1 . With inventory on the rise and more homes selling below asking price (43.9%), buyers continue to have increased leverage.
2. The current months' supply of inventory has increased to 2.5 months, indicating a shift towards a more balanced market.
3. We have not seen this many units on the market in the Denver Metro area since July 2014. Prices are likely to fall for the next couple of months as inventory continues to grow.
4. The average sold price decreased by 0.1% and the median sold price is down by 0.4% from last month, buyers may see opportunity to take advantage of the slight dip in home prices.
5. 57.0% of closed transactions in July included concessions, averaging just under $10,000 per transaction.
6. Active inventory has risen by 9.3% month-over-month, be prepared for increased competition and potentially longer time on the market.
7. Average and median days on market were up from the previous month to 28 days on average, seasonally higher than expected.
8. 36.9% of homes were under contract in 7 days or less, down month-over month. Listings that go pending within the first week are likely to receive 100.7% of their original list price.
9. Average sold prices are relatively flat from last month down by -0.1% month-over-month to $784,748, indicating early market retraction.
10. Demand for homes, as indicated by pending transactions, decreased from last month down by -5.3%. Closed transactions also decreased by -3.5% month-over-month.
SOURCE: our friends at First American Title
