June Market Shows Some Improvement for Buyers
The Colorado real estate market has definitely been geared towards sellers for the most part of last year through today. June’s statistics show some favorable trends though for buyers! Listings for single family attached and detached homes have gone up 13% from May, and are 8% up from a year ago. Buyers now have more options to view and purchase, which will hopefully decline multi bidding wars, leading to frustration.
Unchanging though, is the high cost of purchasing. SFH’s have averaged a sales price of about $419,000, up 3% from May and up 12% from last June. Attached SFH’s averaged a sales price around $293,000.
Another interesting trend is the decrease in under contracts and sold homes compared to this time last year. Detached homes have seen a 4% drop and attached homes have seen an 11% percent drop in under contracts. Sold SFH’s, detached and attached, have declined by 17% ytd. Could this be due to transactions falling out of contract or is it the time of year?
With July upon us, the market tends to cool down as families are traveling before kids return to school. Will July show more of a slow down on homes making it to the closing table, or with more inventory, will buyer’s be more likely to find the right home and go under contract?
Until next month Colorado!