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Inventory continues to be an issue in the Denver housing market this Spring. Single-family home prices jumped almost 9% last month as a result. Condo buyers got a bit of a break though, as condo prices were almost flat from the month prior.
We saw this same pattern last year during the Spring, with an identical number of homes hitting the market and being absorbed by anxious buyers. If that pattern holds, we'll see our housing stock and sales increase and peak in July, with demand leveling-off and falling late summer and into the Fall.
Continuing rock-bottom interest rates has kept Denver-area buyers active and anxious. These unexpectedly low interest rates, combined with the chronic shortage of homes for sale, has caused home-price appreciation to reach astounding new highs. This dynamic has actually surprised some industry experts who expected more modest increases for 2016.
How long can Denver's housing market continue to sustain its upward spiral is a million dollar question. The robust appreciation we're experiencing does not appear to be sustainable that much longer, as an ever-increasing number of would-be home buyers are routinely priced-out of the market with each passing month.
Till next month.
If you know of someone who needs to sell a home due to an estate, divorce, relocation, or other circumstance, please let me know. Call or email. I look forward to helping those you know, because they trust you and appreciate your referral.
Michael Dagner is a real estate professional in Denver, Colorado.
The Michael Dagner Group, Brokers Guild Cherry Creek Ltd, 7995 E. Hampden Ave, Ste 100, Denver, CO 80231 Map
5 Minutes From The Denver Tech Center - Near Tamarac Square, 9-Mile Station, & Cherry Creek Reservoir