home price rose by .50%. Here in Denver the average home price increased 1.3% from April, more than double the increase nationally. For the last year the Denver market is the second best performing market in the country with an annual decline of just 4.6%.Jeff Thredgold, economist for Vectra Bank Colorado noted that our economy is transitioning from recession to growth currently, which is a very good sign.
"With
less than a three-month supply of homes priced lower than $200,000, it's not surprising Denver is showing the second-smallest decrease in year-over-year pricing," said Lon Welsh, managing broker of Your Castle Real Estate. By the way, Your Castle Real Estate has the best statistics and reports on our local real estate market.
less than a three-month supply of homes priced lower than $200,000, it's not surprising Denver is showing the second-smallest decrease in year-over-year pricing," said Lon Welsh, managing broker of Your Castle Real Estate. By the way, Your Castle Real Estate has the best statistics and reports on our local real estate market.The market for homes under $200,000 is quickly changing into a Seller's Market with this low amount of inventory available. We may have forgotten what a Seller's Market is here in Denver. Let me remind you, when my wife and I bought our first home in 2000 during the last Seller's Market we got into bidding wars on the first 2 homes we wrote contracts on and lost them. We were able to buy the 3rd one without a bidding war because we found the home listed in the paper, not the MLS in its first weekend on the market.
I also remember advising all my first time home buyers then to buy a home as soon as possible as pric
es were rising 10-15% a year. Why? They could not save enough money fast enough to keep pace with the rising prices of homes. For example, you wanted to buy a $150,000 home and you wanted to wait a year to save more money which can be a wise decision. However, back then in another year that home would be priced at $170,000 and unless you could save $20,000 in a year you were going backwards. A final reminder from that Seller's Market, interest rates were above 8% that summer!
es were rising 10-15% a year. Why? They could not save enough money fast enough to keep pace with the rising prices of homes. For example, you wanted to buy a $150,000 home and you wanted to wait a year to save more money which can be a wise decision. However, back then in another year that home would be priced at $170,000 and unless you could save $20,000 in a year you were going backwards. A final reminder from that Seller's Market, interest rates were above 8% that summer! 
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