August 2015 Market Update Decoded

Each month, we offer a snapshot of the real estate markets in the Denver Metro and the Boulder areas, focusing specifically on a few stats that help paint an overall picture of what our market is currently doing. If charts aren’t for you, don’t worry. Below you’ll find a quick explanation of the market and, more importantly, what it means for sellers and buyers.

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Denver Metro Area Analysis

With active inventory down just 2% from this time last year in the Denver Metro, and sales just up by 4% over this time last year, the real estate market in the metro area is settling down a considerable bit from the insanity of this spring.  With that being said, there is still less than 2 months of available inventory, so it’s still a very strong Seller’s market. The two biggest changes in the Denver Housing market compared to August 2014 are in Days on Market (DOM) and the Average Sale Price ($AVG). DOM is down 37% to just 19 days on market until sale, and the average price has jumped up 11% over the past 12 months. The bottom line? While we may not still be getting 20-40 offers up to 15% above asking price on every new listing that hits the market within the first weekend, we are still selling every listing very quickly and for great prices, usually with multiple offers.

Boulder County Analysis

With that said, the Boulder County market is still a bit insane. Inventory this August was down a whopping 26% while the number of sales is up 11%, and DOM is down almost 20% – Read: there’s already nothing for sale, but what’s out there is selling way faster than it did at this time last year, and there are more sales to boot. It’s an awesome time to sell a house in Boulder. Buying one, on the other hand, requires some serious skill, hard work … and a touch of luck.

What’s really interesting is that the $AVG is only up 6%. When compared to Denver’s 11% increase, that may sound meager, but Boulder County’s average price is already just South of $600K, compared to the Denver Metro, which just this year broke $400K.

If you would like more information about the market or would like to speak with an agent about the market, just give our office a call at (720) 441-4815.

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