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Denver Real Estate in August: Sales Down 15% YoY, Active Inventory Down 35% YoY

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by Calculated Risk on 9/05/2021 11:10:00 AM

Note: I’m tracking data for many local markets around the U.S. I think it is especially important to watch inventory this year.

From the DMAR: Monthly Indicators, August 2021
Total Residential Units Sold in August 2021 were 5,618, down 15.1% from 6,615 in August 2020.
Active Residential Listings in August 2021 were 3,582, down 11.7% from last month, and down 34.8% from 6,449 in August 2020.
New Residential Listings in August 2021 were 6,109, down 14.6% from last month, and down 10.1% from 6,794 in August 2020.
Inventory in Denver had been fairly steady over the last 6 or 7 years, but declined sharply in 2020. This is still the lowest level of inventory for August on record.

From DMAR: DMAR Real Estate Market Trends Report | SEP. ’21

Keeping in trend with traditional seasonality, the transition from July to August felt like a shift as vacations slowed down in preparation for the school year and fall. Buyers are more willing to be patient in order to find the right house for the “right” price. The report saw this reflected in the days in MLS, which increased from nine to 11 in August 2021. Likewise, the close-price-to-list-price ratio dipped ever so slightly month-over-month. In a dramatic data point, the month-end active inventory dropped 11.69 percent. Historically speaking, the change in inventory is relatively consistent from July to August.

However, with both inventory and new listings decreasing, the short-lived “loose grip” on inventory has tightened once again. Months of inventory decreased from the previous month to 0.637. The report also indicated that if no one were to put a property on the market for 19 days, there would be nothing to sell in the entire Denver Metro area.
emphasis added

Active inventory in Denver is up 87% from the record low in March 2021.

The Employment Situation is Worse than the Unemployment Rate Indicates

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