Denver Housing Trends

I recently wrote a post about building a new home vs. buying an existing one. Another reason to consider that as an option is the current Denver housing trend.

Denver Housing Trends

The first few months of 2016 have been a bit of a roller coaster ride for the real estate market. This has resulted in wild swings in the number of houses sold.  At the beginning of May the percentage of houses sold was 39%. This is up from 2% at the beginning of April. This massive dynamic is what we’ve seen since December.  Demand is strong, but there is a limited number of homes on the market to place under contract.  This is a great market to hire an architect to design the house you’ve always wanted.

Denver Housing Timelines

Interestingly, the typical duration it takes from the offer of a contract through closing is around 45 days.  This is about 5-10 days longer than last year.  This shows that sellers are taking a bit longer to make sure the sale is right.  Also, the Denver MLS shows that there are more homes (and condos) under contract than are available for sale, or that sold last month. This makes for some odd reports as the under contracts make it to the closing table.

Denver Housing Costs

Denver housing trendsAs we move in to the summer months average home prices are up.  The average home price is up around $450,000-500,000. And the value of homes in the Denver area are up as well. It’s hard to tell at this point if the sales volumes will hit or even exceed those of last year.  In order for that to happen, more inventory will need to become available which is expected to happen in the next 30 days. Traditionally, the housing market loosens-up in mid-June and into early July.

I love to hear your thoughts. If you are looking to purchase a house what are you seeing?  Being told by real estate agents and home owners?

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