Real estate market data isn’t always the most interesting to read about. But, if you are in the market for a home or investment in the Denver area or thinking or selling then this data is probably pretty interesting. And it should be!
Let’s take a look at the statistics for some areas that I have included here in my Douglas County real estate market report. The chart to the right is the statistics includes many of the south metro suburbs such as Highlands Ranch, Castle Rock, Parker and Lone Tree to name some. (click the image to view larger)
The active home inventory is down over 30% from the same time last year. So if you’ve heard me talk about low inventory causing a brisk seller’s market, this is why. Now take a look at the real estate under contract and sold homes year to date! To support the fact that it has moved to a seller’s market, homes under contract are up almost 34% and those already sold up almost 25% ! All this while inventory is down significantly. Of course, it is partly because inventory is down. Average sold prices are up over 1%, so the positive trend is a great sign for our local economy. Housing is a key factor affecting all parts of the economy. When homes are selling for more and taking less time the health of the real estate market is dramatically improved.
It is important to note that mortgage interest rates remain incredibly low. So if you are considering buying a home or investment, now is still a great time. You can borrow money cheaper than ever, which helps lower your monthly cost as well as making it easier to qualify. Just make sure you prepare yourself to purchase since homes will sell pretty quick right now.
If you have had thoughts of selling and these figures look pretty enticing to you, then now really is a great time to make that happen as well. Again, remember to prepare yourself to sell to make a big difference in the outcome.
I track the statistics from the Denver MLS and provide my readers the latest monthly charts as reported for many of the Denver areas. Here is an example of the latest chart for Highlands Ranch and you can always find the current Highlands Ranch real estate statistics on my site. . I can provide these for most of the Denver metro area cities as well as help sort out the details rather than just provide a chart. (click the image to view larger)
If you would like help interpreting the home values in your area, please get in touch. I could be a great match for you and your real estate needs. I would love to help.