June Market Update! In the last several years, we have battled the problem of low inventory with Active Inventory in the 2,500 to 5,000 range. A healthy and balanced housing market in the Denver Metro Area would be somewhere between 8,000 to 12,000 Active Listings on the market! Welcome to the start of a balanced market, with almost 3 months' supply of Inventory! We just climbed over 10,000 Active Listings at the end of June, which is a 68% increase from June 2023! The Sold Homes are keeping pace with 2023 numbers, but that is not saying much, as 2023 was not a record year! Our market typically relies on the Spring/Summer Peak Sales Season going through June, with some late Summer lulls in July and August; however, the Buyers in the market have taken an early pause, with the biggest reason being affordability with prices and higher interest rates. Inflation numbers continue to decline, the labor market weakens, and general purchases have decreased. This will bring us much closer to an Interest Rate reduction soon and bring buyers back to the market very quickly! For Sellers, pricing is critically important, and keep a close watch on Pending and Recent Sold homes in your neighborhood and adjust accordingly. Buyers, please dust off your showing shoes and start looking again, as values are improving daily with many price reductions in this more balanced market! Most importantly, please know I am grateful for your trust and confidence in this market. I look forward to guiding you in your Real Estate needs very soon!
