Denver Home Sales Continue Climbing in June

According to the Denver Metro Association of Realtors (DMAR), there was no shortage of home sales going on in June, as buyers closed on 5,581 homes and condos and another 7,676 went under contract.

While we expect activity to tick back up as the state begins to reopen, the number of homes closed on in June is down only 4.1% from the same time last year. Compared to May 2020, closings are up 57.3%. Pending sales, or the number of homes put under contract, jumped 16.25% from May and are up 27.4% over the past year.

Jill Schafer, chairwoman of the DMAR Market Trends Committee said the market is seeing  limited supply and buyers who are anxious to take advantage of 30-year mortgage rates nearing 3%, which has given sellers more power in every segment of the market, with the exception homes costing $1+ million.

Other report highlights include:

·       Sellers listed 7,364 new properties on the market last month, close to the 7,620 they did in May and the 7,577 they did a year earlier.

·       The number of active listings at the end of June in metro Denver was 6,383, down 11% from May and nearly a third lower than year-ago levels.

·       The drop was more pronounced with single-family homes, where the inventory at the end of June was 40.4% below 2019 levels.

·       The median price for a single-family home that sold in June in metro Denver was $560,435, which is up 2.13% from May and 3.04% from June 2019.

·       The median price for a condo or townhome that sold was $325,000, flat with May and up 4.8% over the past year.

With interest rates hitting historic lows, now could be a great time to become a homeowner in Denver. Ready to see what the Mile High City has to offer? Contact Metrowest – we’d love to show you around!