Looking at the Denver real estate statistics for the Month of October 2012, no matter how you measure it home sellers are finally in the driver’s seat! The absorption rate is low as is days on market. Overall absorption rate is 10.29 weeks for the Metro Denver area. The average Days on Market is 62.24.
For sellers this is really good news. They can put their home on the market and expect to be moving within 90 days or less!
The market is very low on inventory right now. In fact we have 31% less homes on the market than the prior year. A shortage like this means buyers are having to compete with other buyers when they find a home they like.
We have buyers on the street looking for homes. Note the increased activity over the past 4 years. Buyers are realizing how affordable housing is right now. Interest rates are at all time lows. Considering how the rental market is also tight and the cost of rent is increasing, it makes perfect sense to buy a home now.
Buyers are going to find that the window of opportunity is closing on them. With low inventory and lots of competition, the prices will continue to rise. It’s the Law of Supply and Demand going into action. When the demand for a product is strong and the product is scarce, the demand will drive the price of the product up. The more demand the higher the price.
Sellers, now is your time.
About the Author
Kristal Kraft
Kristal has been helping buyers and sellers in Colorado since 1984. She enjoys sharing her knowledge of the Metro Denver Real Estate market via blogging and in person while driving around the beautiful Rocky Mountain town of Denver! For fun, Kristal enjoys shooting things with a Canon. Visit Denver Photo Blog
Kristal Kraft
