According to the latest Market Trends Report from the Denver Metro Association of Realtors (DMAR), although the pandemic continues and the economy remains uncertain, buyers in metro Denver closed on a record number of homes and condos in July, driving sales prices to record highs.

In comments accompanying the report, Jill Schafer, chairwoman of the DMAR Market Trends Committee, said the association predicted the record home sales, but no one predicted prices would jump up so much in one month.

Other report highlights include:

·       Buyers closed on 6,664 residential properties, a 7.9% increase from June and a 12.5% gain from July 2019. That includes 4,086 single-family homes, up 12.8% on the year, and 1,858 condos and townhomes, up 11.5%.

·       The number of sales last month was 7% higher than the old record set in June 2017.

·       The average closing price for a single-family home hit a record $601,863, which is 7.7% higher than June’s average closing price and 9.9% higher than July 2019’s.

·       The median closing price was $503,850, up 5% from June and 8.4% from July 2019. It also hit a new record.

·       Condo price gains were also strong, with the average rising 6.2% over the year to $383,174, and the median price up 6.7% to $332,893.

·       New listings in metro Denver are up, but not enough to keep up with demand.

·       Sellers put 7,620 properties on the market last month, which was up 14.9% from last July.

·       The month ended with 6,449 listings on the market, which is down 31.1% from a year earlier.

Experts agree record low interest rates continue to drive buyers nationwide. These unprecedented mortgage rates are improving affordability and motivating buyers. Are you ready to become a homeowner in Denver? Now might be a great time. Contact Metrowest today and let’s discuss your options!