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Denver Real Estate in July: Sales Down 21% YoY, Active Inventory Down 37% YoY

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by Calculated Risk on 8/04/2021 01:22:00 PM

Sales slumped in April and May 2020, so the year-over-year (YoY) increases were large for April and May this year. However, starting in June 2020, sales increased sharply, so sales are now down YoY.

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, July 2021
Total Residential Units Sold in July 2021 were 5,820, down 21.3% from 7,398 in July 2020.
Active Residential Listings in June 2021 were 4,056, up 29.9% from 3,122 last month, but down 37.1% from 6,449 in July 2020.
Inventory in Denver had been fairly steady over the last 6 or 7 years, but declined sharply in 2020. Even with the recent sharp month-to-month increases, this is still the lowest level of inventory for July on record.

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

While still in a robust seller’s market, the July 2021 report indicates that as we head into fall, buyers will start to have more time to review properties and less competition on the number of offers overall. The July residential real estate market reported an increased inventory of 29.92 percent, while it also represented a decrease in closings of 12.30 percent compared to the previous month, indicating a supply increase and demand decrease.

“The real estate market continuously changes,” said Andrew Abrams, Chair of the DMAR Market Trends Committee and Metro Denver REALTOR(R). “It appears that, for now, we are back to drawing within the lines. For buyers, this can be beneficial by having more normal expectations of what it takes to buy. For sellers with grandiose dreams of what their house could be worth, now is the time to come back to reality and use the data to help make an educated decision.”
emphasis added

Active inventory in Denver is up 111% from the record low in March 2021.

ISM(R) Services Index Increased to 64.1% in July

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