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Can The Denver Real Estate Market Get Any Hotter
The trends continue to reach unprecedented levels in inventory, days on market and most notably this month PRICE. Here are a few of the highlights:
There are currently 4,509 Active listings for Attached and Detached units currently for sale in the 7 Metro Denver Counties. This is up from an all-time low recorded in March 2015 with only 3,788 homes available.
Many multiple offer situations forced the average sold price for single family detached homes to over $400,000 for the first time.
There were 5,774 homes placed under contract in April of 2015. To create a "balanced market“, we would need to have 34,644 active units to offset the demand.
We only have 13.1% of the required inventory to support the amount of demand based on sold properties in Denver, or there is an 86.9% deficiency in inventory.
At the current rate of demand, we will run out of homes to sell in approximately 23 days if nothing new comes onto the market.
•There is no normal, but we can make assumptions mathematically based on what “balanced” would look like.•A balanced market is defined by having 6 months of active inventory by the National Association of REALTORS.•The green bar indicates where the market would be with 6 months of inventory, vs. the red bar which is actual monthly active inventory levels.
•At current levels of inventory for detached properties, we only have 18.9% of the required inventory for what Denver would need to have a balanced market.•The market is most heavily favoring a seller’s market in the $200-$399K range where Denver only has 7.3% of the required inventory.
If you've been on the fence about selling, NOW is the time to take advantage of this market.
Call, text or email me for a complimentary market analysis of your home.
Denver Colorado Realtor - Shae Bordewick. As an experienced real estate agent and a certified negotiation expert, I help buyers and sellers achieve the best price and terms possible. I work throughout the Denver Metro area, but I specialize where I call home, Littleton Colorado. Feel free to call me for a complimentary marketing consultation and let me show you how I can maximize your return on your real estate investment. Shae Bordewick 720-837-191 or email me at email@example.com
As a Full Time real estate agent for the past 23 years, Sheryll has helped hundreds of home owners in Colorado buy and sell their homes. Sheryll's easy going, no pressure style and her in depth knowl....
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