Is it the Right Time to Sell in the Denver Real Estate Market? (prices are rising!)
If you ask 10 people in Denver, you’ll get 10 opinions on selling your home.
But hard data on the Denver real estate market makes a strong case for selling your home.
The 3 trends encouraging Denver homeowners to sell are:
- Rising prices of Denver homes
- Low supply of Denver homes
- Houses in Denver are selling quickly
Single Family Home Prices Rose Again This Year In the Denver Real Estate Market
Comparing December 2015 to December 2016, the median home price has increased by $27,250 (7.79% increase in the last year.)
And if you’ve been holding your Denver property since April 2010, the median home price has increased by $164,800 (77.57%).
Because of this 77.57% increase in home prices, many are choosing to sell their home.
Historically Low Supply of Denver Homes
When something is scarce, people want it more. And they will pay more for it. The historically low supply of Denver homes is causing many people to sell their homes.
Compared to December 2015, December 2016 had even fewer homes on the market. There were 212 fewer single families on the market (down 27.71%) from the previous year.
The long term pressure of fewer and fewer single-family Denver homes is pushing homeowners to sell their home before supplies start to rise again.
Denver Real Estate Market Is Selling Quickly
In December 2016, homes sold as fast as they came on the market. Since many of these sales close within 30 days, Denver homeowners are wanting to sell their homes.
Based on current rates of home buying, Denver could run out of inventory within a month – if no homes were listed for sale.
Compared to 2015, December 2016 home sales are roughly constant (down 0.4% from last year).
Since 2010 home sales have remained strong – and December 2016 continued that trend.
Good luck deciding to sell your home. Please feel free to reach out to us about selling your home.
FYI – BlueMatch can help you sell your home – commission free – saving the average Denver homeowner $11,318. Click here to learn how we’ll save you time and money with our efficient and friendly selling process.