Market Update: June 2021
Update: Colorado’s HOT Market
If you are anything like me you constantly hear the variety of real estate advertisements all with the tag line of how HOT the Colorado real estate market is RIGHT NOW. As I drove to work again this morning, listening to the same advertisement for the umpteenth time, I was amazed at how broad and bold statement that really is. While it can be encouraging to know that home are selling for big bucks, or that the market is HOT but in what way and to what extent? I spent most of the afternoon yesterday compiling statistics of our local, county, and Denver metro area to fidn the answer to this very question.
HOT for whom?
I think “Hot” is all relative depending on what side of the conversation you are on. Buyers who want to stay local are somewhat hesitant due to the fact that in most cases it would be a lateral move financially speaking. Sellers, on the other hand, are seeing an average of 5-10% closed price over asking. If you are still curious take a look below at some of the data we compiled on just how HOT the market is for a seller.
Overall three markets, the trends almost mirror each other. At the Denver metro area market, the data is a little bit more balanced, but that also may be due to the larger sample size.
How is this SELLER’S dream effecting the market?
We are observing many transactions where sellers are coming from out of state and buyers are relocating to other states while capitalizing on the profits made on the sale of their home in Colorado. Because of our severe inventory deficit, we have a surplus of buyers competing for fewer homes driving prices up. Buyers are having to be very creative during the offer process including appraisal gaps, inspections, and post-occupancy agreements.
If you should have any questions or know any friends and family that have questions or interest in buying or selling, I am more than happy to visit with them and discuss options, values, or planning.
Nic Pasquale
303.918.8024
Facebook | Instagram
[email protected]
