Let’s jump right in and talk about the January 2020 numbers, here they are:
- AVERAGE SOLD PRICE: $516,482
- That is UP 3% from this time last year.
- MONTHS OF SUPPLY: 1.8%
- DAYS ON MARKET: 35
- Only 35 days from the time a house is listed to when it is sold and includes the entire escrow period, which means houses are flying off the active list incredibly fast.
- AVERAGE NUMBER OF SHOWINGS: 7.2
- That means it takes an average of 7.2 showings of a listing before an offer gets accepted.
So, where is the real estate bubble? When is it all going to fall apart? This is one of the most common points of conversation amongst people on the street, but talk to any local economist or market tracker and they will confirm the real estate market in Denver is and will most likely remain strong and continue to have steady growth.
One of the strongest contributors to the growth of the Denver economy is the growing population. The US Census Bureau projects Denver Metro will see an average of 50,000 people moving to Denver ANNUALLY over the next 10 years, and the smart people will ask the question, where is everyone going to live? Two main options for these people are either buy a house or rent one from a person who was wise enough to see the opportunity of real estate investing.
For those people who are afraid to buy at the “top” of the market, here is a little perspective: if you had purchased at the absolute bottom of the big crash here in Denver, here is how the numbers would have worked out:
ROCK BOTTOM – JUNE 2007 $310,760
5 YRS LATER – JUNE 2012 $320,054
3 YRS LATER – JUNE 2015 $423,632
And the prices are only indicating more growth. My advice to all my clients is to buy houses, hold on to them and watch your money grow!
As always, everyone’s situation is different, so please never hesitate to reach out to me to discuss your personal situation and goals.
Thanks and God Bless,
Shane Severson