The latest market statistics for Denver Homes has been released for January, and once again, the numbers are very positive.
The demand for homes remains high. A close look at the chart below shows that Sold homes have increased 13% year-over-year while homes currently on the market (Active) have only increased 7%. This has resulted in a roughly 2 month supply of homes on the market.
The number of Under Contract homes fell 18% in January compared to last year. This is a figure we will watch closely to see if it is related to a lack of inventory or another cause.
Finally, the number that should really be highlighted here is the Average Sold Price. Prices have climbed 10% from last year. This is great news if you are a current homeowner, but if you have been putting off buying a home, waiting longer can cost you tens of thousands of dollars.
If you are looking at a $200,000 home today and prices continue the current trend, that home will cost you $220,000 next year. Factor in the rising interest rates, and waiting a year could be the worst financial mistake you every make.
Contact our team today to see if buying a home now is right for you: 303-726-1874. There are several grant programs and low down payment programs available in Colorado that can help you get into a home easier than you may think.
You can see our complete February Real Estate Newsletter here.
January Denver Real Estate Market Stats:
|January 2014||Year Ago||Year Ago +/-|
|Single Family (Res + Cond)|
|Avg Sold Price||$302,251||$274,754||10%|
|“Based On Information From Metrolist®, Inc. For The Period January 2013 Through January 2014 Note: This Representation Is Based In Whole Or In Part On Content Supplied By Metrolist®, Inc. Metrolist®, Inc. Does Not Guarantee Nor Is It In Any Way Responsible For Its Accuracy. Content Maintained By Metrolist®, Inc. February Not Reflect All Real Estate Activity In The Market.|