May continues to show rising prices, but not quite at the rate previously projected. Average sold prices came in at $483,472 for detached single family homes which is a slight bump and a new record for Metro Denver, however attached single family reported a very small decline to $314,265.
As school days close and summer vacation is here, listing activity increases as sellers find it to be a more convenient to list their home. Coming into May, June and July, we typically report the highest new listing counts each year in Denver.
Since buyers have been furiously looking since early this year, many have decided to drop out of the race due to rising prices. This creates a miss match in the market place with sellers continuing to price on an upward trend, later finding they have to reduce the asking price after not going under contract as expected in the first couple weekends on the market.
Here is a snapshot of price reductions from the same time last year, after weekend number 3, 40-50% of the remaining active listings elected to make price reductions due to this seasonal shift.
We so appreciate your continued support and value your business. We hope that if we are able to help you be more successful in assisting your buyers and sellers with market knowledge that we will get to meet your clients at our closing tables.
We hope to see you soon!