June // market update
Midsummer's greetings and hope all is well with you and your family!
June's market wrapped up with a surge in inventory month-over-month, but still a desperately low mark in the same category year-over-year. Homes are selling quickly and often for above list price. Appreciation for single family homes year-over-year was 30%, yes 30%!!!
Whispers of seasonality are upon us as we enter into what is traditionally a time of year when inventory peaks and buyer demand wanes. Last year didn't follow that pattern as we've been in an up market ever since Jan 2020.
For all buyers in the market look out for some sparse windows of opportunity now through early Q4. Inventory will decrease leading to less choice, but buyer demand will follow meaning periods of slightly less competition.
Up until recently, the sales side of the equation was all sunshine and rainbows. Nearly every house is selling for well over list price, with stiff competition and buyers waiving nearly every contingency possible. Look out for a possible seasonal shifts in value and get ahead of that pricing strategy instead of playing catch-up. Always always put your best foot forward on marketing, photography, staging, and overall presentation. This is a great time to capitalize on equity, and not a time to cut corners (never really is a good time for that in my opinion).
In July 2021 Denver sold the same amount of homes as July 2020 with half of the inventory. Inventory shortage is nothing new, but it did surge 50% month-over-month to mark what I anticipate will be our highest numbers for the year.
Average sold price for single family homes in Denver has appreciated 30% since last year.
Seasonal (and traditional) cooling is coming. Now through the beginning of Q4 may be the first small window of opportunity for buyers this year.
Boulder's market is appreciating at a record clip as well recording 34.88% appreciation for average sold price of homes year-over-year.
Homes in Boulder are spending on average of 32 days on the MLS before contract.
Inventory also grew as we might expect it seasonally month-over-month by 37%.
Thrilled to announce the closing of our final unit at Delaware 7 and the wrap of my first opportunity to represent a development from inception. This project was truly pioneering for the area (Globeville), and the first residential new development in decades for the area. Excited to see this enclave of Denver transform into what I would imagine will be an entirely reimagined landscape (currently almost exclusively industrial/warehouse). The announcement of the World Trade Center moving nearby further solidified this enclave as likely Denver's next hotspot poised for rapid redevelopment:
World Trade Center Denver Project Moving to Globeville’s Fox Park
Just sold + under contract!
Its truly an honor to assist clients through what will be remembered as the most dynamic market we've ever seen. Should you be pondering how/when to capitalize on your journey, I'm always available to assist.