Showing History

gold_pannerNot since Colorado prospectors yelled “gold” from the banks of where the Cherry Creek runs into the South Platte River, has Denver seen such a rush on real estate as we did last spring. The current median price for a detached home in central Denver (26th to Hampden and Broadway to Quebec) has risen from $430,000 to $498,000. We are now seeing a return to normalcy in terms of number of showings per listing.

Demand on the Streets
The graph below represents the number of showings per listing over the past 21 months for homes priced up to $1 million. The red circles show that demand for homes last month is pretty much in line with demand for homes for September 2014. What is more eye opening is the precipitous climb in showings starting in the cold month of January (see the red box).

Showings

Two Takeaways
1) Right now is a great time to be looking for a home. If spring of 2016 is a repeat of 2015’s spring market, then the battle between buyers will begin in January. Also, our inventory is slightly higher right now than it was a year ago.

2) If you are considering selling your home in 2016, then starting earlier than April or May, might be to your advantage.

The continued low interest rates speak favorably for buyers and sellers to both of the above points.

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