Inventory remains low and demand remains high. This translates into prices going up and creates opportunities for sellers. Of course, it can be frustrating for buyers; however, if everyone understands the market, then one can create win/win scenarios. At Alaris Properties, LLC, that is always our goal. We live by the expression, “Knowledge is Key.” Of course, that is true with most things in life and it is especially true in a dynamic real estate market.
Inventory in Denver and the Mountain Metro areas is down by a little more than 50 percent. As a result, we see prices rising and buyers getting more aggressive to get the property they want. Moreover, as we reported earlier, the Colorado economy is quite strong, among the top in the nation. When the economy is strong and unemployment is low, we expect to see lots of homebuyers purchasing homes.
The news is spreading about the increased prices and some sellers have jumped on board. Typically, as more homes come onto the market, prices tend to level off. That has not yet happened in the Denver Metro region. With the combination of low inventory and a strong economy, buyers have been right there to keep demand strong and prices rising.
Those considering selling have found themselves in a difficult situation if selling their property is contingent on buying another. This pushes us toward a much needed paradigm shift in the market where fear of not finding a home needs to subside.
Here is a peek at some June stats in Denver Metro and Mountain Metro areas: June 2013 we saw approximately 14,300 listings, while June 2014 came in around 5,600. Our average sales price for the same area went from $307,661 in June 2013 to $330,801 this June. These numbers demonstrate a clear indication of the current real estate climate.
At Alaris Properties, we understand that keeping our finger on the market’s pulse gives us an advantage when negotiating for our clients. We are putting the finishing touches on a mid-year report to keep track of these key trends that mold our marketplace. We would be happy to email you a copy of the report as soon as it is complete. For a copy or more information about real estate news, email us at firstname.lastname@example.org. We are always happy to answer questions that you may have.
By Jon Terry, CMAS, JD©
Published in Canyon Courier 2014