Just two months into the year and 2016 is looking very similar to 2015, at least in terms of the Metro Denver real estate market. While the year over year inventory of available homes has increased by approximately 2.6%, that is only 132 more homes currently on the market in January 2016 than compared to January 2015.
Interestingly, the inventory of available homes has decreased by 4% from December 2015 to January 2016. In January 2016, the Metro Denver market has also seen increases in the number of under contract homes (2%) and sold homes (4%) when compared to January 2015. Buyers continue to experience a very tight and competitive market when looking for a home.
Conversely, sellers are witnessing a robust market, especially in price ranges below $350,000. Mortgage interests rates continue to stay at historic lows, at just below 4%, giving buyers unprecedented buying power with such low interest rates. In Metro Denver, 2016 looks like a great time to take advantage of the low interest rates and the market appreciation we have witnessed over the last few years. Contact me if you, or a friend, would like more information on how to best capitalize on these strong real estate conditions.