The Denver Metro Real Estate market is extreme right now but is there any chance it will slow? According to the Denver Metro Association of Realtors (DMAR), June 2021 “shows a trending return to normalcy with a month-end inventory increase of over 50 percent” Let’s take a look at the numbers.
New listings are up 6% from this time last year and 24% higher than May 2021. The average number of days in the MLS is 4 and the median close price is up 1.5% from May to $545,000. This may not seem like a great time to buy, but let’s put it this way. The owner of a home sold in May gained $100,000 in wealth, which is a great reason to buy a home, especially an investment property.
Mortgage applications dropped to a 5 month low and REALTORS are reporting fewer showings and offers, which means there is less competition for your dream home. Finally, rates are still really low (but what does down, eventually goes back up!)
This video from Nicole Rueth with Fairway Independent Mortgage is a great recap where she really breaks down the numbers for the June 2021 market.
If you have questions about the market or are thinking about buying or selling your home, get in touch!