The Real Estate Market Today
Everything in the Colorado real estate seemed to go into overdrive since the economy opened back up in the last several weeks.
Moving into the second half of the year, and into the peak of summer, the crushingly-high temperatures somehow came in second place to an even hotter July real estate market. Shattering previous records from earlier this year (in fact, over the last 5 years) average sale price, median sale price, and percentage of list price received were all the highest they’ve been all year. In particular, the average sales price of a single family home jumped 15% YoY to $425K which represented the biggest YoY jump in the last 8 years.
Buyers faced a red-hot race just to get to the closing table last month. Active listings dropped a massive 40% YoY, with total inventory under 1,000. On top of a much smaller pool of available homes, properties stayed on market an average of 17 days, 31% less time than the year before. The silver lining for buyers: interest rates continued their downward trend, with Freddie Mac averages hovering a hair above 3% - the lowest they’ve been over the last 8 years.
If you’d like more specifics on what we are seeing in this crazy market, watch my YouTube video https://www.youtube.com/watch?v=Lqdd_EEQLJ0
or call me. I'm glad to help you out!