It's time for the monthly Denver Real Estate Market Update for August 2019. The stats are from the Denver Metro Association of Realtors, with my commentary interjected. Read below or listen to our podcast channel.
Remember, I compare year-over-year stats (August 2019 vs August 2018) to remove Denver's seasonality from the stats.
Executive Summary: No big changes as inventory continues to build and prices continue to appreciate, just not as quickly. We are still in a sellers' market! With low-interest rates and strong rental demand, it still makes sense to buy.
August 2019 Denver Data Snapshot
This data is for homes and condos (no multis).
- Inventory is up 13.6% over last year to 9,350. Inventory is still increasing but not as quickly as earlier months.
- Homes +9%
- Condos +28%. Interestingly, 43% or 1,800 condo listings are $500K+. Not exactly for first-time buyers or investors!
- Overall with 9,350 listings, we’re still well below the long-term average of 16,761 listings in August.
- Record low: 7,327 in August 2016
- Record high: 31,664 in August 2006
- Prices were up 3.5%. The market is still appreciating, just not as quickly.
- Days on Market (DOM) is still going up, from 24 to 30 days, which makes sense with more inventory.
- The number of properties under contract is up 4%. As discussed in an earlier podcast, many lenders are falling behind on closings with the increased refinances.
- Homes in the $300-500K range still have 1.5 months of inventory, a strong sellers' market.
Colorado Foreclosure Rates
Despite the slowing market, foreclosures are down 18% from last year. Colorado has one of the lowest mortgage delinquency rates in the nation. Foreclosures and mortgage delinquencies are leading indicators for health of a real estate market. This stat is another reason why Denver is not in a bubble!