It’s time for the monthly Denver market stats for September 2017!
I’m happy to report yet again that overall prices are on the rise! Denver continued to be a strong real estate market during the month of September. What does this mean for buyers and sellers? It’s a great time to buy and sell!
The Denver market shows no indication of slowing down, so that home you’re currently dreaming of is only going to get more expensive as you continue to wait. Yes, it’s a competitive market with limited inventory which only means you need to be strategic when writing offers to make yourself appealing to sellers. From September 2016 – September 2017 multi-family homes appreciated 9.1%, meaning the same home next year could be 9.1% more expensive. Purchase now and pocket that appreciation.
The market is currently at a all time high and you will be getting top dollar for your property. If you’re looking to upgrade your home, it’s a great opportunity to use the equity from your property as the down payment on another property. For investors, it’s a great time to sell and use the proceeds to purchase 1, 2, or 4+ investment properties.
Let’s take a look at some of the stats from this past September:
Average sale price in September:
- All homes – $421,000 – 6.9% increase from September 2016
- Single family – $428,000 – 6.5% increase from Sept 2016
- Multi-family – $310,000 – 9.1% increase from Sept 2016
Based on the 12-month moving average, which is a better measure of real trend prices, values are up 7.8%. So prices are moving up strongly.
The number of closed sales was down in September – 4,494 properties closed this September, which is 7.2% less than the 4,844 closed in September 2016. The number of homes for sale at the end of September was 2.6% lower than Sept 2016.
All those are the numbers for metro Denver as a whole, but trends vary by area, price range, type of property etc. If there is a specific zip code that you’re interested in learning more about please send me a message below!