Many clients are asking me what trends we are seeing in the #Denver Real Estate Market. My crystal ball doesn’t work well, but I can report what we are seeing.
Right now it’s a very, very strong seller’s market. A lot of homes are receiving multiple bids the first day on the market. We don’t have enough homes on the market. However, the inventory of available homes seems to be climbing, but still far below a normal market.
A normal real estate market in the #Denver metro area is 20,000 – 23,000 units (homes or condos/townhomes). We went up to 30,000 – 32,000 units around 2007.
We dropped down to below 8,000 units earlier this year (2013), but now we’re back to around 10,000 units.
As more homes come on the market (because rising prices allow those who were previously “under water” in their mortgages to now sell), the supply vs demand ratio should continue to move towards a more traditional balance. But I don’t know how long that might still take.
Plus as we head into the fall, there are less buyers available because the rush to get into a home before school starts is over. So we might see more homes on the market and less buyer demand which will slow down the rapid rise in price appreciation.
If you are looking to take advantage of this buying opportunity, interest rates are still low, but they have risen about 1% in the last 2 months. Search for the perfect Denver/Centennial home here.
If you need a private consultation on your particular real estate situation, call me (Vickie Hall) at 303-944-1153 or email me.