Denver Metro Real Estate Market Review
Well. It’s here. We’re fast approaching the end of the buying/selling season. Already sales numbers are starting to decrease as we come to the end of Summer. The focus on returning to school and preparing for another potential wave of sickness is shifting the Real Estate Market again. This is mostly expected, as we watch sales volumes diminish moving toward the New Year every year. Let’s take a look at the numbers.
Overall, the Denver Metro Area continues to struggle supplying the demand for homes. Negotiating sales prices continues to drive the average price up, with closings averaging 104% of list price – meaning offers are coming in much higher than asking prices. This has driven the average home value to about $625,000. That’s a little over 16% higher than last year. Properties continue to sell quickly, with an average of 9 days on MLS. All these numbers still say it’s a seller’s market throughout the Denver Metro Area, there are just fewer buyers house hunting.
Boulder County is seeing a similar trend, with about 20% fewer properties under contract at the end of July, compared to the end of June. Prices are still rising at 20% over last year in Boulder, even as the rest of the Metro Area slows down its rising prices. Year-to-date, the average price of a detached house in Boulder is $917,000. That’s over 25% over last year’s prices! Condominium and Townhouse prices are growing at a slower rate, just about 10% over last year. This brings the average price to just around $486,000. Even with these prices, properties continue to sell quickly in Boulder, with an average of 12 days on MLS. Last year the average was 31 days.
Following the sales trends, Longmont is seeing a slowdown of sales and continued growth in pricing. Much like the rest of Boulder County, housing prices in Longmont have risen by over 25% to an average of $635,000. Unlike the County, Condos and Townhomes have risen nearly 22% – to an average of $428,136. With these prices rising quickly in Longmont properties have been lingering on MLS a bit longer than the rest of the Metro Area. Last month homes were selling within 25 days. We’re now waiting an average of 35 days on MLS before closing.
As we continue to move through 2021, we’re setting records in a new trend not seen for years! Prices are continuing to rise. Inventory continues to lag behind demand. The homes that are listed continue to sell quickly in most areas. Buyers are offering higher than the list price most of the time. Interest rates are still low. Colorado is still a popular destination for homebuyers to move. And with the changed modes of work (working from home, telecommuting, working vacations, and so much more) the buyers pool has changed.
If you’re looking to buy or sell in Longmont or Eastern Boulder County, get in touch with The Wise Team today. We keep a sharp eye on the markets, on MLS, and to our neighbors to know the gems listed in our area. It’s not just about work for us. We’re building our community!