We’ve been talking about the rising prices of Denver homes and the decline in the number of Denver short sales and foreclosures for over a year. Today, another report shows that the trend of rising prices is continuing.
From the Denver Business Journal:
Home prices in metro Denver rose during July from a year earlier, marking the seventh consecutive month for a year-over-year increase, according to the S&P/Case-Shiller Home Prices Index released Tuesday.
Denver-area prices were up 5.4 percent, while a composite index of 20 cities showed a year-over-year increase of just 1.2 percent. Home prices appreciated the most in Phoenix, with a 16.6 percent increase since July 2011.
Much of these rising prices is due to the increased demand and the resulting low inventory of Denver homes. The inventory of available Denver homes, including Denver foreclosures and Denver short sales, has decreased rapidly and we have moved from a strong Buyers’ market to a market where Sellers’ dominate.
If you are considering listing your home, give our team a call. We can educate you on the market and show you how to get top dollar in today’s market: 303-726-1874.