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The following article was posted on the 24/7 Wallstreet website. This article echoes what’s happening in many markets across the country, sales have been robust this past year and our Denver Gay Realtors are reporting we’ve suddenly entered into a period of extremely low inventory..
Although we have not seen prices start to sky-rocket in Denver, we are seeing multiple offers that are starting to drive prices up. Maybe the balance is shifting a little? Regardless, it’s a sign of economic recovery and a balancing of real estate markets in Denver, as well as many other markets in the US..
Average no. of days on market: 33
Median home price: $269,000 (27th highest)
Population: 2,543,482 (27th highest)
Unemployment: 7.51% (67th lowest).
The 33 days to sell a house in the Denver area is actually up by 10%, one of the very few metro areas to see an increase in the time it takes to sell a home. Denver was not as hard hit by the housing bust as many other metropolitan areas..
Home prices from their peak in the first quarter of 2006 to the fourth quarter of 2011 dropped just 11.1%, well below the national average of 34.2%. A median family income of $75,000 and an unemployment rate of 7.5%, both well below national averages, are positive signals for a housing market likely to remain on stable footing..
The only bad news is that housing prices are not expected to jump anytime soon. Home prices are projected to rise 0.6% in the Denver area from the fourth quarter of 2012 to the fourth quarter of 2013, compared to 4.2% in the U.S. in general..
If you’re considering a move either now or in the near future, the professional Denver Gay Realtors will be happy to provide you a FREE no-obligation Competitive Market Analysis..