"With less than a month remaining in 2014,
the traditional or seasonal cool-down has slowed the market somewhat –
although not as much as in prior years. The strength of our market
continues because eager homebuyers are still in search of their “American
Dream” home, and favorable local economic indicators continue to improve
and show strength throughout the greater Denver metropolitan area.
Buyers are somewhat anxious to get settled
in because they realize mortgage interest rates are expected to increase
in 2015 and are growing weary watching from the sidelines. Meanwhile,
prospective sellers looking at the horizon still see an excellent
opportunity to "cash-in" to buy up into their dream homes or, in some
cases, downsize as they become empty-nesters. They realize the active
listing inventory of homes for sale remains low and prices continue
trickling upwards. Overall, the market is strong as inquiries from buyers
and sellers are ringing merrily for DMAR agents as we enter the holiday
season.
Year-to-date, the severe shortage of
inventory showed active listings are down almost 42%, the number of sold
listings remained unchanged, but we're still 5.24% ahead of where we were
a year ago with an overall sales volume at $16.1 Billion. The
year-over-year residential market has seen days-on-market (DOM) drop 22%
and the average sales price increase 8.95%."
- Anthony Rael, Chairman - Denver Metro Association of REALTORS Market Trends Committee
