Some interesting stats for the Denver market as we head into June - If you were to take all homes currently on the market and selling in the Denver area and broke them down by four sections based on price, the lower two sections have slowed down considerably. The hottest market right now is in the second highest tier which had an average price of $339K, these homes were selling almost 20% faster than homes in the other three price ranges.
What this means is that all those sellers that have been sitting on the fence because they thought that only first time home buyers and investors were buying, can now be confident that a nice home that is well maintained in the $300-500K range will sell fairly quickly, current days on market is 102 for this price range. The average size of a home in this price range is 2357 square feet. Compare this to an average days on market of all homes at 132 and you are able to see the demand is much stronger for this level of home, which I would consider the move up home. Now is a great time for boomers that may be looking to downsize to unload their home and find that low-maintenance home they have been seeking.
Another interesting stat was the vacancy for rentals is still incredibly low with an average vacancy rate of 1.6% and an astonishing 0% vacancy in Boulder and Broomfield counties. Average rent per square foot is currently at $.85 so do the math, a 2200 square foot home would rent for right at $2K per month so on a $250K price the mortgage on that house would be just around $1200 per month.
So apparently it is time to buy and also time to sell regardless of if you are an investor or have a wonderful home to sell. This could be the best summer for years to sell and buy.