It’s your Denver Metro Market Metrics In A Minute!
Hi, I’m Jennifer Prestwich with Madison & Company Properties here to give you the rundown on what’s been happening in our metro real estate market for July.
The number of listings sold was 6,868. That’s up again from both June of 2020 and July of 2019. The comeback continues as pent up spring buyers were unleashed on the market.
The median list price was $450,000. This is the same as June, but up $26,000 from July of 2019.
The average days on market was 26 days. That’s right on par with what we have seen over the last two months and with what we saw a year ago as well. The number of new listings went up again over the prior two months.
There were 8,288 new listings in July. While this may sound like a fair amount, it isn’t near the number of new listings we need to satisfy the buyer demand that’s out there.
The median sale price was $461,150. This number increased by over $16,000 as compared to June, and is up over $29,000 from last year.
Here I should add in a comment. I’ve been asked why I use median list and sales price instead of average list and sales price. Well, the reason why is because listing median price mitigates the outliers, those homes that sold for a lot higher or a lot lower than all of the others and tend to skew the data. Again, I’ll note that the list to sale price ratio stayed right at a hundred percent. Meaning, sellers were listing at a price that buyers were willing to pay and lenders were willing to fund.
Again, I’m Jennifer Prestwich with the Prestwich Group of Madison & Company Properties. I’m living the Denburbs life, and I wanna help you do it, too!