I love tracking market trends, seriously gets me excited! I’m sure that you’re aware prices have been on the up and up lately, and so it comes at no surprise that June continued to see the upward trend. To make things simple, below I’ve pulled some of my favorite stats for the metro-Denver area as a whole in June 2017. As you can imagine, trends vary greatly by zip code, price point, type of property etc. I’m more than happy to pull a custom report if you’re interested in drilling down more closely to what’s happening in your neighborhood, just shoot me a note below!
Denver-Metro June 2017
- Average sale price in June for all homes was just over $447K – that’s an 8.1% increase from the average price in June 2016
- Average single family homes sold in June for almost $429K (7.4% increase YOY) while the average multi-family sold for just over $329K (13.3% increase YOY)
- Based on the 12-month average, which is the best measure for real trends in prices, values are up 8.9%
- The number of closed sales was up in June – 5,515 properties closed this June, which is 5.1% more than the 5,249 that closed in June 2016
- There were 6,227 properties available for purchase at the close of business on June 30th versus 6,269 available at the end of June in 2016 – essentially unchanged
In summary, inventory continues to be low due to an increase in demand but no increase in supply. It’s still a seller’s market out there but buyers don’t let this scare you from making a purchase! With values rising at 8.9% over a 12-month average, you can expect to pay even more if you wait until this time next year. Make sure you’re working with an agent who is has strong negotiating skills, stays on top of market trends, and will put you in the best position to get under contract!