June 2021 Displayed the Theme of What Goes Down Must Come Up
Overall, month-end active inventory increased 50.46% compared to May 2021, which is the highest percentage of month-over-month increase in the Denver Metro Association of REALTORS® records.
Listings Were Up Meaning More Opportunity
The number of new listings was up 23.89% month over month. Likewise, the number of closed properties increased 9.29%. More houses hit the market in June, and therefore more people had the opportunity to buy, which is reflected in the month of inventory increasing to 0.50. While historically, this remains incredibly low, it does show a slight shift from the previous month, which was 0.39.
Buyers Are (Finally) Competing a Bit Less
In last month’s market, buyers must compete with less competition, and therefore, the extreme bidding wars have drastically decreased. Sellers are now adjusting their listing strategy to what the comps suggest. However, while inventory did drastically increase from the previous month, Denver metro is still at less than one-third of the total inventory compared to 2019 at this time.
Attached and Detached Homes in the Luxury Market Also Had More Choices in June
New listings were up 20.42% from May. However, even with more options, sellers in this market barely felt the seasonal slowdown, with pending sales down only 1.51% month over month. Pending year-to-date sales were up 88.04%, and closed sales were up 138.20%.
June Also Reported Increased Sales in the Detached Luxury Market
Sales increased 24.20% from May to June and were up 132.28% year to date. On average, people buying luxury homes paid 104.74% of the list price in June, up 5.26% year to date. On the other hand, appearing to pull through the COVID-19 slump, the attached home market’s number of closed sales is up 306.25% year over year while closed sales are up 193.94% year to date.
*Written July 11, 2021. Updates may be available after this date.