Denver Housing Market Update February 2021
The Denver housing market this February was extraordinary, and the trend will continue for a while.
The inventory is low. No. It is extremely low.
That isn’t the story.
In February we put over 4200 homes on the market and over 4400 went under contract. Those numbers are on trend for months with 4,000 plus active homes on the market and in February we had a record low 2,316. That is half of what we had last year at the same time. The buyers are buying everything that seems to be priced right and they are pushing up the prices because there are not enough homes for the number of buyers that are in the market.
That’s it. That is the whole story.
How can anyone afford the homes right now? Houses cost so much in Denver! That is the question I am asked over and over.
The short answer is the interest rates are so low.
The longer answer is that it is more affordable to buy a home now than it has ever been in our country. It is more affordable because of 1. Interest rates and 2. Wages.
It is more affordable to buy a house now than it was when we were coming out of the Housing bubble, again, because if interest rates and wages.
When is the Denver housing market going to burst like last time?
It isn’t. buyers are putting more money down on a home than they ever have. AND more people own their home outright than ever before. We don’t have the low loan to value ratios we had.
When is the Denver housing market going to slow down?
It isn’t until the interest rate go up (over 4%) BUT only if we have more inventory.
On average, we had 159 homes go under contract every day of February. If you want to buy or sell your house, let me know so we can make a plan. You don’t win in a bidding war without a plan and you don’t get top dollar without a plan. I’m winning in bidding wars, last month we beat a CASH offer. Everyone is getting over the asking price but was it the highest price? I can confidently say I am breaking records with my marketing plans.
The Denver Housing Market this February was just the beginning of our spring market.
Message me so we can get YOU prepared.