Denver Real Estate Market Statistics for October 2016
We had the largest drop in inventory in 30 years – 11.4%. We have 6,731 homes for sale. An average October would be around the 16,000 range of homes for sale.
Denver normally sees a drop in inventory this time of year. Sales tend to slow because inventory is low not because people don’t want to buy. Most years we also see a slight drop in prices.
If there ever was the perfect storm to sell, it is now. The weather is fantastic, there isn’t much competition and interest rates are low. What do interest rates have to do with you, the seller? They have everything to do with you. While the rates continue to stay low, you have a larger pool of buyers!
We are seeing rental prices drop in some neighborhoods. This is due to the amount of available new apartments. If you have a rental property in or near Golden Triangle and Washington Park, you’ll see the impact over the next year as the high-rise apartments are complete. Downtown has been experiencing a slower or no increase in rents over the past year.
Some homes are taking a little longer to sell. We will be seeing more open houses and fewer frantic decisions.
Don’t fall into the trap, that the house didn’t sell in a day so there must be something wrong with it.
Denver builders and developers have flooded the City for the past year with building permits. The city continues to try to keep up but the requests continue to outpace the city’s resources so they continue to be behind. We are seeing many developments finish in the next month that were scheduled to finish in the summer. This is partly due to lack of labor on the building side and on the inspection and permit side from the city.
It continues to be an exciting Denver real estate market. Remember real estate is local, each neighborhood is experiencing different influences. If you want to know what is happening in your neighborhood, or maybe you have your eye on a neighborhood that you would like to move to, let me know and let’s take a look and see what is happening there.
Let me know how I can help you or a friend with any real estate needs.