“A record number of Denver-area homes on the market went under contract in June and home prices are on the rise.” This month’s DMAR Real Estate Market Trends reports that a strong seller’s market is still in place with continued low inventory.
Pending home sales in June were up 16.25% month over month and 27.38% year over year. Average home sales soared over $500,000 which is the second-highest average price for residential real estate in Denver. Below are more key points from the monthly report.
- Weekly home closings are back above 2019 levels. This ends 11 weeks of a COVID-19 induced housing slump. Is is estimated we missed out on 4,400 potential closings during that period.
- Restricted, no overlapping showings, has added to the frenzied activity on existing home sales. This is specifically challenging on hot listings.
- Colorado had three cities on the list of the most stable housing markets according to SmartAsset’s list of 357 cities nationwide. Boulder, Fort Collins and Denver all made the list!