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Real Estate Marketplace | Colorado is a buyers market!

Denver Skyline

This is a great buyer’s market in Denver and surrounding metro regions with plenty of homes on the market to choose from. If you are the market to purchase a home in the Denver metro market now is an excellent time. Prices are rising, but slow right now. The median price for a single-family home in May was $251,155. In June it had risen 4.72% to $263,000. Last year this time the median price was $261,750 for a 4.78% rise in 2007. The average for June was $304,055. A big factor in rising prices is the high number of high-priced luxury homes selling for 900k and up. In this market sector we have been on a steady incline. Basically what this means to a buyer is housing values are rising but at a much slower pace then in past markets.

* Average days on market for single-family homes have dropped to 94 in June from a high of 125 in February. This varies in different parts of the metro area. As has been true throughout Denver’s slower market, good homes, locations and conditions are being purchased quickly. While overpriced homes and homes in need of repair still sit on the market for longer periods of time. Days on market for condos are higher, showing the difficulty of selling condos in a buyer’s market.

Sellers were more realistic in June in terms of list price. One factor is maybe agents are more able to convince sellers to list their homes closer to market value than they had been in past months. While growth during the first half of the year is lower than in the past, the strength in the mining, health care, natural resources, and tourism sectors may make improvements possible in the future. A cloud over the economy continues to be the low number of new housing starts leading to a lessening number of jobs in the construction sector. There fore these factors continue to add up to a strong buyers market which may have the potential to change in the near future.

Tom Reed and Bill Brown are local authors and real estate experts of Legacy Real Estate Brokers Inc. in Denver Colorado. You can visit their website at www.discovercoloradorealestate.com.

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