This Denver real estate update shows that there are 28% fewer homes on the market this year than last year at this same time, and the average sale price in Denver has increased by over 11% from a year ago, according to MetroList, the Denver multiple listing service. I have always contended that where the single family home market goes, the condominium and townhouse market will follow, therefore I have concentrated my reporting on the single family home. Last month, however, the average sale price for a condo/townhome increased by over 29% from the previous year, and 10% from the month before.
The real estate market in Denver continues to tighten due to the inventory of homes shrinking, yet interest rates are at all time lows allowing you to buy more house than ever before! When a house gets close to all the parts you are looking for because it is likely that someone who saw it yesterday may still be thinking about it, or could be writing an offer.
2013 will be a year of multiple offers on homes in Denver and you best have a Realtor who knows how to position you in the best possible light to the seller. Sellers need an experienced Realtor who has handled multiple offers before.