The Denver Metro Real Estate Market continued to cool a bit in July. The inventory of homes for sale is still very low historically. However, the number of homes for sale has increased significantly in the past three months from record lows while the number of sales has decreased consistently over the past three months. The number of price reductions in the MLS continues to rise. Some of the moderation can be attributed to normal seasonal factors. However, the continued moderation may be the start of a longer term trend if it continues into the Fall. September will be critical month for the market. If sales pick up price reductions will modest. If sales fail to pick up motivated sellers will have no choice but to lower their price as winter approaches. If the current trend of price reductions and market moderation continues or intensifies it will be critical for home sellers to get ahead of the trend with appropriate pricing and aggressive home marketing. The historically low inventory of homes for sale has continued to support our seller's market. Time will tell if the market moderation is a short term blip or the start of a shift in the market. In any case it is important for sellers to realistically evaluate market conditions and stay ahead of the trend.
Below is a Denver real estate market snapshot based on July 2018 Statistics from DMAR Market Trends
This information is for the Denver Metro real estate market. Real estate market activity varies from neighborhood to neighborhood. If you would like an instant real estate activity report for your neighborhood click Market Report or call Tom Gross for more information.
Questions? Let’s talk – call or text me, Tom Gross, at (303-591-2116) to discuss your questions, plans or the current value of your home. If you are thinking of selling now is an excellent time to take full advantage of our seller's market.