Market Update August 2020
Unless you live under a rock, you have probably heard that the real estate market in the Denver area is really strong. Some of you are probably wondering what that means. A strong market means it is a seller's market because there are so many buyers out there, that demand for homes is much higher than the amount of homes available. Let's take a look at just the last week.
Caption
This graphic of both attached and detached homes shows that 1970 listings sold in just the past 7 days, far surpassing the 1197 new listings on the market. In addition, 2261 listings changed to pending which means they are now under contract and off the market assuming they sucessfully close. From previous pending listings, 317 did come back on the market, but 184 were withdrawn and 214 expired, meaning they are no longer for sale.
What does all this mean? It means that if you have a house to sell, you should! There are not nearly enough homes in the market for the amount of people who want to buy. It does not mean you shouldn't buy either. Rates are right around 3% which is still super historically low, so homes are still really affordable, which is why there are so many buyers out there.
Want to know more? Have questions about the value of your home? Call or text 970-217-4895 or email Hope@Hopehelpsre.com