Current state of the Market
Things are heating up in the pressure cooker that is the Denver real estate market. Unprecedented low inventory has persisted into the summer. As of June 1st, there were only 2,075 houses on the market in Metro Denver, down 71% from last May. The extremely low inventory has driven up the average home price 26% from this time last year.
As you can imagine, some homeowners are ecstatic to sell their homes and cash out. Others are reluctant to sell their homes because they are concerned that they may not be able to find a replacement property. Many are content to stay put, having seen an average equity increase of $47K since last June (Source: CoreLogic). These higher prices are pushing some buyers out of the market altogether. Will there be a balance correction in the housing market any time soon? Only time will tell. We’d love to talk to you about how we can help you navigate this crazy Colorado real estate market. Contact us any time! Happy Summer!!