"The June market sizzled by recording the
highest dollar sales volume ($1.9 Billion) in the past 11 months!
Year-to-date sales in the residential market are down ever-so-slightly at
3.66% with 24,961 total sold units compared to 25,908 in 2013.
Year-over-year, buyers in the <$200,000 price range are feeling somewhat
squeezed out of the single family home market as there were nearly 53%
fewer sold properties.
This has everything to do with the continued
lack of supply, as buyer demand remains very strong, and 30-year mortgage
interest rates continue to hover below 5%. For condo buyers above
$100,000, year-over-year sales proved that the abundance of listings could
be absorbed by well-qualified buyers who stood ready to take advantage of
firsthand opportunities. In particular, condo prices $500,000 to $699,999
spiked by an astonishing 166% when compared to the same period in 2013!
Sellers who want to capitalize on the remaining hot summer selling season,
should consider working with a qualified REALTOR® to price the property
correctly for the current market conditions. It’s an important step in
order to avoid the pitfalls of transaction getting held up or terminated
due to an appraisal that comes back a little light because the contract
price cannot be justified."
- Anthony Rael, Chairman - Denver Metro
Association of REALTORS Market Trends Committee