Denver Home Prices On The Rise But Inventory Decreases

Denver Home Prices On The Rise But Inventory Decreases

Great news if you’re thinking of listing your home on the market – here in Denver we’re seeing average home sale prices on the rise and inventory is dropping. If you’re a home owner thinking of pulling the trigger and getting your home on the market, now may just be the perfect time.

According to Zillow, one of the leading online real estate inventory databases, the number of homes for sale dropped in metro Denver for the fifth consecutive month in April, falling 17.5 percent from April 2013. We’re just one of 21 metro markets across the nation where inventories dropped, according to Zillow.

Coupled with a declining inventory are rising home prices. According to Zillow spokespersons, home values rose 7.4 percent over the same period, compared with a national increase of 5.3 percent.

While the inventory numbers continue to dwindle, Zillow's Home Value Forecast shows prices rising another one percent in the next 12 months, which is also good news for sellers.

The Zillow Home Value Index, which is essentially the midpoint of estimated home values for a particular area, for metro Denver was and impressive $248,000 in April, compared with $170,200 nationally.

Home values were $257,900 in Denver; $175,000 in Aurora; $249,600 in Lakewood; $213,000 in Thornton; and $220,000 in Westminster.

Zillow chief economist Stan Humphries said in a statement that first-time homebuyers are ready to buy, but they can't because of the lack of homes for sale in their price range. "This shortage of inventory is driven by a couple of factors, most notably by stubbornly high negative equity, particularly at the lower end of the market," he said.

Another effect of the inventory shortage includes rents on the rise. Rents skyrocketed in the Denver area during the year, posting a 6.8 percent increase to $1,673 while national rents increased 2.3 percent in the 12-month period to $1,311.


Ken Blevins Headshot
Author:
Phone: 720-255-7242
Dated: June 2nd 2014
Views: 1,503
About Ken: Ken Blevins, Chief Executive Officer of Metrowest Real Estate Services, is a veteran in mortgage and...

Property Search








RSS Feed

View our latest blog posts in your RSS reader. Click here to access. RSS

Search Blog

Recent Blogs

Hot Neighborhood Alert Athmar Park - It’s been coined as one of the
Home Sales Slow But Prices Continue To Rise - According to a recent report from
Neighborhood Spotlight Morrison - Nestled in the foothills, just a
How Much Home Can You Afford To Buy - Rental prices are consistently

Saved Properties

This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.

Click 'Save' to add a property to this list.

Register / Login

New & returning visitors please enter your information to login.

By clicking 'register' you are agreeing to our terms of use & giving us expressed written consent to contact you.

Questions? Comments? Complaints?

This message will go directly to the head of our team.

Location & Address

Metrowest Real Estate Services
1120 W. 122nd Ave., Suite 300,
Westminster, CO
720-466-7078
303-484-5054