July 2024 Market Update

Wonder why there are so many homes for sale these days and why it’s taking so much longer to sell a home? In June, we had a landslide of homes listed in the Denver Metro area.  In fact, this summer, we have more homes on the market than we have had in 10 years!!  Take a look at two key numbers on the July Market Update chart:  the active listings are up 30% over July 2023, and the # of days a home stays on the market is up 25% over July 2023.   July and August are never the best months to sell, but this year they have been even worse months for listings than in past years.  It’s simple: everyone waits until June to list their home, so there is a huge surge of listings that month.    Not all of those June homes will sell because there are more listings than buyers, and many buyers want to be settled well before the school year starts, so sellers who list in July and August have an even harder time selling.  If you want to sell your home this year, think about September/October.  With the mortgage rates promising to come down in September, that would be a good time to think about listing.  Reach out if you would like a free market analysis of your home value!

 

June 2024 Market Update

Here are the June real estate market stats. There are some good things happening and some things making the market a bit slow. The most notable change is the number of active listings, which increased 31% this June compared to June of 2023. That’s a significant increase that we are feeling in the market.
The increase in the number of listings and the number of buyers staying steady, means that homes are likely to take longer to sell, with sellers making more concessions for inspections. The average closed price is just slightly over last June, and that’s likely due to the increase in listings.
If you are thinking of selling or buying, give me a call to talk about your options and the best timing.