August saw the largest year-over-year gain on record in Denver home closings as the market continued to heat up.
Area home closings jumped 29 percent from August 2010 to August 2011 and 3.6 percent from July 2011. Real estate professionals are very happy with the end of the summer season and hope that the upbeat numbers will continue for another couple of months.
Denver also continues to see low inventory with the number of unsold homes dropping 23 percent from August 2010 to August 2011. Those that are thinking about selling can take advantage of little competition, resulting in more offers and higher sales prices.
The Denver market should continue to see healthy activity thanks to historic low mortgage rates. 30-year fixed-rate mortgages are available for qualified home buyers at just above 4 percent.
Investors seeking rental property should also realize that it may be a few years until they truly realize profits.
Overall, the Denver real estate market seems to be in great condition at the end of the summer months. I will keep you updated with how sales, closings, and more look in the coming months.
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