Houses are selling…they aren’t flying off the market at record paces all across the country, but in Denver, if a house is priced right and it looks fantastic, it will sell. As you can see in the graph above, the over $500,000 market started moving after the first time homebuyer tax credit ended. It isn’t making the strides I’d like to see, but…it looks better than last year. Homes over a $1,000,000 are selling as low as 60 cents on the dollar in some neighborhoods, if this peaks your interest, call or e-mail me I will give you more details.
The most prevailing factor in our housing market is that people will buy homes IF they have confidence that they will have a job. People who have come to Denver for jobs are purchasing homes. People who have been watching the market for the past two years and are confident that they will have continued income are purchasing homes. Houses are being purchased as rental property. This is happening every day, really. The homes that are in the best condition and that are priced right go fast.
The Denver Single Family average price was $273,972 last August and is $295,516 this August, this is a 7.86% increase. This number is anything to get excited about, but it will be interesting to watch as our inventory has increased over the past 3 months, this will probably flatten out.
The Denver Condo average price was $167,090 last August and is $159,382 this August, a 4.61% drop. I think this number will also flatten out, last year condos had a terrible time being approved but the FHA guidelines and appraisal guidelines have changes, so, this will help.
Confidence will continue to drive (or stall) our market this winter. Thank goodness Denver seems to be better off in the unemployment category compared many other cities. Interest rates are so incredibly low that if you have steady income it is about the safest time to buy not to mention that you will get so much more for your money than you would have a year ago.
P.S. If you are thinking of buying or selling send me an email or give me a call, let’s set you up to received auto alerts daily, once a week, or once a month depending on your urgency. Or, you can just click on the search for homes button and get to searchin’ now! 🙂