Examining the various indicators for metro Denver real estate, it looks like we’re going to have a big year for sellers in 2013.
Last year ended on a high note, as a Zillow real estate market report showed expected gains of $21.4 billion for metro Denver home values in 2012. The projected gain in value for Denver is 9.7 percent, ahead of the 6 percent the United States as a whole saw over 2011. It looks like we might be finally shaking off the last recession, as the Zillow report noted the nationwide price gain is the first in over five years, and the largest since 2005.
Along with the increase in home values, Denver also saw a strong increase in sales. According to Metrolist, home sales in Denver increased by 18 percent over 2011, and predict that 2013 will see much the same growth as this past year. This increase in home sales contributed to significant increases in average sales price; Metrolist reports a 9 percent increase, while CBS Denver reports an increase of 14.5%. CBS4 also notes that this is an average, as some neighborhoods are reporting sale price increases of over 30%
Also driving this increase in sale prices is a historically low inventory level. A large infusion of highly educated and young people, along with greater business opportunities, have contributed to the Denver metro area having less than a two-month supply of homes.
2013 will be a big year when it comes to real estate in the Denver metro area. Whether you’re looking to buy or sell, you’ll want the best tools for connecting buyers and sellers as you navigate Denver’s real estate market. For more information about metro Denver real estate, please feel free to contact us.