If you’ve been looking for a home in Denver this year, you know it’s been hard to even bid on a property before it gets snatched up. Deemed a “hot housing market,” the Mile High City has been great for homeowners in recent months—but not so great for homebuyers. Rising values and a home inventory shortage have resulted in competitive bidding, which has led to a market strongly favoring sellers. That trend may be coming to an end. New statistics show more Denver homes are up for sale, which means the tight housing market may be loosening up.
The Increase in Denver Listings
According to new figures released by the Denver Metro Association of Realtors, the number of listings increased 6.5% in July, ending a multi-month streak of a shrinking inventory. The total number of Denver homes for sale in July was 8,297, which has helped supplement the rising need of homebuyers flocking to the market. A higher number of property listings means the market is balancing out to the benefit of buyers. It also means anyone who’s looking to purchase a first home or upgrade to another house now has more opportunities to find a dream home.
The Influx of Denver Homebuyers
The National Association of Realtors recently reviewed metropolitan areas in the U.S. and released a list of the best housing markets for millennial homebuyers. Denver was included in the top 10 for its strong economy, affordable housing, and high number of young people. With so much market activity, home prices in the city are higher than in many other West and Midwest locations, but they remain accessible to the younger professionals moving to Colorado. The tech industry, in particular, has begun to boom in Denver with rising wages and tech-friendly neighborhoods.
If you’re among the many people who have recently moved to Denver, use our mortgage calculator to gain a sense of the real estate listings you’ll be able to afford as you look to buy a home.
The Implications for Denver Bidders
These latest figures are certainly encouraging for anyone hoping to enter the Denver real estate market, but the tides haven’t fully turned. Even though home inventory has increased, home values saw only a slight decrease from June to July. Sellers retain their competitive edge—it just isn’t as sharp as it was a few months ago.
Homebuyers no longer need to act rashly when bidding on a property. As more homes go on the market, the competition will continue to slacken, meaning bidders can take more time when deciding if a home is right for them. Analysts predict this increase in inventory will continue, especially as Denver enters the slower season for real estate this winter. Home prices should continue to appreciate at their current healthy pace with more available properties to keep those increases in check. Homebuyers should remain vigilant and bid on properties that meet their needs and price range, but they can also be more confident that they will be able to purchase a home in Denver.
With such a strong, stable, and attractive housing market, it’s a wise time to purchase in Denver. We love to help first-time homebuyers enter this market, and we’re experienced in helping you refinance your current home—or upgrade to a new one! Fill out our Fast Response form or call our local Denver branch at 303-803-1900 now to receive quality information on purchasing, refinancing or financing options in the area. A skilled mortgage professional is here just for you!
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