As Denver residents know all too well, the Mile High City is experiencing growth and expansion like we’ve never seen before. If you’re considering jumping into homeownership, according to
Denver Home Prices Up Inventory Down
A recent article in the Denver Business Journal reported that average home prices in metro Denver continued to increase in October, jumping 9.96 percent year-over-year on average. This data comes from the latest findings from the Denver Metro Association of Realtors.
According to DMAR, that increase brought the average price of a home in metro Denver, including both detached single-family houses and attached condos and townhomes, to $398,588 in October. The median price increased 12.9 percent to $350,000.
Other highlights from DMAR’s analysis include:
Active listings on the market fell by 5.9 percent year-over-year to 6,731, reversing a small uptick in inventory last month.
Historic average for active listings in October from 1985 to 2015 is 16,615, according to DMAR, with a record high occurring in October 2006 with 29,772.
October 2016's number of active listings is now a record low for the month of October historically.
With fewer homes to choose from, the number of homes sold in October dropped 11.4 percent from the same time last year.
As inventory decreases, demand for housing in the Denver metro area is causing home prices to increase. For detached homes, the average price increased by 9.2 percent year-over-year to $440,184, while active listings fell by 9.1 percent from last year to 5,241 in October, according to DMAR.
As for attached homes, their prices increased by 11.8 percent on average to $293,678 while active listings climbed 7.2 percent to 1,490. Condo and townhome inventory has been on the rise all year; however, most available units are mainly concentrated in higher price points.
With such a tight housing market, many buyers are considering distressed properties (bank-owned, short sales or foreclosures) to increase their options. The pros at Metrowest specialize in these types of sales – give us a shout today, we’d be happy to show you around!
Ken Blevins, Chief Executive Officer of Metrowest Real Estate Services, is a veteran in mortgage and default servicing with more than 23 years of experience in collections, foreclosure/bankruptcy, los....
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