Are you looking to get into the Denver housing market? You’re not the only one. In an ultra-competitive market such as ours, a mortgage broker like myself can help you gain the advantage you need.
The Denver real estate market continued its red-hot ways last month and there is no sign of a slow-down in sight.
Per an article on Westword, an increasing number of people are flocking to the Denver area and buying homes. These people are all competing for the market’s supply, resulting in several bidding wars and plenty sold-above-asking deals. In fact, the article notes that demand is currently so high that agents are now putting “coming soon” signs on front lawns before the “for sale” signs go up.
In March 2017 in particular, the number of homes sold in the Denver area increased by 36% from the previous month for a total of 4,347 units. Additionally, the average selling price for a home jumped by 6% to $425,607.
Entering the Spring market, it’s not a surprise that we are seeing solid increases month-over-month. As we get into the summer months, it’s expected that these numbers will only grow.
An article on BizJournals notes that with so few homes decreasing in value and a limited number of homeowners struggling with their mortgage, the city of Denver is currently one of the healthiest markets in the United States. To put this into perspective, think about this; the national average for homes that were decreasing in value was 12.5% while Denver’s average was a mere 3.1%.
Active inventory in March 2017 increased from February 2017, with 4,921 units on the market. This was a month-over-month increase of 26%. Homes are also beginning to sell at a quicker rate, as the average number of days that a home spent on the market dropped by nearly 10% from the previous month for an average of 39 days.
So, what can we expect to see in 2017 in the Denver housing market?
Experts are predicting a record-breaking year as March experienced great increases in several key categories, including average price, sales volume, and listings. Additionally, we can expect to see more buyers turn to new-construction homes in an effort to avoid bidding wars and having to pay an outrageous amount for a current home.
Are you looking at buying or selling a home in the Denver area? Contact me today, your trusted mortgage broker, and let me help you get the advantage you need and deserve!