Real estate has been a hot topic this year. If you’ve been paying attention to the headlines coming out about Denver Metro’s market over the last few months, you know that the housing market is on fire. Demand for homes has exceeded the available inventory of properties, creating the perfect storm of selling circumstances for homeowners.
But despite the undeniable evidence that now is the best time to sell a home in Denver Metro, some consumers are still unsure and considering waiting until the fall or even next spring to put their homes on the market. As one of the leading real estate brokerages on the Front Range, LIV Sotheby’s International Realty (LIV SIR) is here to explain why consumers should be encouraged to strike while the iron is hot.
According to data from LIV SIR’s Monthly Market Report for July, total sales volume was down a mere 1% last month in a year-to-date comparison to the same time period in 2019. Considering the continuing state of social distancing due to the pandemic, that is impressive. Furthermore, the average list price and average sold price for homes in Denver Metro have both risen by 3%, reaching $517,165 and $493,730 respectively.
This increase in average prices is driven by the surplus of eager homebuyers and the scarcity of homes on the market. In July, there was a 3% decline in new listings coming onto the real estate market. But the low inventory hasn’t stopped homebuyers from finding houses. LIV SIR’s Monthly Market Report shows that the average days on market for homes in Denver Metro has decreased by 3%, from 32 days to 31 days on market, illustrating that buyers are continuing to pick up the pace when purchasing property.
Buyers, now is your chance to make a move too. With interest rates this low, buying power increases, making purchasing a home more affordable.
After examining the market data, it is evident that Denver Metro is experiencing an extended selling season – consumers have pent up demand, record-low interest rates, and an upward trend in home appreciation to thank for that. But it is important to remember that what goes up, must come down. With many uncertainties coming into play this fall, including a potential second wave of COVID-19, children going back to school, and the presidential election, these incredible real estate conditions may not last. The extended selling season Denver Metro is enjoying may have an expiration date.
While this is not a ‘now or never’ situation for consumers, the market conditions at the moment are extremely favorable and should be taken advantage of. For those considering selling their home or purchasing a property, this summer is a great time to do so. View the full July Monthly Market Report at coloradomarketreports.com. For all of your real estate needs, contact LIV Sotheby’s International Realty by calling 303.893.3200 or by visiting livsothebysrealty.com.