The ten 2013 real estate trends we asked you to watch at the beginning of last year proved themselves true.
1. Rising home prices
2. Rising rent
3. Fewer foreclosure bargains
4. More short sales
5. More first-time home buyers
6. Higher home construction costs
7. Property management boom
8. Rising mortgage interest rates
9. Easier credit standards
10. Two-tiered home-building industry
Colorado saw four straight quarters of improving year over year statistics on home sales, more new listings, fewer days on the market, and an increase in median sales prices.
In May, metro Denver home prices hit an all-time high, topping a level set in 2006.
Meanwhile, job growth in metro Denver coupled with a low number of resale residential homes on the market fueled a significant increase in the number of new home starts.
At the same time, Colorado foreclosure rates – which once were among the highest in the nation – fell sharply in 2013.
Denver’s real estate market is seeing a boom as the vibrancy of city life and the relative affordability of the Mile High City are drawing more people here.
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