Denver Real Estate Statistics Indicate a Seller’s Market
I was at the bank the other day and the teller asked me, “are we really in a seller’s market?” I told her that we are, and described to her some recent experiences I have had with my buyers. I was working with one buyer who was looking in the Stapleton neighborhood. There were multiple occasions where the listing agent contacted me immediately after a showing to let me know there were offers coming in on the property we just looked at, and if we wanted an opportunity to bid time was running short.
Likewise, I’m working with some investors interested in Southeast Denver, and have gotten into several situations where the seller received multiple offers. We’ve been asked for “highest and best” a few times and have been out bid on all of them. To me, those were anecdotal evidence that Denver is currently a seller’s market.
I’ve also spoken to a few of the Stapleton builders lately and they are all raising their prices. Again! So even the builders feel confident this is a seller’s market. Luckily, I have other buyers that just wrote a contract on a New Town Solaris Townhome three weeks ago, beating the latest price increased.
But now there is proof! Land Title Guarantee Company just released the January real estate statistics and compared to 2012 home inventory is down 30%, the average sold price is up almost 11%, and the average days on the market is only 80 (down 22%).
This means sellers have all the advantages. They can ask more for their homes knowing there is less competition, and the laws of supply and demand are allowing sellers to get what they are asking and they are doing it quicker.
So if you, or anyone you know, are considering selling your home, my suggestion would be to get your home on the market as soon as possible. Why wait until the spring (the typical selling season) when demand is high right now?
As always, I am more than willing to help anyone who has a real estate need.
* UPDATE: Check out the recent 9 News story confirming that we are in a seller’s market:
If you enjoyed this article, please consider sharing it!