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Today I have a real estate market update for you. Whether you’re planning on buying or selling, you should find some value in this market.
We’re currently seeing a strong seller’s market. Demand is very high, and we could see record sales this year. Inventory is also very low, and we have only 6,100 homes available in all of Denver. In 2006, there were over 18,000 homes available before the market crashed.
How is this affecting prices? Our average sale price is $400,000 right now, but in June we saw that number reach an all-time high of $417,000. The average days on market is also sitting right at 30 days, so homes are still selling very quickly.
Now, while the market is looking good for sellers, interest rates are looking very nice for home buyers. Rates are currently hovering right around 4%, and I don’t see rates falling much lower than that. Although we’re in a seller’s market, these rates will boost your affordability and even out the playing field for you. You just need to know that homes are selling quickly, so you need to be ready to make strong offers when you see homes that you like.
Thanks for watching today! If you have any questions or concerns about this issue, or if you have any questions or suggestions about future video topics, please don’t hesitate to contact me!