Denver Foothills Real Estate Market News June 2017
I might as well just copy and paste the last 3 months of market news right here and just change the date. Inventory is still just low as can be. Last month in my Denver Foothills Market News Video I explained just how low inventory was and unfortunately we have not seen much of an uptick in the last few weeks. The first set of data I would like to share is the chart below with days on market (DOM) and number of active listings. If you look at July of 2012, AKA the good ‘ol days, you will see we had 1,134 active listings. We currently have about 20%..yes I said 20% of that in active listing right now with about 218 listings in the Denver Foothills at the time this blog was written. Keep in mind these are listings for Evergreen, Conifer, Morrison and Bailey. Even last year the most active listings were in August with 423 units on the market.
|Month||DOM, Average||Active Listings, Number of|
This next chart is the same story as the last few months. At least as far as number of listings in the Denver Foothills. There is a slight contradiction in the supply and demand. Seems like buyers took a little break (as they usually do) over the winter months this year. If you see the decline in inventory from August to pretty much March but the DOM rose. Usually (in a seller’s market like we have now inventory and DOM usually go hand in hand. Meaning since inventory was declining so should the DOM. Again this might just be the seasonal cycle we usually see but still the two should be more closely related.
The next chart is the average sale price (green) and the average list price (blue). You will notice that the average sale price has been hovering around 500K all year. Keep in mind we have a very small number of sales the last year compared to years past but it seems like prices are going to hold for the near future. We were hoping to get some more inventory this summer and that would certainly help confirm the current market levels. It would be nice to have a lot of comps as confirmation.
In conclusion the Denver Foothills Real Estate Market is still lacking in inventory and still is in desperate need of more active listings. If to only give my poor buyers more choices. It is hard enough to find the perfect home in a market with high inventory. I still think all the Realtors in the Denver Foothills area think the same thing, now is a fantastic time to list!