The Denver real estate market was not nearly as scary as other cities’ housing markets in October. Metrolist released its monthly numbers this week, and there were many promising signs that the Denver real estate market is on its way to recovery.
· Decreasing Inventory: Denver-area housing inventory plunged for a third straight month in October to a three-year low. There were 20 percent fewer homes for sale than there was in October of last year. Homeowners, who do not need to sell right now, are simply waiting to put their homes on the market. As we’ve been reporting for months, lower inventory will put pressure on Denver home prices to increase.
· Increasing Sales: Home sales in the Denver real estate market continued to increase last month, rising 11.28 percent to 4,282. While the average Denver home price declined from last year, the increase in home sales is obviously great news that suggests that we may have already hit the bottom.
· Positive Outlook: The Denver real estate market was recently named among Urban Land Institute’s “Top 10 real estate markets to watch next year.” The report, which is based on opinions of nationwide real estate experts, cited the reasons for its optimistic outlook were Denver’s diverse industry base and mass transit system
If you are prospective homebuyer, don’t miss your opportunity to purchase your dream home while the market is recovering. The market is likely to come alive during the spring selling season. If you are a home seller, consider listing your home for sale while the competition is minimal. For more information on the state of the Denver real estate market, please contact TeamCox Realtors at 303-400-6060.
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