Whether you currently own a home or are looking to purchase, knowing the market trends is an important part of the process. Each of these affects the value of your home influencing a number of factors that may change your property taxes. It also affects how a house for sale is priced and expected to sell. These Denver real estate trends are up to date and show how your home can be influenced.
Median List Price
The list prices of homes in Denver have varied throughout the year. This is due to the buying trend that is typical throughout the country. Many people choose not to move around the holiday season so the demand for houses is lower. The list prices then need to be lower to reflect this as well. A lot of buying occurs in the spring and summer while school is out of session and the weather is cooperative. Denver has followed that trend this year with the median price in January 2013 under $320,000. In April, however, it rose up to $340,00 and peaked in July at $350,000. Currently, as recent as October 2013 the median cost for real estate is $330,000.
An Improving Market
Over the last year, the real estate market in Denver has slightly improved. This is good for homeowners who find their home is worth more. A year ago, there were 2,282 places for sale and today there are 2,502. While this has increased, the median value has gone up $6,000 in that same year as well. Other changes in the last year include:
- 100 square feet more space per home
- Lower cost per square foot from $193 to today’s $188
- Homes are selling faster from being listed 34 days to 25 on average
Denver real estate trends show that the number of listings, price reductions, and sold homes have all gone up over the past year. In March of 2013, there were only 1,906 new houses listed, but currently there are 3,110 homes listed for sale. This increase has led to more list price reductions occurring with them shifting in the same time period from 264 to 937. The number of sold and expired listings started at 1,994 and went up to 3,349.
When real estate went through the recession after 2007, home values throughout Denver dropped on average 30%. While not great for homeowners, it was good for the buyers. Fast forward to data from 2012 and these same homes have almost reached their peak value again. Certain areas of Denver are more desired that others and these neighbors may have a slightly better resale value do to this.
Most Popular Neighborhoods
- Cherry Creek
- Five Points
- Capitol Hill
Whether you are in the real estate market to buy or sell, the most important thing you need is a real estate agent you trust. When you need more Denver real estate information, contact David Person at 720-854-9501 or at David@ColoradoHomesConnection.com.