Denver Metro Real Estate Market Review
July 2021
Stability. That’s what I’d say I’m seeing in the Denver Metropolitan Real Estate Market. The trends that brought us into the summer have become very stable in the face of high demand and fast moving inventory. Prices continue to rise at a very steady pace. Sales continue to outpace supply. Homes are receiving offers higher than their list prices. These are the trademarks of the 2021 Summer Selling Season.
The average sales price for homes in the Denver Metro Area is now over $640,000, nearly 27% higher than last year at this time. With higher sales numbers, more houses coming on the market, and the continued pace of sale we’re seeing a selling year unlike any other. For the first time this year, we have a substantial increase in the number of homes still on the market at month’s end. This coupled with the increased total number of homes sold I’d say we’re finally seeing sellers return to the market. Even though they are returning, it’s still not at the pace we need in order to keep housing prices from inflating exponentially. If you’re looking to sell your home anywhere in the Denver Metro Area, now is the time. Homes are receiving offers averaging 4% over the list price! The demand is very real.
Boulder County is even hotter than Denver. The percent of list price received in Boulder is over 6%, pushing housing price averages to over $900,000, still under our peak average of $1 million earlier this month, but it’s rising ever so slowly to a stable average of 1 million. Houses are selling, on average, 15 days after they’re put on the market, while Denver’s average rose to 16 days (which is up from 9). This number, in particular, could speak more to the time it’s taking to get loans approved, more so than buyer hesitancy. Townhomes in Boulder, on the other hand, are seeing the pace quicken slightly. This could be indicative of students returning to school this coming fall, with online learning taking a back seat to the preferred method of education.
Longmont is starting to veer off from the Denver Metro Area’s statistics a little bit, returning to a new level of normal with the housing market. Though houses are selling quickly, the average time a house is on the market in Longmont is still hanging out around 25 days. This could be due, in large part, to Longmont’s proximity to the destination locations in the Metro Area: Denver and Boulder. Housing prices are still rising at an average of 20% year-over-year, with that average sitting just over half a million dollars ($530,000). It also seems that Longmont residence are not jumping into the selling market as quickly as the rest of the metro area. I like that – means most of our home owners are residents rather than speculative investors.
As you can obviously see, and we’re sure you’ve heard, housing prices are going to continue to climb. We don’t know where the ceiling is, nor do we have an idea when we’ll reach it. We continue to listen to different opinions about the housing market, how national and global inflation is affecting housing prices and selling rates. Opinions vary about how long this is going to last; and the opinions about what’s to come after range even more. Some areas of the nation are already seeing a slowing down of loan approvals, which may reach Colorado and change the housing market again. We will have to wait to see what will happen.
With all this in mind it’s important to be prepared for moving forward with your real estate plans. Are you looking to buy a home in Longmont or the Denver Metro Area? Contact us – The Wise Team – and we’ll help you navigate this very competitive and fast moving market. Looking to sell? We’ll help you get the maximum value out of this transaction, while moving as quickly as we can with the real estate market. It is a good time to sell.