2021:
Read Denver Metro Association of Realtor's full report on last month's Real Estate trends and statistics in Denver here.
And as always, please let us know if you have any questions!
Whether buying or selling, Usaj Realty is dedicated to helping you stay competitive. Your Usaj Realty broker will communicate effectively, learn your goals like the back of their hand, and work closely with you to negotiate the best terms possible, and expertly manage your transaction from start to finish, ensuring peace of mind.
Email us at email@example.com or call 720.398.2999
Posted by Jennifer Black
Jennifer Black champions all of Usaj Realty’s marketing publications. With a passion for digital marketing, graphic design, writing, and all things creative, Jennifer excels in the office as a crucial support staff member for our brokers and management Originally from Redwood City, California, Jennifer pioneered her way to Denver and began working for Usaj Realty in May of 2014. She loves every minute of life in Denver, which is directly enhanced by her time designing for Usaj Realty. Away from work, Jennifer enjoys escaping to the great outdoors, going skiing, hiking, and exploring local breweries and restaurants.Facebook LinkedIn Twitter