Colorado, and Denver’s housing market continue to remain strong as spring begins and real estate professionals prepare for the summer season.
As Colorado Biz Magazine forecasted in December, prices that started to rise in 2020 have continued so far in 2021. The article predicts that through 2021, prices will remain high while inventory remains low, meaning houses are going quickly on the market. While this remains to be seen, interest rates are also predicted to rise later in 2021, meaning if you are looking to buy, you may want to consider looking sooner rather than later!
While this is definitely a seller’s market, Coloradorealtors.com made note that some of the levels of inventory and prices we’ve seen in 2021 are historic. The amount of inventory has dropped to record lows, calling for persistence, perseverance and high offers from those looking to buy homes. And this isn’t just an issue in the Denver metro area – from Telluride to Durango, real estate experts talk to Coloradorealtors.com about the shortages they are seeing and the difficulties their clients are having in successfully buying homes.
Norada Real Estate also notes that prices are rising to all-time high levels. In February of 2021, Norada noted the average price for a home was up to $632,581. With these high prices, and low inventory, homes are selling at an incredibly high speed. With an average of only 5 days on the market in February, 7 days less than the same month in 2020. With February’s numbers showing no indication of the market slowing down, it’s safe to say that we can all look forward to a busy spring and summer season!