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August 2021 Denver Market Update:
July saw a slight cooling for the red hot Denver metro real estate market. A slight decrease in new listings and showing activity can be attributed to a normalization of the market, seasonal slowing, or simply a lull before the typical Fall activity spike. Anecdotally, we hear it is still very much a seller's market but with less intense competition among buyers. And, with mortgage rates still historically low, buyers may also be waiting until Fall to make a move. Below are key market highlights for July.
Supply - Active Listings
Active listings are down 51% year-over-year. However, we did see a slight increase in active listings over June. It will be interesting to see if this trend continues upward as we head into early Fall.
Although less than last month, new listings are coming onto the market. This pace is matched by last year and is above the prior two years.
Demand - Pending Sales
While trending back down to more "typical" levels, the percent of the closed price to list price is at 104% - continuing the seller's market trend we have seen for many months.
Showing activity is down slightly for July - a trend we started to see at the end of May.
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Reports based on data from REColorado®, Inc.Posted by Ryan Penn on