Many believed when the Denver interest rates rose and the buying frenzy ended, prices would begin to fall, even tumble downward. How can it be that we have interest rates that have more than doubled over the past 18 months, a 28% drop in sales volume and a rise in housing inventory yet, prices in the […]
One of the most common questions we are asked is, “Where are Denver home prices headed? Are we in another dangerous run-up of prices?” Because the Case-Shiller Home Price Index increased 16.6% across the country from May 2020 to May 2021, this is an understandable question. In Denver, we are up 16.2%. That’s in […]
The History of Denver Home Prices In November of 2010, the median price of a single-family home in the Denver metro area was $225,000. Now, ten years later, the median price has jumped to $508,000. Denver home prices have doubled and there is no sign of that slowing down. Even in a global pandemic, home […]
For the past eight years, the Denver housing market has been on fire. Denver home prices surged and as of August 2020 hit historic highs. According to the Denver Metro Association of Realtors, the average price of a single-family home in the Denver Metro area rose to $606,330 in August. This proves that not even […]
The Denver MLS now offers only 2889 detached, homes for sale in the 5 county metro area. That’s the lowest inventory of homes on the real estate market since I became a Denver Realtor. And, that streak probably goes back even before 1978 when I was a rookie Realtor. You see, records kept by the […]
Most real estate markets have some degree of seasonality. Denver is no exception. I have been in this business since 1978 and have nearly always seen home sales drop in the middle of the summer and drop more between mid-November and March. But, something has changed in the last 3 years.
Remember all the stories a few months ago forecasting that Banks would depress real estate prices by listing lots of “Shadow Inventory” in the Denver MLS? While this was true for many large cities in the US, it wasn’t true in the Denver real estate market. First, let’s define Shadow Inventory. Exhibit 1: Shadow Inventory […]