The Blog ofThe Campbell Home Team

Metro Denver’s Housing Supply is Five Times Less than the National Averag

How is the market everyone asks… well, it all depends on how you look at it…

“May 2015 registered 7,054 new listings – mostly unchanged from the previous month, but 4 percent less than May 2014. As Denver-area’s housing inventory was replenished by an abundance of new properties, 5,877 homes were placed under contract and 4,913 sold and closed. The month of May ended with 5,657 active listings – which is 13 percent more than the previous month, but still 24 percent less year over year.

Home prices continue to rise and buyer demand continues to be very strong. Month-over-month, the average sold price and median sold price for homes inched up. Single-family homes experienced a 4 percent increase to $420,630 and 2.6 percent increase to $359,000 respectively. The condo market also showed an uptick with a 2.5 percent increase in the average sold price to $262,859 and a 5 percent increase in the median price to $216,000.”

What does all that mean? Sellers are listening and more listings are coming. Unfortunately they are not keeping up with the demand of buyers in our market and the new buyers moving here from other states chasing the exploding job growth. That demand is keeping prices high and competition fierce for almost every new listing that hits the market.

If you are thinking of selling plan to leave your home for the weekend you list because it will be a revolving door of buyers in and out and be prepared for many offers to choose from. If you are buying, be prepared to put your very best offer forward and compete with other buyers who want the same home that you want. There are many techniques to use when writing your best offer so that you can be in top of consideration once you are ready to buy.

It might take patience to find a new home and win it, but the rewards are HUGE! A new place to call home and an amazing interest rate!