Denver's housing inventory dropped 1.5 percent month-to-month and 20.6 year-over-year.
Denver, Colorado is experiencing what many other cities around the country can only dream of having – a housing inventory shortage. If you are thinking about selling your home in Denver, now is the best time to do so.
As of August 8th, the Denver housing inventory was down 3.6 percent month-to-month and down 20.6 percent year-over-year. At the same time, the median asking price is up 1.5 percent month-to-month. What does that mean for sellers? It means that their listings are experiencing extremely high activity, receiving multiple offers, and many times selling for more than the listing price.
Denver’s housing inventory for July was the lowest it has been since January 2010. Inventory is usually lowest in the fall and winter months, so it is even more unusual to experience a shortage in the middle of summer. Our city was also recently named one of the fastest selling real estate markets in the country.
The city of Denver and state of Colorado have seen tight housing inventories all summer long, and the trend does not look to stop in the coming months. If you are thinking about selling your home, now is the perfect time to do so. You will sell it faster and for more money. Call me at 888-860-1931, and I will answer any questions you may have and guide you through the necessary steps to prepare your Denver home for sale.
Photo courtesy of Department of Numbers