Denver’s real estate market is officially on fire. And with the confluence of our housing dearth and historically low interest rates, there’s no sign of a shift on the horizon.
This is all great news for sellers.
For the month of May 2015, the median home price for single-family detached homes in the 11-county metro area continued to rise, increasing 2.57 percent in May 2015 to $359,000. The days a home spends on the market dropped 15.6 percent from April to May 2015, logging an average of 27 days on the market. Active inventory—while still very low—increased 11.5 percent in May 2015 to 4,545 single-family homes. Condos increased 17 percent in the month of May, to 1,112 units. That slight increase in inventory is important, says Rael, who expects this trend continue as the summer progresses. More homes on the market just might take the edge off the current furor. The Denver real estate marker is definitely a seller’s market and Denver’s housing market saw another record-setting month lately with the average residential home selling for $377,550 in June, but realtors say the market may finally be easing up.
The Denver Metro Association of Realtors says for the first time in a while home buyers are starting to go under contract without competing offers and price reductions are beginning to make their way to the market.
But realtors say it is still a very competitive sellers’ market.
It’s been frustrating for buyers right now, especially for those looking for homes priced below $400,000. It’s a price point that remains extremely competitive.
If you are interested in listing your home or property, we invite you to contact the team at DenversAgent today. Call, email or use our online contact form.