Temperature may have dropped, but Denver Real Estate Market is still HOT!
If you plan to buy or sell in the Denver Metro area here are some highlights of how the market faired in November
- Inventory continues to drop and buyer demand is driving higher prices regardless of the traditionally “slow season” or even a pandemic
- Regardless of high prices, bidding wars and low inventory, it’s hard to not encourage buyers to stay in the market & keep searching and hunting for their next home because low interest rates are to be taken advantage of – Low rates are keeping home buying affordable!
-The competitive nature of the market reported that 22.1% of closed transactions sold for a full price offer with 44.8% sold for over asking price.
- Buyers looking for a “deal” or distressed homes such as foreclosure or short sales will likely be chasing their tails. In all of the 11 counties of the Denver Metro area, only 5 Distressed properties closed in October 2020. And 5 in November. If the November Distressed Sales the average price was $515,000 and Average List to Sales Price average is 101%
CONTACT US if you’d like a copy of the Full 76 page Market Report or if you’d like market/neighborhood-specific information.