State of the Market: March 2015
The Denver Metro Association of Realtors, in their latest Market Trends, reported an increase in the average price of a Single Family Homes and Condo homes from $296,591 to $348,127 in the Denver Metro Area. They also reported that while there were 6,103 active listings this time last year, there are currently only 4,079. Yikes!
This price increase reflects the continuing shortage of inventory competing with a huge demand as seen in January. While Sellers may become more willing to place their homes on the market, prices may not drop and as relatively low interest rates convince Buyers to enter and stay in the market.
CEO of REcolorado, Kirby Slunaker, explained, “…our historically-low inventory levels remain the biggest challenge facing the Denver-area housing market, as they are undoubtedly contributing to rising average home prices and reducing the amount of time homes are on the market.”
This representation is based in whole or in part on content supplied by REcolorado®, Inc. REcolorado®, Inc. does not guarantee nor is it in any way responsible for its accuracy. Content maintained by REcolorado®, Inc. may not reflect all real estate activity in the market.
DMAR Market Trends | March 2015
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