The Denver Metro 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 are down 34% in the past 12 months.
- The average price of a home is up 13% in the past 12 months.
Let’s take a look at historical home prices to highlight the turnaround. The graphic shows metro Denver residential home prices by month for the past seven years. Look specifically at the line for 2012. What you see is a stunning rise in prices starting in February of this year and continuing through today.
Starting in March 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 leading the nation in a number of factors. Please give me a call if you want to discuss how you can take advantage of this market!