Time to buy? Denver housing market hits highest inventory in 14 years

With inventory at its highest level since the Denver metro real estate field is experiencing a critical shift Despite the increased availability prices remain stable and closed sales dropped according to the June account from the Denver Metro Association of Realtors At the beginning of the year two questions were on everyone s mind When would interest rates drop and how high would inventory rise Now at the mid-year mark rates remain frustratingly high for borrowers and operational inventory in the Denver Metro has surpassed the -mark its highest level since declared DMAR field trends committee member Michelle Schwinghammer with West Main Progressing listings last month totaled up from May s and from the same month the previous year when they stood at Historically progressing listings increase by an average of from May to June The average number of progressing listings from June to is The record high was listings in June and the record low was in Despite the inventory increase closed sales of in June were down from May s and from June s June s median home sale price of is up from last month and from the same period last year when the median price was Days on territory continue to increase up to in June from in May and up from days last year Sphere analysis We do not have a bad sector it s a different field declared Amanda Snitker chair of the DMAR Sector Trends Committee In this new ecosystem those who stay grounded informed and responsive will be the ones who succeed In we are all navigating the arena we have not the one we expected Real-time awareness is the the greater part valuable asset buyers and sellers have Sellers can t afford to price homes based on last year s peak values or early expectations Snitker noted because buyers are cost-conscious and quick to dismiss unprepared or overpriced listings However buyers who wait for the perfect interest rate or timing can also lose money as desirable homes still sell speedily she declared A mid-year review Steve Danyliw past chair of the DMAR region trends committee analyzed the first six months of the year examining migration trends mortgage rates sales expectations prices inventory and arena outlook Here s what he determined Colorado migration trends More people are leaving Colorado than moving in with a net outbound migration of nearly for every arrivals driven by affordability job changes and lifestyle shifts Mortgage rates Initially forecasted rates between and were briefly exceeded but current trends suggest a softening with a current forecast of - by year-end Sales expectations Detached home sales are expected to decline by or experience a modest increase while attached sales are projected to decrease between and There s anticipated for increased buyer activity if mortgage rates drop further Related ArticlesJuly Sponsored Denver ranks as third the greater part desirable city for homebuyers despite high costs June Sponsored Why Denver homeowners are investing more in renovation projects June Sponsored Why Colorado s massive home inventory failed to spark buyer interest in May June Sponsored Denver s officially a buyer s area When will homebuyers show up June Sponsored Low water landscaping Why Colorado homeowners are making the smart switch Home prices Denver s median home prices increased by aligning with a forecasted expansion range of - Price appreciation is expected to remain steady and modest Inventory The surprising increase in new listings year-over-year can be attributed to lifestyle changes and job transitions despite multiple homeowners having locked in lower mortgage rates Field outlook The second half of may be more favorable with expected rate declines and balanced price levels though affordability will continue to pose challenges for buyers The news and editorial staffs of The Denver Post had no role in this post s preparation