Spring 2015 Denver Real Estate Update: SELLERS NEEDED

2015 April 8
by David Schlichter
Data showing that now is an ideal time to sell your Denver home, courtesy of The Good Life Denver and David Schlichter (720) 440-2340

Data showing that now is an ideal time to sell your Denver home, provided by David Schlichter with Keller Williams Realty Downtown 720-440-2340 (click to enlarge)

People often ask me often, “Is now a good time to sell my Denver house?”  As of spring 2015, the answer could not be more clear.

The Denver residential real estate market is one of the hottest in the country.  In recent months, Denver has led the nation in housing appreciation–and last month the market was hotter than ever.

The average sold price for detached single family homes in the entire metro Denver area for March 2015 was a record-breaking $392,030, up 14% from the previous year (the national average was around 4.5-5%).  Denver County’s results are even more dramatic; the median sale price for March 2015 in Denver County was $336,000, a whopping 24.4% increase over March 2014’s median of $270,000.

Prices have risen dramatically over the last year, and supply has not been able to keep up with demand (see chart above).  As of today, there are only 1,014 homes (including condos) available for purchase in Denver County, which is roughly 25% less than there were at the same time last year.  More homes closed last month than were listed, which means the supply problem is only getting worse.

Most well-priced homes in central Denver are hitting the market on a Thursday or Friday and are gone by Sunday after having received multiple offers.  The average sale price to list price ratio in Denver was 100.4%, meaning the average house sells for above the asking price–and many sell for significantly above the asking price with non-financial offer terms that are very beneficial to the seller.

The Denver market has been a strong seller’s market for several years now, but as of April 2015, we are definitely in an extreme seller’s market.  Denver needs (a lot) more inventory–so when people ask me if now is a good time to sell their Denver home, the answer could not be more clear.  YES.  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 and @thegoodlifedenver on Instagram.

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 sellers, to first-time home-buyers, to seasoned investors) achieve their real estate goals. Contact David today for all of your Denver real estate needs. Direct: 720-440-2340

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