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Every few months we like to take a look at how our local Denver CO real estate market is faring compared to previous months and years. Today, like much of the nation, the Denver area is experiencing a very strong seller’s market and it’s been strong for some time now. As we move into the heart of spring and get closer to summer, when more and more sellers come out of the woodwork, we'll start to see just how active things are these days!
Huge Increase in the Number of Homes Sold
In the first quarter of this year, we reported a total of 8,199 homes sold in the Denver area. In 2012 the total number of homes sold in the same time period was 6,746 – so we saw a huge increase of 25% for 2013!
Inventory At Lowest Level in Years
With interest rates still very low, countless buyers are out there eager to lock in their loans. Homes are being snatched up within the first few hours of being on the market and for the ones that do stay for a bit longer, sellers are receiving multiple offers leading to price wars. Looking at 2012 inventory versus the first quarter in 2013, we've seen a whopping 34% decrease in the number of available homes for sale.
Average Sold Prices On the Rise
Buyers’ increased demand contributes to the continuously rising average sold prices. In fact, when you have multiple offers which lead to price contests, buyers are helping to artificially inflate prices. We saw a 12% increase in average sold price in the general Denver area – a number that is expected to rise more as we move into summer.
For a complete list of our market statistics, click on the links below >>
http://www.scribd.com/doc/138890915/Ryan-Anderson-1st-Qtr-Mls-Comparison
http://www.scribd.com/doc/138890916/Ryan-Anderson-1st-Qtr-Mls-Snapshot
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If you’ve been on the fence about selling – it could not be a better time to go for it! Buyers are pulling out all the stops and working hard to win their bid. They are also throwing in extra perks to the sellers such as waiving contingencies, added flexibility on closing and possession dates or higher earnest deposit amounts.
Contact me today for a customized look at your home; I’ll share with you exactly what you can expect to receive for your home in today’s Denver CO real estate market.
