The latest news from our Denver real estate market is in, so it’s time for a spring market update.
Spring is typically the hottest time of year to list your home. However, there are three key reasons why the 2018 spring market here in Denver is going to be particularly exceptional.
- Demand is outpacing supply. Right now, housing inventory is near an all-time low for our area. We’re down by almost 10% year over year as far as listing inventory goes, and our population continues to rise. This rise in population is mostly driven by great local job outlook and a high number of millennial entering our market.
“Right now is certainly a good time to earn top dollar for your home.”
- Home prices are still surging.Because we have such high demand and such low inventory, we’re still looking at double-digit growth year over year in terms of list price, which is now over $500,000 on average. Also, our homes are still growing in value by nearly 1% month over month. It’s hard to say how long this trend will continue, but right now is certainly a good time to earn top dollar for your home.
- Mortgage rates are continuing to climb. The average rate right now is around 4.5%. Historically speaking, this is still really good. However, if rates continue to climb, homeownership will become increasingly expensive. This could deter a number of buyers from entering our market.
If you have any other questions, would like more information, or want to find out how my team and I can help you take advantage of our current market, feel free to give me a call or send me an email. I look forward to hearing from you soon.