2015 was a monumental year for the Denver housing market. In the first 11 months of the year, buyers paid a total of $18.48 billion for the Denver Metro area single-family homes and condos. Beating the year prior, 2014 sales were considered to be at an all-time high with a total of $17.49 billion.
The Denver housing market was arguably the strongest housing market in the country this past year and it reins as a strong “seller’s market” (meaning it is a market with more buyers than sellers.)
With rankings of #1 and #2 for appreciation, according to the Denver Metro Association of Realtors, the average prices for homes are up almost %15 year to date.
A balanced market will hold a 5 – 7 month supply of homes, Denver comes in off balance with a 2 month supply.
If you are considering selling, it is no secret, now is a great time to make your move for 2016!
Be that as it may, if you are in the market to buy a home, don’t be discouraged just yet. Since October, it has been one of the best markets for home-buyers in the past few years. Regardless of the price range, buyers may still take advantage of mortgage rates that are near historic lows. Interest rates are also at an all time low and buying now means your golden ticket to appreciating home values.
It is predicted that housing prices will continue rising through this year and into the next. Buying is not a bad approach to the new beginnings in 2016!