The Denver weekly real estate updates do not look any different…more homes going under contract than new listings being entered into the MLS. Prices were up on average in June by 8% versus the previous year in Denver and the median price was up by over 6%. These increases will eventually generate more inventory as folks decide it is time to make that move and take advantage of the gains made, especially in the last two years here in Denver.
One of the most interesting, but overlooked facts in Denver’s real estate market, is the addition of additional cities to the database…Boulder and Colorado Springs are now, at least partially integrated into the system. Therefore, the shortage of homes to sell is even more acute than it appears.
It is very important to remember, it is not inventory we are short of in the Denver real estate market…it is people willing to sell and make a move. The emotions of packing and moving can be very trying, yet we have younger families who want to make that move into a home they can make their own. So you will see increased efforts by builders to create those first and 2nd time home communities. Realtors are welcomed by builders in Denver as valuable assets to the home buying process. Take yours with you when you visit a new home community.