Market Cruising Along

If we were giving an update on metro Denver residential real estate for August in terms of a traffic report, it would be that there are no accidents on the freeways or side-streets slowing you down. Not so much as even a stall off on the shoulder to cause gawkers.

We had wondered the last couple months if the market might be signaling a shift, especially since the number of homes sold in July were down by almost 12% over the previous July.

In August, however, the number of homes changing hands was up by 3% while the number of homes available for purchase fell by 2.5%, both in comparison with August of 2015.

We’ve seen a pattern this year where some months show a slight increase in home sale numbers and other show a slight decrease. It’s all seeming to balance out since the number of closed sales through August of this year are 34,166, which is basically a carbon copy of the 34,868 that closed in the first 8 months of 2015.

Here’s the summary of market performance this August compared to August of 2015:

The stats above are for sales activity in Adams, Arapahoe, Broomfield, Denver, Douglas, Elbert and Jefferson counties. It includes home sales handled by real estate agents though Metrolist/REColorado®, Inc., the MLS system serving the metro Denver area.

You can see a more extensive breakout between the single family and multi-family segments of the market by clicking on the links at the end of this post. Be sure to take a peek.

If you like the look of those reports, we can produce one for you that is specific to your zip code and property type. The market is not uniform. Your part of town may be doing better or worse than the metro-wide averages.

Single Family Homes August 2016
Multi-Family Homes August 2016