Here in Colorado, we hear this all the time, "Wow, the Denver Real Estate Market is on fire!" And although they're correct, most people don't really know what that means. Here in Denver, we are in a Seller's Market - essentially meaning the amount of homes for sale does not suit the amount of people looking to purchase a home in our area.
Are you curious how to determine if your market is similar to the Denver Real Estate market? Here is how you determine whether you are in a Seller's Market:
- Home inventory is VERY LOW compared to previous months/years
- There is less than 3 months of inventory on the market
- Comparable sales prices are lower than the prices of active listings
- Mediam sales prices are increasing
- The number of showings increases on fewer units for sale
- The number of unsuccessful sellers (expired and withdrawn listings) decreases
- The number of Days on the Market is under 60 days
- The percentage of list price to sales price exceeds 98%, and sometimes goes over 100%
- Appraisals start to come in low, so sellers get buyers to waive appraisal conditions
- Housing affordability index increases
Knowing that the Denver Real Estate Market is working in favor of the seller, does that make you interested in selling your Denver home? Our team of expert Denver Realtors knows how to get you the most money for the sale of your home....CLICK HERE for a home value estimate - no hassle, no obligation.
**Although Denver is in a seller's market right now, we don't want to make you believe that homeownership is out of reach! There is still affordable housing in Denver for those who don't qualify for a large mortgage or higher priced home. To start your Denver Home Search and get connected with a lender, CLICK HERE!