Denver Real Estate Statistics – May, 2018
THE HOT DENVER MARKET CONTINUES
It seems as though the same story remains for Denver real estate – house prices are rising, and homes are selling quicker. It’s definitely a fast-paced culture when it comes to buying a home here in the metro area, and if you’re feeling nervous or overwhelmed and need an experienced Broker to guide you, I’d love to chat with you to calm any fears you may have. And if you are a Seller thinking that putting your house on the market will be an easy road ahead, my role as your representative is still important! DMAR reports that a home’s list price needs to be strategic – overpriced homes are sitting on the market longer, resulting in Buyers assuming there is something wrong with it. Make sure you find that sweet spot for your list price before your home hits the market! I can run reports to show you comps in your neighborhood, and I can make sure your property gets the attention it deserves as soon as you list.
To recap what has been happening this past month, home prices are UP. While more homes have been hitting the market (which traditionally happens in the spring season), they are being snatched up quickly and for higher prices – for both condos and single family homes, the average days on the market is down to just 20, and the average sold price is up 4% from last month. These are the signs of a Seller’s market – Denver is still low on inventory for the amount of people moving here, and our real estate market continues to feel the effects. Many brokers strategize and list properties on Thursday, with Open Houses or showings over the weekend, and in many cases, these homes are gone by the beginning of the week. It takes a strong offer and knowledge of what is out there to submit the best offer, so if you are thinking of entering this market to invest in your piece of Denver real estate, contact me and I can help you gain that competitive edge to have the Seller accept your offer! Negotiation and strategy are KEY in this market, and I use these tactics along with my years of experience and knowledge to help my Buyers get the home of their dreams.
Worried it’s not the right time to enter the market? Studies show that Denver is still a great place to invest! Our city is a top 10 market to invest in, says CBRE, and more people continue to move here, so the bubble is still far from bursting. Our city’s population continues to grow at about 1.77 percent per year, which is even faster than Seattle – another hot market right now! With this population growth, demand for homes will continue, and having a piece of Denver real estate will allow your investment to grow over the years. So don’t be fearful of entering the market – there is still a lot to gain! Especially if Amazon’s headquarters come to our city – studies show that if they choose Denver, rent will increase almost 6%! That is on top of the estimated rent rise of 3.6% even without Amazon moving here. This proves that there is still a healthy amount of growth and people moving here.
If these numbers make you nervous or you may be intimidated by what is going on, I’m here to talk you through it all! Even if you don’t know if now is the time to buy or sell, I’m available to chat to keep you informed of the market and what is going on. Feel free to reach out to me – I am always available!