November Sees Higher Home Prices Lower Inventory In Denver

Dated: 12/11/2017

Views: 249

Image title

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.


DMAR's report includes Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson, and Park counties.


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.

Blog author image

Raymond E. Gonzales

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....

Latest Blog Posts

Want To Live On The Sunny Side Of Denver

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

Read More

Denver Market Spring Highlights

The most recent data from the Denver Metro Association of Realtors (DMAR) shows the spring selling season is off to a strong start in Denver, with sellers going for top dollar and buyers

Read More

Best Denver Neighborhoods For First Time Home Buyers

With low inventory and high home prices in Denver, first-time buyers are often overwhelmed with how quickly homes sell and discouraged with the lack of options for their first starter house. It’s

Read More

Overland Exploring Denvers Very First Neighborhood

Once run down and somewhat undesirable, Overland, Denver’s very first settlement, is now in the midst of an overhaul as once-empty storefronts along South Broadway fill out with a variety of

Read More