Serving the Entire Denver Area for over 40 Years.
Like the weather, Julys housing market remains hot, but some signs of cooling are in the forecast. This month we saw a lot of the numbers dipping into the negative. It’s not unexpected to see numbers post decreases even in an “hot market”. But what’s considered normal seasonal change and what’s not? Inventory experienced a slight increase of 4.15 percent from last month. This increase is normal. Even with this increase, 2017 represents a new record low July with 7,352 listings. The number of sales dropped 19.66 percent from June. This is significantly higher than our normal seasonal decrease of 5 percent. Like solds, under contracts also experienced a higher than usual decrease from June at 14.78 percent. A decrease of 6.2 percent would be normal. This housing market is filled with shades of gray, some good with some areas of mild concern.
Some good news for Colorado homeowners, the top 10 states in foreclosure rates are mostly on the east coast according to RealtyTrac®. The national foreclosure rate for June was 1 filling for every 1,789 homes. Colorado’s ranks 8th nationally with a rate of 1 in every 4,719 homes. Tracking foreclosure rates is a good predictor of future health of our housing market.
Bottom line is the market is still active and if the present trends continue, buyers may be in for a little relief in getting a property under contract. Nothing changes overnight, the second half of the year should remain productive.
The above narrative was developed by Danyliw & Associates. This representation is based in whole or in part on data supplied by the Denver Metro Association of REALTORS Market Trend Committee & REColorado.com Neither the member REALTOR® Associations nor their MLS guarantees or is in any way responsible for its accuracy. Data maintained by the REALTOR® Associations or their MLS may not reflect all real estate activity in the market.
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9631 West Coco Circle, #108, Littleton Colorado 80128
Office: (303) 880-2585 - Fax (303) 9331032
John W. Danyliw, CRB, Broker / Owner Colorado Lic. # 109831
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