The Denver Real Estate Market
About the Local Real Estate Market
The economy is picking up and low interest rates are enabling significant home buying activity. The number of homes sold in the Denver Metro area in 2005 was up 8% from the year 2004.
Home resale can be considered a Buyer's Market. There is a big inventory of homes for sale. Homes in move-in condition and priced right are selling on average in 60 days, closing 30 days later. Homes needing work, updating or priced aggressively are taking a longer time to sell, from 90-180 days. There is definitely an oversupply of available resale homes.
Lower priced homes, certainly below $350,000 are seeing lots of buyers, as this is the affordable range for most people. Since there is still such an oversupply of these homes, it is still sometimes a struggle to sell them, and superior marketing and advertising of the homes are required to get the exposure needed so they will be the homes picked from inventory by the buyers.
There seems to be an upturn in relocation from out of state with Arizona, New Mexico, and Florida leading the pack, and California still moving in as well..
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Arvada Housing Statistics (Northern Metro Area Example) |
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Total Arvada Residential Units |
39,919 |
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Average Detached New Home Price |
$ 362,444 |
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Average Attached New Home Price |
$ 226,386 |
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Estimated Average Home Resale Price |
$ 232,462 |
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Average 2-Bedroom Apartment Rent |
$ 732.71 |
There are always important changes happening in the real estate market, locally and nationally. These changes can affect YOU.
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