Denver Metro Real Estate Market Review
Wow. Records are being broken all over the place. Housing prices continue to rise. Sales are happening faster than we can turn our heads, leaving month-end inventory at record lows. Sales volume in the Denver Metro Area has nearly doubled since last year at this time. This may seem like a startling shift, but remember no-one was buying homes last summer. That shifted as we approached the holiday season and then into 2021, as the market really took the turn towards the Seller’s benefit. Nowadays buyers can’t come in with a bid under list price. Let’s look at what we’re seeing.
Homes are selling fast in the Colorado Front Range. Even with the reported exodus of remote workers, inventory can’t keep up with the demand. Most homes are selling 4 days after entering the market, with an average time listed of 8 days! That’s amazing! Especially when you consider that prices are rising 25% over last year. The average price of a single family detached home in the Denver Metro Area broke $700,000 this month. This trend doesn’t seem to be abating. If anything, it looks to be gaining momentum as we push through the summer. Even Condominiums are moving fast. Though the average time listed is still fairly long, at 17 days, most condos are still selling within 4 or 5 days. This disparity between the average and median sell days indicates how hot the market is. Buyers are looking for homes, and when they can’t find them they move into the next best thing: condos and townhomes. It all comes down to location!
Boulder county’s housing market is in the same shape as Denver’s, though housing prices are rising faster than the rest of the metro area. Year-over-year, average housing prices have risen 33% to over 930,000, bouncing around the million dollar mark month-to-month. This is an average 8% over list price, which means the market is extremely competitive. Buyers are still approaching properties with offers higher than the asking price. These price points are leaving properties listed longer than the rest of the metro area, an average of 16 days. The major difference between Boulder and the greater Denver Metro Area is that there are fewer sellers, which means even less properties available for sale.
Since Longmont is in Boulder County, our housing statistics draw down the averages because Longmont is a little more affordable. Currently, average housing prices in Longmont have risen 22% over last year to $590,506. Proximity makes Longmont a less desirable location to live when people think about moving to Denver or Boulder. This is keeping houses on the market longer than the rest of the Denver Metro Area, an average of 24 days. As Longmont grows, the difference between single family homes and condominiums or townhouses is growing smaller. Detached dwellings rose in price a startling 41% over last year, to reach $460,000! We do expect construction of new properties to wrap up this year, introducing more real estate into Longmont. A large majority of these new builds are apartments and condos, looking to densify Longmont as we grow.
I know these numbers look overwhelming. With prices rising at such a rate nationwide, we must expect record breaking housing sales to continue this year. If you’re selling, this is a GREAT time for you. Do everything you can to maximize your sale price. If you’re looking to buy, be prepared to move fast, to compromise, and to bid higher than the price listed. Don’t be discouraged. Get in touch with the best realtors in the area and you’ll be in good hands. Give us a call today and we’ll start house hunting for you dream home in this competitive market.
The Wise Team