Denver’s market has been in the dumps for a few years, but not any more! Prices are rising, builders are building, and buyers are having to act quickly to be first in line. Quite a change.
For years it’s been a buyers’ market. Buyers could take their time, offer well below asking price and count on having many homes to choose from. Today it’s more like it was when I first started in real estate 15 years ago. Buyers wrote offers on the spot, usually because there were two or three couples looking at the same home at the same time. They often wrote offers above asking price. Are we at that point yet? Not quite, but all the signs are there for a return to a seller’s market.
As has always been true, good homes in good neighborhoods in good condition command higher prices. But today inventory is low, credit standards are tighter, and buyers have to be prepared when they start to look for their new home.
New construction, in the doldrums for several years, is active again. Prices are less negotiable, lot choice may be limited, upgrades are a bit more expensive. According to the current report from the National Association of Home Builders
permits pulled for single family homes in the Denver Metro area in March of 2012 rose 52% over March of 2011, an astonishing rise in near-future building plans.
As for existing homes, the number of single family homes on the market in April was 40% fewer than in April of last year, meaning inventory is shrinking. Sales were up by 15% over last year this time. Put these two facts together and you have an increasingly tight market for buyers. The number of homes currently under contract is 20% higher than last year. Buyers have been waiting, and now that credit has loosened they’re ready to buy, snapping up homes quickly. Condos are in even shorter supply, 52% fewer than last April. Median price for condos sold in the last month is $142,000, up from $125,500 last month. For single family homes the median sold price is $249,900, up from $232,500 last month.
If you’re in the market for a home in the Denver metro area, give Buyers Advantage
a call at 303-587-3509 and ask for Judith. You can’t do better than have your own Exclusive Buyer’s Agent
in your court to beat out the competition when you find the house you’re looking for.
- Is the Denver Real Estate Market Really in a Slump?
I took the plunge this week and signed a contract on a house.Â I’ve owned a house before, but not since I moved here two years ago. As I have told friends and co-workers about this, the response has consistently been, “Wow, that takes guts!” Why?Â Is the Denver real estate market
- Investors Tout Denver Real Estate Market for 2012
If you’re looking for a great place to buy or invest in real estate, head straight to Denver, Colorado says Greg Rand, CEO of OWNAMERICA. Appearing recently on the FOX Business Channel, Rand discussed all the things that make Denver the choice of both real estate owners and investors for
- DENVER REAL ESTATE MARKET UPDATE – JANUARY 2012
Market Metrics: The name of the game as we enter 2012 is INVENTORY! Take a look at these numbers for 2011, and you will see many categories were very similar to 2010, but the inventory numbers are the first signs of the changing market! Active Listings inventory continues to decline 13% month
- METRO DENVER REAL ESTATE MARKET UPDATE – APRIL 2012
The Market is Shifting Buyers are coming out of the woodwork looking for homes, but not finding much to choose from, especially in the under $300,000 price range. We are counseling buyers in this price range to be ready to jump quickly on any house that comes on the market that
- METRO DENVER REAL ESTATE MARKET UPDATE – MARCH 2012
Well, the word on the street continues to be “Inventory, Inventory, Inventory!” Very few times in history have we seen our inventory drop to these kinds of levels without a major shift occurring in our marketplace! The Pendulum is now starting to swing back in the favor of sellers