Ready to Make Your Move?
In a recent post, we discussed how this will be a big year for the seller in the Denver real estate market. Since then, we’ve seen some additional numbers to expand on that; indeed, with the low amounts of inventory and quick turnaround, using Buy and Sell Denver Homes for your metro Denver real estate search is going to seem all but necessary.
Consider this anecdotal evidence we saw in a recent Denver Business Journal:
“One week before Christmas [which is typically a slow time], I saw a property on the market for under $250,000 that had multiple offers on it and people were overbidding to get it.”
Various estimates put the area’s vacant home supply somewhere between two and three months. Whether this is a low number or not is tough to tell on its own, but when you compare it to the national average of 5.7 months, that’s where the true picture becomes clear that the Denver housing market is very tight right now.
Also consider the numbers released by Realtor.com late January; in December of 2012, the “Median Age of Inventory” was just 54 days, down 20% from a year ago, and well below half the national average of 111 days. That means it takes a scant 54 days, on average, for a house to be snapped up off the market once it is first listed. This is hardly any time at all in the real estate business; only three California cities have faster turnarounds. That’s right; once you leave California, Denver has the lowest median age of inventory in the country.
The Realtor.com numbers also show us that the median list price for homes in the Denver area have gone up 6% over last year, while the total number of listings have decreased by 22% from 2011. Basically this tells us what we already suspected: There are fewer homes for sale, and asking prices are going up. This is not the market to expect your lowball bid to be accepted.
It’s an exciting time for metro Denver real estate, and you’re going to want the best helping you with your decision to buy or sell in this market. That’s us (just in case that wasn’t clear), so please, feel free to contact us.