We’re now officially over halfway through 2021, and the year is flying by! But where does the market stand now that we are into the end of summer?
According to the Denver Metro Association of Realtors ®, or DMAR, fall will be bringing less competition for buyers in the number of overall offers on homes. While July numbers showed it was still very much a sellers’ market, this shift will allow buyers more time to think on properties.
July numbers also follow the thought that inventory is increasing, with residential inventory up 29.92 percent. In comparison to last year, DMAR numbers show that the average closing price was up 16.4 percent over last year as well.
Throughout the Denver metro area, buyers are continuing to pay thousands of dollars over the original asking price for homes. This past April, the Colorado Association of Realtors reporter that, for the first time, the median single family home price surpassed $500,000.
Norada reports that the Denver Metro Area has had over a 20% annual gain in the price of single family homes since 2020, and that these trends in the Denver area have been present throughout the entire state.
Right now, the rest of the year is a little bit of a mystery, but one thing is for sure – Colorado’s real estate market is still in high demand. Keep following to see how the market shifts will impact buyers and sellers through the second half of 2021!