Denver Real Estate Values Increasing
The Denver Post reported today an increase in home sales price that matches the peak reached in 2006. In other words, home prices have returned (in some areas and price ranges) to the values we were seeing before the market began to decline.
Denver real estate is seeing appreciation, and a very healthy appreciation at that, because there are a limited number of properties on the market and buyers are in a more competitive situation.
In addition, we are seeing a lower number of foreclosures this year compared to last year.
Case Study of Lakewood Home Seeing Appreciation
As a case study, we can take a look at my own neighborhood in Lakewood, a suburb to the west of Denver. Earlier this month, a real estate agent for a large brokerage approached me to tell me that she had just sold a home in our neighborhood above the listing price and that there were several motivated buyers looking to move this neighborhood. She wanted to know if there was anyone I knew interested in selling their home. This is a dramatic, and I mean, dramatic difference from just a few years ago.
For what its worth, the Zestimate has also increased on our home by 16% in the 2 years that we have owned it. It makes me want to celebrate! Investing in our home is turning out … an investment! It’s a great feeling. When we purchased our home, we knew we were getting a good price, and we also knew that real estate markets are historically cyclical. Still, its a good feeling to know that home values are appreciating again.
What does this mean for those looking to buy Denver Real Estate?
The Denver Post reports both an increase in single family homes and condos, with single family homes at a median of $250,000 and condos at a median of $140,000. Homes that are particularly low on inventory and therefore especially “hot” right now are in central Denver.
If you are interested in Denver Real Estate, contact us today to speak with one of our experienced buyer’s agents that works only for home buyers. When the market is competitive, it is more important than ever to have an expert on your side who can help you find new homes before others, help you make competitive and timely offers, and help you make informed decisions. Fill in our find an agent form or call our office today.