REAL ESTATE NEWS for Metro Denver: December 2012
Starting in March residential homes prices began leaping upward and have not stopped since. In September, something happened that has not occurred since 2007.
For the first time in five years the average price of a metro Denver home exceeded the prices we hit at the top of the market back in 2007!
This is a stunning comeback for our market which is typically the Housing cycle is a 7 year cycle. So looks like we are in the beginning of the upward swing of the 7 year cycle!
The metro Denver real estate market continues its incredible recovery, leaving our downturn a distant memory. Consider these facts:
· The inventory of homes for sale is down 30% in the past 12 months.
· The number of sold homes is up 11% in the past 12 months.
· The average Days on Market is down 34% in the past 12 months.
· The average price of a home is up 13% in the past 12 months.
The condo market is extremely strong right now. In 2011 the average price of a condo in metro Denver went up 16%. Incredibly, prices are up another 18% so far in 2012. The inventory of condos for sale is at a record low of 2.4 Months of Inventory (MOI) where a balanced market would have 6 MOI. It appears that prices will continue to rise. So, if you are serious about purchasing a condo or a home it might be a good time to get serious. The longer you wait the more you will pay and the less you will get, as well as potentially paying a higher interest rate.
For more information call Denise Wambsganss – Realtor – Your Castle Real Estate
303-880-8771 firstname.lastname@example.org Feel free to call for a free Market Analysis of your home.