Denver Home Prices on the Rise

Here is the most recent data on Denver real estate from The Denver Post--

• In June the number of homes sold increased 15.4% from May.
• The median price increased 8% in June to $237,500 from May.
• The median price in June was 3.3% higher than it was in June 2008.
• Housing inventory remained steady at 20,853 homes which is down 20% from a year ago.
• Inventory in June is now at 4.98 months.

It appears the Denver housing market is beginning its long road to recovery as a bottom was reached earlier this year. Our market for the last few years was a Buyer's Market; but that could be changing soon depnding on your price range.

Normally 6 months of inventory is considered a stable market in which neither the buyer or the seller have an advantage. Nationally, nearly 10 months of inventory exist, putting buyers in the driver's seat. Here in Denver there is now less than 5 months of inventory available which is usually a sign of a Seller's Market and higher prices soon to come.

For homes priced under $100,000 there is almost no inventory available today as the supply is under 1 month. For homes priced under $200,000 inventory is under 3 months and sellers are receiving mulitple offers on their homes. Thankfully, these sellers are still willing to help pay the closing costs of buyers; but I expect this will change in the next year. Thus, this is another reason to act now!