Can a local residential real estate market be advantageous for both sellers and buyers at the same time?
It can be, indeed, according to the Denver Metro Association of Realtors. That group’s recently released report on Colorado real estate indicates that residential transactions in the Denver housing market currently favor sellers and purchasers, respectively.
The formally entitled Denver Metro Real Estate Market Trends Report underscores two key points. Although they might seem contradictory at first blush, they are actually complementary and spell upsides for both home sellers and individuals who either want to buy family homes to live in or purchase as investment properties.
The first notable takeaway is this: Housing inventory across the metro is markedly increasing, which has grabbed the attention of many prospective buyers. A Denver real estate principal notes that homes on the market are at “the highest level in four years, giving buyers more [properties] to choose from.”
For many of those parties, that makes for attractive pickings at ultra-competitive prices. Reportedly, the median price for a Denver-area home dropped last month by a full 1.2% from July. That drop is centrally tied to a near-12% jump over last year in metro homes that are now up for sale.
At the same time, though, the above report stresses that current market conditions also favor select home sellers. With more buyers presently on the lookout for houses (and expected to be actively competing for properties in the upcoming months), some area homes could command close attention from multiple would-be purchasers.
Prospective buyers and sellers of Denver residential and commercial property having questions or concerns regarding any aspect of a transaction can obtain candid and knowledgeable counsel from an experienced Colorado real estate attorney.