The 1967 song entitled Up, Up and Away is a good summary of the Denver real estate market.
The fact that the singing group, The 5th Dimension recorded it makes it even more appropriate. Denver real estate has definitely entered another dimension. It is a new and uncharted realm.
Prices? Yep – they’re up. Average sale price in March was $355,462 and that is a 14.79% increase from the average sale price in March of last year. As we always say, the 12-month moving average is a better measure of true price appreciation and it indicates an 8.38% rise in prices over the last year.
Closed Transactions? Yeah – there are more of them. We had 4,522 deals close in March versus 4,077 closed in March of 2014. That is an increase of almost 11%.
Inventory? Even it is up a bit from the previous month. There were 5,288 properties on the market at the end of March, which is a tad higher than the 4,910 that were on the market at the end of February.
What does it all mean? Prices are moving up nicely. Plus, lots of buyers are being successful at finding the place they want despite the relatively low inventory.
Click on the links below for more details on market trends for both:
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(c) Mike Cooke, Colorado Home Realty