Summer 2014 Denver Residential Real Estate Market Update: Sellers Needed

2014 May 14
by David Schlichter

Jonathan and Sarah, two buyer clients of mine, recently closed on their new home.

The Denver residential real estate market continues to be incredibly hot and can be summed up as follows: we need more sellers.

I put a listing on the market last weekend, and it got 44 showings in the first 24 hours.  For the first time ever, I literally had to go to the property to do crowd control.  Like a rowdy bar, I managed the showings so that they were “one-in, one-out.”  We received 14 offers in a single weekend, and the property is selling for well-above the asking price.  (Interested in selling your home or condo in a market like this?  Click here to see how much your home is worth.)

With interest rates still near historical lows and Denver being the second-fastest-growing large city in the nation, demand continues to be high and supply continues to be low.  The last three deals I’ve negotiated were all multiple-offer situations, and those deals included homes listed between $200,000 up to 500,000.  As you start getting above the $600,000-800,000 range, properties move more “slowly,” but I put that in quotes because it is “slowly” only relative to lightning speed.  In April, I had a client make an offer on a $639,900 property and they got the deal–but it was the last of 4 attached row homes available, and they had to offer full price to get it.

A heat map showing Denver home appreciation in the last 12 months (blue represents appreciation, red represents depreciation)

The median sale price for detached single-family homes in the Denver metropolitan area in April 2014 was $305,000, up 10% from $278,000 in April 2013.  For attached single family homes (condos, duplexes, etc.), the median sold price from last month of $178,500 represented a 12% year-over-year gain from $159,900 at the same time last year.  And while the number of active listings this April was up from last year and the number of overall sold units this April was down from last year, those numbers don’t tell the whole story; if you compare the year-to-date numbers (factoring in all months, not just April), the total number of active listings so far in 2014 is down 1% this year from last year–and last year we had the lowest inventory levels in 13 years.

To make a long story short, if you’re thinking about selling your Denver home, now could be a very Good time to do it.  Contact me today to get the ball rolling.

The Good Life Denver is written by David Schlichter. To stay in the loop, like The Good Life Denver on Facebook and follow @thegoodlifeden on Twitter!

In addition to writing for The Good Life Denver, David works full-time as a Denver real estate agent with Keller Williams Realty Downtown, LLC. David helps his clients (ranging from first-time home buyers, to sellers, to seasoned investors) achieve their real estate goals. Contact David today for all of your Denver real estate needs. Direct: 7/440-2340, Office: 3/539-5700

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