Even though a recent study determined that home affordability in Denver was the second-worst in the country, promising new data shows that buyers who expand into nine different suburbs outside the
Denvers Low Home Inventory Continues To Set Records
According to recent findings from the Denver Metro Association of Realtors (DMAR), January started off the year with a record-low inventory of home for sale in metro Denver — 3,869 listings. Unfortunately, according to DMAR’s chairman Steve Danyliw, these lows will not change until new listings significantly outpace under contracts.
Other highlights from the Denver Market Trends Report include:
Homes under contract in January were almost the same number as new listings. "This means that as fast as listings come on the market, they are placed under contract," Danyliw said.
Homes priced under the $350,000 price mark remain "hyper-competitive."
According to the report, it could "take up to 10 years" for the imbalance of homes needed to correct itself.
While this news may be bleak for potential home buyers if you know where to look there are still some deals to be found in Denver. One of the ways buyers are expanding their housing options is by including distressed properties in their searches. Short sale properties, foreclosures, and real-estate owned housing can often result in lower asking prices and pave a way to break into homeownership in areas with low inventory.
If you think purchasing a distressed property might be a good option for you, give Metrowest a shout. We specialize in these types of sales and would love to work with you!
Andy Potarf is a native of Denver and a graduate of Colorado State University. He works with first time homebuyers needing help getting prequalified all the way up to and including seasoned invest....
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