The stats for September indicate that Denver’s market is much improved over last year at this time. Looks like the law of supply and demand is at work! Compared to last year, the supply is low (32% drop in the number of homes “active” on the market), and houses are selling faster (39.05% drop in Days on Market) and for more money (Average Sold Price is up 11.11% over last year)! Have a look at this chart from Metrolist (the Denver area MLS) which breaks out these stats for Single Family Residences and Condos:
Last month, the President and CEO of Metrolist, Kirby Slunaker, interpreted August’s data as indicating that a “durable recovery” is underway in Denver. In a recent article published on the Metrolist website, Slunaker is quoted as saying, “Based on what we’re seeing at the national level, our housing market is among the more healthy markets,” and “As we go into the fall season, we expect to end the year strong.”
Based on what I see anecdotally in the course of my real estate business, and in the stats in the September chart above, I would tend to agree with his prediction on the market. We will see if the future stats in coming months support our great expectations!