Local Pulse - August 2021

mark@city2summitrealty.com • 720.257.1541 • city2summitrealty.com

Market Update | AUGUST 2021

Inventory increased almost 30% last month in the Denver metro area. Coupled with a 12% decrease in closings, buyers are finally finding a bit of breathing room this month. With average days in the MLS still in the single digits, however, competition remains high. Those looking to purchase a home but have been anxious about the market may find luck this month as more homes are available to view. It’s not unusual for inventory to peak in July or August, but the dramatic 30% increase in inventory from June to July is noteworthy. Could this be a return to normal expectations for purchasing and selling homes? For now, we expect the Seller’s Market to continue throughout the year, but home buyers having more options is always a good thing.

Market Insights by DMAR:

• The median rental price hit a new high of $1,575 in June, up 8.1 percent compared to last year, according to a recent report from realtor.com. Forty-four of the 50 largest housing markets posted new highs, squeezing renters even tighter.
• Home appreciation will continue to challenge first-time home buyers as builders limit sales, interest rate lock deters exiting home sellers, and low interest rates and government stimulus inspire demand.
• Hiring was 3.2 percent higher in May 2021 compared to April 2021 and was 71.6 percent higher in May 2021 compared to May 2020.
• Two percent of builders nationally were offering incentives in May. That number jumped to seven percent in June as buyers show a little more discrimination.
• Average active listings for July is 16,302 (1985-2020).
• The historical average increase in active listings from June to July is 3.15 percent. This July posted the highest increase of 29.92 percent. Big percentage changes can happen when the numbers are low to begin with.

Local Events | Denver

Meow Wolf Opens in September – Tickets Available Now
The long awaited Meow Wolf – Convergence Station, a 90,000 square foot art installation that has been in the works for years now, will finally be opening its doors on September 17th! More information and tickets available HERE!

Renaissance Festival Every Weekend Until August 22nd
Open on Saturdays and Sundays only from July 3rd to August 22nd, the Renaissance Festival has been a mainstay of Colorado entertainment since 1975. Tickets and information available HERE!

Featured Local Business | Denver

I know the last year has been tough on a lot of us, so I also wanted to take this opportunity to feature a local business each month from my community that I can recommend highly!

Featured this month is Wellness First Clinic, a women’s natural medicine clinic run by Dr. Lauren Hacker, a licensed naturopathic doctor. With expertise in nutrition, physical medicine, and mind body coaching, Lauren is passionate about helping other women find answers and solutions that will bring joy and health back into their lives. Wellness First Clinic is located in the heart of DTC. More information and how to book a consult available at her website.

If you’d like your business to be featured in a future Newsletter, give me a call or email!

Real estate questions? Wondering how the market looks at the moment? Just want to say hello? Don’t hesitate to call me – I’d love to chat! Don’t forget to follow me on social media – click on the links below!

mark@city2summitrealty.com • 720.257.1541 • city2summitrealty.com

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