Unlocking Opportunities
Navigating Denver’s Summer Real Estate Landscape
With summer swiftly approaching, patience remains key in maneuvering the Denver metro real estate market. Denver’s real estate market is normalizing but continues to face persistent affordability challenges. This presents opportunities for serious buyers and sellers to negotiate favorable deals in the second half of the year. Following the long-standing trend, it’s crucial for sellers to thoroughly prepare their home for the market if they want to sell it quickly and for the highest possible price. Buyers should take their time selecting the right home, a process that should be easier now with more inventory available than in recent years.
As everyone waits for mortgage rates to adjust downward, we continue to manage the market at seven percent interest rates. Last month, new listings increased by 16.51 percent month-over-month and 33.88 percent year-over-year to 6,966. Pending sales saw a slight uptick of 1.94 percent month-over-month with 4,265 properties, while closed sales rose by 5.72 percent to 4,198. Median close prices fell marginally month-over-month by 0.41 percent.