What Do the Stats Say About Our Denver Market?
Here’s some quick insight into our fall Denver market.
What’s really happening in the Denver real estate market? It seems like every day we’re hearing news about how strong it is, but the true story goes beyond the news.
This October, we set a record high for the average sale price for single-family homes—over $625,000! We also set a record low in terms of inventory for single-family homes: 1.8 months. At 0:38 in the video, you can see an infographic of various market statistics to give you a better idea of what’s going on.
In addition to these stats, you should know that the number of active listings is down almost 44% year over year, which is a huge contributing factor to all the demand we’re seeing. There’s just not enough inventory for buyers to go around. For both single-family homes and condos, we’ve seen appreciation increase over 16% year over year, which is astounding.
There’s just not enough inventory for buyers to go around.
What other market insights should you be aware of? For one thing, to comfortably own a home in the Denver metro area, it’s been calculated that you must earn over $109,000, which is a stark contrast to the median income in Denver: $40,000. Secondly, Governor Polis suspended all evictions of those who’re unable to pay rent due to COVID.
Finally, before the pandemic began, about 5.5% of all workers worked from home. Now, that number is hovering above 80%. This has resulted in a 21% increase in sink usage, a 20% increase in toilet usage, a 16% increase in shower usage, and a 22% increase in electricity.
I hope you’re staying safe through all these changes. If you have questions about our Denver market or you’re thinking of buying or selling a home soon, don’t hesitate to reach out to me. I’d love to help.