If you live in the Metro Denver area and have been thinking about selling your home, now is your moment. There are a few statistics that reveal a lot about the condition of the real estate market, and they are telling us that the Denver Metro area is experiencing an unprecedented sellers’ market.
According to the S&P/Case-Shiller index, which analyzes home prices in 20 U.S. cities chosen to represent the nine U.S. Census divisions, Denver has the fastest annual gain at 10 percent. Denver is one of only two housing markets (along with Dallas) that have surpassed the housing boom era peaks. And, Denver and San Francisco had the highest year-over-year gains.
The Denver housing market is very competitive with sellers receiving dozens of bids in just a matter of days. As the rest of the country is beginning to see home price growth slow down, Denver didn’t get the memo. Colorado Springs also is an exception to the trend with prices rising at an 11 percent annual rate, up from four percent last year. All this growth is being driven by job gains and population increases that are twice as high as the national average.
Still not convinced? Here are four more reasons why you should consider selling your Colorado home.
It’ll be quick.
For the past three months, the average number of days a home sat on was just 31. Denver has just about a month’s supply of homes on the market, drastically accelerating a process that typically takes several months.
There’s not a lot of competition.
Within a 15-mile radius of downtown Denver, the average inventory of homes over the past three months was 2,994 metro wide. Last week, the total number of homes on the market was only 2,899. To give those numbers some context, the population of Metro Denver is nearly 2.7 million.
You’ll probably walk away with more than you expected.
Homes priced below $400,000 are in the highest demand, usually generating multiple offers and sometimes causing bidding wars. Right now, the average sale price in Denver is $396,662--$227 per square foot.
We don't know what the future holds.
It is unknown how the low oil prices will affect Colorado's economy. Energy companies are cutting back on drilling and hiring, but economists have said it’s too early to predict the impact.
Worried about finding your next home in such a tight housing market? Our agents can help with that, too. Contact us to learn more.