Early this year, as we began to dial up real estate agents to get a sense for what was happening in the Denver market, it quickly became clear that things weren't all that different from a year ago. By way of explaining the situation, one agent suggested we think of the movie Groundhog Day (Déja vu all over again).
Specifically, they were referring to the limited inventory of homes for sale in the Denver metro area. At the beginning of 2013, there were 7,610 homes for sale in Denver; at the start of 2014, the figure was 7,094. Ideally, agents will tell you, that number would be closer to 17,000. The point is, there aren't enough homes for sale, and so the houses that are on the market are fetching a premium. "It's staggering how great the market is," said one agent, referring to the continued rise in average home prices.
To help prospective buyers and sellers navigate the tight Denver market, in this month's 5280 we examined the numbers and trends in some of the more sought-after neighborhoods in the Mile High City. We also offer a few tips and tricks for buyers and sellers. Trust us, in this fast-paced market, you're going to need 'em.
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