Today, I wanted to give you a quick update on the Denver real estate market as we head into the spring season. What a market we have here in Denver! We had a great year in 2015, and it’s continuing in 2016. We are one of the hottest markets in the country, and Denver is rated as the number one place to live in the country. This is a rating by U.S. New and World Report. Check out the Article!
Right now, we have about 4,000 homes on the market in all of the Denver metro. That’s not very many homes to choose from in 7 counties. Because the supply is down, home prices are continuing to increase. We are up another 7% in average home prices from this time last year, putting us at an average of $406,000 for single-family homes. Those homes are selling in an average of 41 days.
As for our condo market, we are seeing even a bigger jump in price. We are up 16% in average condo sale prices, giving us an average of $279,000.
This market isn’t only set up for sellers to cash in. Interest rates are still historically low, which is continuing to drive buyer demand not only in Denver but all across the country. Don’t let these rates slip by. It’s not going to be easy to get your perfect home, but we have great strategies in place for whatever your situation is. We would love to help you through the process.
If you have any questions for us or are thinking about buying or selling in Denver, give us a call or send us an email. We would love to hear from you!