Summer in Denver Metro has been hot, and we’re not just talking about the weather. The real estate market in the Mile High City has been moving quickly, with homebuyers rapidly purchasing the available inventory since the start of the delayed spring market. But the summer selling season will not last forever. Labor Day weekend typically signals the imminent arrival of fall and the cooling of temperatures and the real estate market.
Historically, peak buyer activity takes place from May until June and then slows down around Labor Day until October, according to data provided in the Denver Metro Market Report compiled by Megan Aller of First American Title. As consumers settle down for the school year and upcoming holiday season, buying and selling activity tends to dwindle. However, with pent-up demand still fueling Denver’s thriving real estate market, Denver Metro has been experiencing an extended selling season.
In July, sold single family homes increased by 21.6%, according to the Local Market Update for Denver County compiled by the Colorado Association of REALTORS®. The steady buying activity shows that there is still enough momentum within the marketplace to keep conditions favorable for real estate activity into early fall.
While the market has kept up its tempo over the last month, it is also important to note that this fall will be full of unknown factors that could influence consumers’ confidence in the market and financial decisions. Between the continuation of the COVID-19 pandemic and the upcoming presidential election, this season brings many uncertainties. For those reasons, buyers and sellers hoping to transition into a new home in 2020 should take advantage of current market conditions while they can.
For those looking to make moves in the real estate market, now is the time to take action. With mortgage rates still very low, buyers have increased buying power, enabling them to get more bang for their buck. The increased number of consumers inspired and empowered to buy a home has resulted in elevated average sold prices and faster sales for sellers.
With this holiday weekend unofficially kicking off the start of autumn, there is no time like the present to explore your real estate options. If you’d like to make the most of the current Denver Metro real estate market contact LIV Sotheby’s International Realty by calling 303.893.3200 or visiting livsothebysrealty.com.