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Denver’s real estate market continues to tighten and intensify with inventory down nearly 60% and average home prices up almost 20%, according to a Denver Metro Association of Realtors (DMAR) report.
Why it matters: Homes in the metro often have hundreds of 15-minute viewings and end up with more than 20 offers. That competitiveness triggers bidding wars that result in most buyers paying at least 10-15% over already sky-high asking prices.
By the numbers:
- The average close price in February 2021 was $553,774, up 19.44% year-over-year. The median close price was $475,000, up 18.75% from last year.
- Homes flew off the market in 23 days, 41% faster than last February.
- Inventory is down 58%. At the end of February, there were just over 2,000 listings on the market.
What they’re saying: Jenny Usaj, a DMAR Market Trends Committee member and co-owner of Usaj Realty, told Axios the market is emotional right now.
- The “perfect storm” of low mortgage rates and a year spent at home is driving the market at a never-before-seen velocity, she said.
- Usaj made clear that doesn’t necessarily mean it’s a bad time to buy. Low mortgage rates give buyers more purchasing power, and help make monthly payments more affordable.
A few tips from Usaj,if you’re thinking of buying:
- Go slow to go fast. Denver’s market is quick and expensive, so get clear on your priorities and true budget before you enter.
- Pay attention to how long the home has been on the market. If it’s been sitting for more than a week or two, odds are you’ll have less competition.
- Consider a condo. They’re sitting on the market a little longer than single-family homes (31 days in February, compared to 23) and have more approachable price points.