JUNE REAL ESTATE MARKET UPDATE
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I have some great news for both Buyers and Sellers so be sure to read all the way through. If I could describe the real estate market in two words, I would say "Positive Balance". We've seen a positive increase in inventory, which is up 38% over May 2018.
This is giving Buyers more choices, more negotiating power, and ultimately more time. Buyers are taking a bit more time with days and market increasing slightly from 26 days on market last year to an average of 32 days this year. The results have been more negotiating, with the close-to-list price ratio dropping to 99.35%. This has created some much needed balance in the marketplace where for the last four years, Sellers were on average getting well over list price.
Now while Sellers are overall experiencing more price reductions, we're also still seeing a positive increase in appreciation up 2.38% from last year, with the average sold price being $534,577. And the median hitting an all time record of $450,000. With interest rates coming down, under contracts are also up 10 and a half percent over last year. Overall there's a lot more positive activity happening right now in the Denver real estate market, creating a bit more balance between Buyers and Sellers.
It's more important than ever for Sellers to work with a skilled Realtor to help them prepare their home for sale, maximize its marketing exposure and price it right to command top dollar. For Buyers, now is the time to take advantage of those windows of opportunity for low interest rates and more inventory as we head into summer.
Both Buyers and Sellers should keep in mind that these numbers and trends are a reflection of all 11 counties of the Denver Metro Area. When making a decision to buy or sell, you'll want to use very hyper-local data and trends which I'm always happy to put together for you. Just give me a call or a text, or go to my website at milenajoy.com. I want to be your real estate resource, so don't hesitate to reach out with your real estate questions.
I want to be your real estate resource. In the meantime, please follow me on Instagram at @milenajoy and on Facebook at Milena Joy Real Estate. I look forward to hearing from you. I'm your realtor, Milena Joy. I know changing where you live, can change how you live.
