As the neighborhoods in close proximity to Denver are becoming more crowded and pricey, would-be buyers are flocking further from the city to check out up and coming areas where prices may be a
November Sees Higher Home Prices Lower Inventory In Denver
It’s a bit of a double-edged sword in Denver for sellers. If you’re headed elsewhere, now is a great time to sell, but if you’re looking to relocate within the Denver metro area, depending on your budget, it may be tough to find a new property. According to recent data from the Denver Metro Association of Realtors (DMAR), average home prices in metro Denver increased 8.31 percent year-over-year in November to $443,848.
The figure above includes both single family homes and condos. Single-family homes alone averaged a $479,192 sale price. To add to the challenges of higher home prices, housing options are decreasing at record rates as well. In fact, November set a record-low inventory with 5,131 active listings, according to data from DMAR.
The demand for new homes in the Denver area exceeds 16,000 units, according to the data from DMAR. New construction in 2018 is estimated at 13,000 units.
What do we need to help the problem? The first thing, clearly, is to get more houses. DMAR says to ease inventory we need homebuilders to deliver more homes. Secondly, we need a slower pace of people migrating to our state, which doesn’t seem to be happening anytime soon. The lack of inventory and increased demand represents the continuing problems of affordable housing in Denver.
While options are limited, there are still some good deals to be found in Denver. That is if you know where to look. If you’re thinking of buying in this hot market, contact Metrowest – we’d love to show you around.
Raymond Gonzales is real estate broker with Mertowest Real Estate Services, a Colorado based real estate brokerage serving the Denver metro area. Raymond is a Colorado native, born and raised in Arvad....
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