With springs season on the rise, the scenic beauty is on the rise in Denver. It is one of those times of the year when the realtors get a whole lot busier and it marks the inception of a good real estate buying & selling season. However, Denver’s real estate market is still on fire and it is all because of the demand & supply factor in the mix.
There has been a decline in the availability of new units in Denver. If seen from the builder’s point of view, the lack of financing facilities from the authorities is keeping them from producing new units in the city. Due to this limited supply, the housing prices have risen significantly in the past but the sales have not diminished.
There was a significant increase in the number of new and active listings in March 2017.
- The overall sales increased by approximately 44% as compared to February 2017, which is again about 9.8% higher than last year, generating a total estimated business of $1.9 billion.
- With the supply being on the lower side at the moment, Denver is expected to have an overall supply of available housing for about 5 weeks. In case there are no new additions to the inventory then the existing supply is expected to be sold out in a matter of 6 weeks or less.
The availability time also varies for the type of housing one is looking for. For instance:
- If you are looking for an accommodation between the range of $100,000 to $400,000, you can expect an inventory of about four weeks.
- Whereas, if you go for a price range if $400,001 to $500,000 then this inventory time increases by a few days.
However, as we move lower down the ladder in terms of property prices, the lower cost of housing attracts the maximum number of buyers.
- You would have to compete with more buyers when looking for a property in the price range of $200,000 to $300,000 you can expect the supply to last for a little more than a week.
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