Apr 28, 2014

April 2014 Denver Housing Report

- Originally Posted on April 1, 2014 -

 

Last month, single-family home prices dropped just slightly. Condo prices rose for the second month in a row. Prices for condos jumped mostly because they are some of the most affordable properties to buy right now, which has increased competition for available units.

Another factor driving Condos-Townhome sales is that inventory is only half of what it was this time last year. While inventory is also low for single family homes, there are far more single-family homes being sold as compared to condos, and that skews the percentages.

Casual observers may think that prices keep going up, up, up, but that's not exactly the case. Overall, there isn't enough inventory on the market to sustain that kind of pressure on prices, like we saw last year. Aside from rising prices on the most affordable of properties, or in certain hot locations, home values have actually held steady for 5-6 months now. That was winter though, so we'll see what impact Spring has. Call me if you would like a market analysis for your home or property!

Until we get the inventory problem under control, we'll tend to see a flattening of the charts, shown below. It'll be interesting to see what those graphs look like 9 months from now. In the past, we've seen some pretty typical peaks and valleys, but this year could be much different.

Till next month,

P.S. Low inventory has been a double-edged sword for buyers and sellers. Not only does it give home buyers less choice, but it also prevents a sufficient number of 'sold comps' from occurring that would steadily push home values up. Besides that, Denver is not New York, LA, or San Francisco, and we have different incomes and affordability factors at work.

 

 

Average Home Price & Solds Graphs

 

Average Home Price, Inventory, & Days-On-The-Market Graphs

 

 

Check Out Today's Interest Rates

Today's Interest Rates

 

Get It Monthly - Average Home Price & Trends!

We subscribe to a variety of data sources that helps us evaluate Denver's average home price and trends report, for our clients. If you'd like a copy of our Average Home Price & Trends Report for Denver, simply send us the easy form below.

Originally posted at: Average Home Price And Trends Report. Data provided by Metrolist. Graphs copyright© Michael Dagner Group. All information deemed accurate, but cannot be guaranteed. Image attribution - percent - www.sxc.hu