Mid-Year Market Review
You've heard it from friends, family, neighbors, news, radio, and from practically every input possible so it's no surprise when I say this market has been extremely competitive the first half of this year. Like no joke competitive. That's why I felt it was important to bring you a mid-year market review because we are actually seeing a slight change from what we have experienced the first 6 months of the year. In the past month or so, we have seen and recorded the data of a very slight shift in the real estate market (in Metro Denver). When I say shift, I don't mean it's now a buyers market, it is still very much a sellers market BUT it's a slightly less amazing sellers market than it was earlier in the year due to seasonal slowing that is not new to our market. Let's take a look at the stats!
Odds of Selling: Currently sitting around 75%, which is great but the first half of the year ranged from 80-85%.
Percentage of Balanced Market: Currently sitting around 8.9% of a balanced market where the first half was sitting around the 4-5% mark meaning a slight increase getting closer to a balanced market but not hugely drastic.
Total Showings: Currently sitting around 25,000 total showings whereas we were in the range of 30,000-40,000 the majority of the first half of the year. I have personally experienced an easier time getting showings scheduled than it was for a while earlier this year.
Percentage of Price Reductions: We are currently around 12% of listings doing price reductions while the first half of the year sat more around the 5-7% of listings doing price reductions meaning more listings are requiring price corrections in order to get sold.
As you can see, it continues to be an excellent time to sell your home and it also continues to be an incredible time to buy with the seasonal slowing and the super low interest rates. The Fed is meeting next month to discuss interest rates so we will see what happens from that meeting and how it will affect the real estate market but in the meantime, here is a snippet from NAR (National Association of Realtors) of how interest rates have been looking:
"Mortgage rates rose slightly this week but remained below 3% for the fifth straight week. According to the mortgage finance provider Freddie Mac, the 30-year fixed mortgage rate inched up to 2.80% from 2.78% the previous week. That's down from an average 3.11% rate in 2020; 3.94% in 2019; and 4.54% in 2018. A decade before that? Rates were over 6% in 2008. Nevertheless, expect mortgage rates to modestly rise in the following months as most of the economic indicators will start to stabilize. NAR is forecasting the 30-year fixed mortgage rate to average 3.0% this year."
As always, if you have any questions at all, please don't hesitate to call or text me at 303-597-6550 or email me at Kylie@KylieMcKay.com.
I am always happy to help! :)
Additionally, here is a glimpse at our most recent Douglas County statistics!