Denver Housing Market update September 2021.
We are definitely in a “Retraction Period” and that is about the most normal thing to happen in Denver real estate in 2021. Retraction periods have been happening for the past 10 years, it’s when the prices level off or drop because it is the end of summer.
The market is healthy, we are still on track to have a record year in the Denver Metro Area.
We had another record low inventory month with only 3,582 listings. Our record high was in 2006 with 31,664. The average is 16,243. We had 6,377 homes go under contract.
Our Average price was $614,577. The average price for a single family home was $687,768 compared to July when it was $728,000.
Our average price is up 14.23% from last year and our interest rates are at record lows.
The S&P Case-Shiller Index reported Denver having a 19.6% increase from this time last year.
The eviction moratorium was back on and now it’s off. We may start seeing some of those rental properties come on the market but don’t expect them to be a deal. The deal is in our interest rates.
Sellers and Buyers for the Denver Real Estate Market
If you are a seller wanting to buy…this is the best time to do both. Why? Because it isn’t as frantic as the peak period. Serious buyers are out there who will want to purchase your home, and on the flip side, you won’t be competing with as many buyers on the house your purchase.
There are still serious buyers but not as many from now until after the Superbowl.
If you haven’t refinanced in the past couple of years, it is time to get it done.
I’m seeing parents say, “how can our kids afford a home at these prices?” It’s the interest rates. And, you can buy a house with little or no money down. Don’t worry, that isn’t going to get us in trouble again. Our low inventory and low-interest rates are pushing the prices up.
We keep hearing the interest rates are going to go up. My best guess is that they are not changing until we see our COVID numbers going down. I can’t even guess when that is going to happen.
Where is everyone coming from?
Denver still has people moving here from all over the country. The top cities people are moving from according to LinkedIn are, New York, San Francisco, Chicago, Washington DC, LA, Boston, Miami, Dallas, Houston, and Philadelphia.
Denver Housing Market Predictions
Downtown continues to be slower than the rest of the Metro Area and I think that will pick back up in November as long as our COVID numbers slow down. If the numbers spike, it will keep people from being downtown.
Interest rate will probably go up at the end of this year or beginning of 2022. That will cause some of the neighborhoods and price ranges to flatten out.
Seller’s markets don’t last forever. This one will last a couple more years. Remember, not every neighborhood is a seller’s market in the Denver metro Area right now. So if you are winding about your neighborhood specifically, let me know and I’ll give you specifics about what is happening in your Denver Real Estate Market.
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