Jun 10, 2014

May 2014 Denver Housing Report

- Originally Posted on May 1, 2014 -

 

Total houses sold last month was up 31% over the month prior. That number would actually have been much higher this Spring, but it's being kept artificially low by the lack of houses for sale.

The status of Denver's real estate market is somewhat turbulent. Homes for sale under 300k are receiving multiple offers within days-hours of listing them. To complicate matters, homeowners haven't yet put that many listings on the market to satisfy the demand.

The speculation is that some homeowners don't have a strong desire to sell right now, unless their circumstances force them (divorce, moving out of area, death, foreclosure, etc). In spite of the local economy making positive strides every month, many Denverites don't feel that 'their economy' is improving, and they're satisfied with staying-put for the time being.

In years past, many sellers couldn't wait for Spring, so they could clear-out the cobwebs and go looking for a move-up house, or a brand new home. This year it's different, and many homeowners don't yet have the same desire to up and move. Interest rates are only about three-quarters of a percent higher than the lowest rates we saw a year ago at this time. Still, that hasn't motivated more people to pack-up and move, and get into a nicer or more suitable house for the long term.

On another note, home builder sales are pretty strong. Builders are working hard to keep-up with the demand from home buyers frustrated with the lack of 'used homes' for sale. More updates coming soon.

Till next month,

 

 

 

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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