DENVER HOME PRICES will continue going up but not as quickly as the last year. ONLY 3-5%. In 2014 Denver had a couple of “pocket neighborhoods” where prices had been severely depressed and the sales of homes were inhibited early in the year with appraisals not meeting the contract price. Later in the year the prices in those neighborhoods “caught up” with the rest of the market however because the prices had been so low their catch up inflated the appreciation rate being reported. The average sale price increased in December 2014 over December 2013 to $339,636/ from $305775 or 11%.
AVAILABLE HOMES TO BUY will increase. This is part of what will slow the PRICE increase and there is good news – bad news here. The price of oil in mid 1984 went from about $35 per barrel to about $15 per barrel; that is when I got laid off from the oil business. We have seen a similar reduction percentage wise and we have a large number of office workers who support the oil field in Denver. They may need to sell their homes and relocate, and just as in 1984, prices are high so it may just work out for the Denver economy. Let’s hope we add just enough homes to the market to make for steady, versus explosive growth. Active Listings decreased in December 2014 over December 2013 5352/7347 or down 27%.
DAYS ON MARKET WILL INCREASE because of the increase in inventory of available homes. While our blistering hot 37 days on the market is great for sellers, a balanced market of 90 days on the market is better for all.
OTHER MARKETS LAG DENVER as in the 1980s’, Denver led the way and we see a similar path today. My Realtor friends from across the country keep me up to date.
As always your neighborhood will be specific to you and the demographics of the current buyers and sellers. It would be my pleasure to visit with you about these predictions and what is going on wherever you might want to move to.
Littleton residents: The special election on March 3rd needs your attention…please vote NO on 300 and yes on 2A. Both are redevelopment issues.
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