The inventory in Denver is the lowest since 2000 and nearly 28% below this time last year. That hasn’t translated into higher prices yet for a few reasons.
I’ve been working with a family relocating from the mid-west for several months. We look at a few properties whenever they make it to Denver for a visit.
There haven’t been many great matches for their specific needs (picture a giant playset.) This week, we’ve narrowed it down to three really good possibilities, with a fourth thrown in for good measure.
Here’s what we found out this afternoon as we’re deciding which one to make an offer on:
The lower price point homes are selling in higher numbers, making it look like prices are down. And if prices were going to be down, this low inventory has helped keep a floor under any further decline.
This will be a telling time. I predict that we will begin to see slowly rising prices next year. I recently received multiple offers on a Washington Park bungalow and it closed less than 7 weeks after going on the market.
BUT! Sellers still need to very clearly hear what “the market” is telling them. There are properties that have languished on the market for months and months. Only once the price has been adjusted “to the market” will the seller receive offers.
If you’re thinking about putting your house on the market, do it soon. Don’t wait. Buyers in Denver need fresh meat!
Search for your new home on Gretchen Rosenberg’s web site: www.GretchenRosenberg.com.