Here's a look at the latest Colorado real estate news.
Market cool off?
A report from the Denver Metro Association of Realtors said the Denver housing market might be "cooling off." The number of active listings in June was up 10 percent from the previous month (but still less than this time last year.) Plus, sellers aren't seeing as many offers above list price, especially for homes between $150,000 and $350,000, the most in-demand segment. Some experts think record-high home prices might be discouraging would-be homebuyers from entering the market or eliminating some people all together. Others aren't convinced the Denver real estate market is actually slowing down.
Leading the pack
Denver is leading the nation in several real estate categories--rising home prices, lowest amount of inventory, and now add another to the list: fewest days homes stay on the market. Fifty percent of all the new homes that hit the market sell in in six days or less, which is the fastest in the country.
Rents on the rise
According to the Apartment Association of Metro Denver, home prices aren't the only thing on the rise; in the second quarter, rents jumped by 13 percent since last year to $1,265 per month across the Denver metro area. Vacancy rates also dropped slightly to 4.5 percent. Increasing rents and low vacancy can be attributed to the continued population growth in metro Denver. Despite the development of new rental properties, demand seems to be keeping up.
An investor's paradise
Dallas-based HomeVestors of America Inc., the company known for its "We Buy Ugly Houses" slogan, ranked Denver at the top of its list for residential real estate investing. Over the past few years, investors have been able to find real estate bargains they could turn into rentals, but that period is winding down. However, you don't necessarily need a bargain to make it to be a good investment in a market with low vacancy, increasing rental demand and steady population growth.
Buying a home in metro Denver may be a bit more challenging these days, but it is still possible to find your dream home with the right support. It's never been more important to have an experienced, locally-focused real estate agent to help you through the process. If you want to buy or sell a home in Colorado, contact us to learn more about how we can help.