Although the market remains in the favor of sellers, it’s not all bad news for buyers. Lower interest rates and a higher number of listings mean it’s a good time for buyers to talk to their lender and start their hunt! Good news for sellers comes in the form of the highest median price for a detached single family home, ever!
Days on the Market
In June 2018, homes in Denver lasted an average of just 18 days on the market. Buyers who aren’t quite ready to make a decision have a slight advantage over last year, with an average of 24 days before a home is sold in June 2019. However, the summer is certainly heating up as this is the shortest time on the market we’ve seen homes sitting in 2019 thus far.
And while the market is speeding up this summer, on a year-over-year basis, it’s starting to slow since it’s fastest pace in 2015.
Denver remains a seller’s market for the seventh year in a row, with an average just shy of 2 months housing inventory as we head into July. The news isn’t all bad for buyers, though – the city was up to 2,451 active listings in June. The last time buyers had this many options was back in October of 2013!
More good news for buyers! Interest rates are the lowest they’ve been in over two-and-a-half years. The average 30-year fixed-rate mortgage is down to 3.8%.
Median Sales Price
Back to favoring sellers, the median sales price for a detached single-family home is the highest it’s ever been — $518,750; a 7% increase over last June! If you’re more into condo-style living and wouldn’t mind sharing a wall with your neighbors, the pricing for attached single family homes has only risen 2.8% during the same time period.
It’s no surprise that raising a family in the city is expensive. Breaking down the median sale price by number of bedrooms shows just how much that extra space will cost you. $200,000 to raise a kid from 0 to 18? It’s going to cost you a lot more than that in Denver. Want to know which counties are a better value for more bedrooms? Reach out to one of our brokers for a deeper dive into the stats you need.