Are you considering selling your home in or near Denver, Colorado? Current real estate trends show a market that is increasing in stability and growing in value. According to the Denver Metro Association of Realtor’s report, residential inventory continues to decrease while property values rise. It’s a seller’s market, so if you’re thinking of selling your home, now is a good time.
Single-Family Homes in Denver, Colorado
With an 11.67% decrease in active inventory for single-family homes, the Denver, Colorado region is still a seller’s market. In the past month, the average sales price has gone up by 1.02% to $363,278 – and the year-over-year figures support this growth. As of mid-November 2014, there are 5,437 single-family homes on the market, with the average days on the market at a brief 39. Together, this shows that the Denver market is moving quite quickly, that property values are rising and that the inventory is shrinking.
Condominiums in Denver, Colorado
As with single-family homes, condominium inventory has gone down considerably to 1,311 properties on the market, a 6.42% monthly decrease. The average price has risen by 7.13% to $234,180, and the average days on the market for properties is a mere 32. Month-over-month changes may be partially considered to be seasonal, as the real estate market tends to slow over the winter months – but the year-over-year figures also support growth.
Residential Trends in Denver, Colorado
Year-over-year the real estate inventory in Denver, CO has decreased significantly. In October 2013 there were 9.734 residential listings, both single-family and condominium, compared to October 2014 with a mere 6,748. However, despite this marked decrease in inventory, the amount of properties being sold in the area has remained stable. There were 4,346 properties sold in October 2013, compared to 4,348 properties sold in October 2014. Together, these factors indicate that the each individual property will now be more valuable: supply has decreased while demand has remained steady.
Sales figures support this conclusion: the average sales price has increased significantly year-over-year, revealing a real estate market that is growing in value. In October 2013 the average sales price of a single-family property was recorded by the Denver Metro Association of Realtors as $331,259. As of October 2014, this price had increased to $363.278. Similarly, condominium prices rose from $207,609 in October of 2013 to $234,180 as of October 2014.
Other Market Indicators in Denver, Colorado
Following a rather tumultuous 2013, the market within Denver has evened out. Prices are increasing slowly and the amount of foreclosures and short sales has gone down – which means that the market is no longer being flooded by distressed properties.
This is a positive sign for the market, as stability creates long-term growth rather than short-term volatility. Buyers will be able to purchase with confidence, knowing that their properties will continue to accumulate value. Sellers are no longer competing against a larger inventory of varied properties and are able to garner more consistent appraisals of their property values. Together, these factors combine into a stable, growing market.