One word sums up the local real estate market right now – exciting! If you have recently listed your home, condo, or Denver loft, you are likely excited about the amount of showing activity you’ve seen so far (assuming you aren’t under contract already). If you are a buyer, the idea of home ownership is exciting once again (finally, after how many years?). You are purchasing in a market that has bottomed out and from all signs, appears to be in a full recovery. With rents as high as they are and mortgage rates a rock-bottom lows, it is simply a good time to buy a home for many buyers right now. Although “Exciting” can also mean competing with other buyers for the same property! Don’t worry too much though, there are always new listings hitting the market, you just need to act quickly on them.
For those of you who read the Market Update regularly, you’ve heard the following from me time and time again over the past few months and could tell the story yourself. Inventory remains at lows we haven’t seen in many, many years and sales are increasing at a rapid rate (a 12% increase from 2011). Considering we haven’t hit the high season yet, I believe the inventory of homes will continue to remain flat if not fall as more buyers start shopping for homes in the summer. The average price of single family homes rose 2.2% from the previous year and the price of Denver condos rose 3.5%. At the same time, the average days on market fell over 15% from the same time last year. I believe these trends will continue. Certainly some of the upward move in pricing can be attributed to more higher priced homes selling in the current market, but the fact remains, homes and condos are selling across price points. We are finding it competitive even in the $600K+ range right now! If you are considering selling your home, NOW is the time contact me!
When does the media start reporting about Denver’s robust housing market? The positive news is slowly trickling out and word is getting around. Denver is quickly becoming one of the best housing markets in the nation! Recently Case Schiller ranked Denver the 2nd best metropolitan area for housing, only behind Detroit (values fell so low in Detroit, they had no where to go but up!). Positive employment news has trickled out as well, such as the ManpowerGroup ranking Denver as the 5thbest hiring outlook in the nation.
Denver IS the place to be! And how about Peyton Manning? Denver will find itself in the spotlight because of our new quarterback and the resulting free press and nationally televised football games. This must have some positive impact on our downtown Denver real estate market as well.