In Denver, 2012 was the year of the price increase and notably low inventory. These two conditions are trending for the new year as well so I thought we’d take a minute to explore how they’re impacting Denver’s current market.
December 2012 saw an 11.5% gain over the median price just one year earlier. A primary reason sellers were able to garner higher prices was historically low supply within city limits. There were still plenty of buyers, however, so many sellers received multiple offers and were under contract within days.
Beau La Point of Chicago Title just sent out market stats for the first full week of February, and this graph says a lot!
Inventory of Properties Listed for Sale in Denver
So what does sustained low inventory mean for Denver’s market? It will most likely continue the trend of increased prices.
For home owners, rising prices are shifting many into a positive equity position. This should help spur inventory growth, as more owners interested in selling won’t be constrained by the prospect of bringing money to the table.
Since we expect prices to continue to go up, buyers should see this as a great time to snatch up good deals before they’re gone.
Contact Green Door Living if you are interested in buying or selling!