BLISTERING SUMMER START TO DENVER METRO REAL ESTATE
June 16, 2021 | CHR WEEKLY
Many Denver metro homeowners are confused or frustrated by market conditions, asking the same questions with an increased sense of urgency.
It has to be a bubble…this time, right? Will I miss out on incredibly low interest rates? Will I miss market appreciation? Should I move my family to the right long-term home, now?
But, isn’t moving too hard right now? How will I find the right home? What are the chances I lose money?
While we may all be asking similar questions, we also have a slightly different relationship with these market conditions.
Don’t let a lack of conversation stop you from making an informed decision.
Inventory has finally increased to over 3,000 homes and more than 75% of homes are selling for over asking price.
The average sold price of a detached single-family residence hit an all-time high of $730,555 last week. One year ago, the average weekly sold price was $541,200.
The number of homes under contract hit an all-time record at 1,660 for the week and 27,682 for the year. This is up 9.78% over the 2017-2019 average.
This speed of market is fueled by more than 30,000 showings a week for the 16th time this year where Denver metro has never experienced 30,000 showings in a week prior to 2021.
With projections of an expected population increase of 2.5 million people to the Colorado market over the next 25 years, Denver remains one of the country’s front runners for long term real estate market stability.
If you are interested in capitalizing on interest rates and moving in this market, let’s explore what it would take for you. It might be a simpler, and easier path than you think.
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