In what’s sure to be good news for potential home buyers, metro Denver closings were down in July of this year and inventory is on the rise, according to the monthly Market Trends Report from the Denver Metro Association of Realtors.

Report highlights:

·       Buyers closed on 5,820 homes and condos in metro Denver last month, down 12.3% from June’s count and 21.3% from July 2020.

·       The inventory of residential properties available for sale at the end of July was 4,056, a nearly 30% increase from June.

·       The median price of a single-family home sold in July was $600,000, which matched June’s median price and reflects a 20% gain from last July.

·       The average closing price was $699,795, down 3.5% from June but up 17.2% from a year earlier.

·       The median price of a condo or townhome sold in July was $381,250, which was up 0.8% from June and 14.5% from a year earlier. The average sale price for condos and townhomes last month was $442,949 — 1.6% more than in June and 15.2% on the year.

·       Single-family home listings spent an average of eight days on the market last month, while condos and townhome listings spent 12 days. A tenth of closings last month saw sellers lower the price, compared with a quarter of closings in July 2020.

A typical year in metro Denver sees a 3.1% gain in active listings between June and July. But this year’s monthly increase of 29.9% is the largest ever recorded for July, according to the report.  July’s average was 16,302 active listings, so the supply remains at only a quarter of historic levels.

Inventory is still tight; however, the Denver market is beginning to show some signs of normalcy. If becoming a homeowner is one of your goals for 2021, now may be a great time to get started. Contact Metrowest today – we’d love to help you start the process!