If you’re dreaming of a move to Colorado, 2019 is the year to do it. The Denver Metro Association of Realtors‘ March housing market trends report highlights an increase in homes available to buy and a dip in interest rates, making it a true buyer’s market.
The Denver Metro Association of Realtor’s Market Trends Committee evaluated residential single family homes and condo sales in eleven counties in the Denver metro area including Adams, Arapahoe, Boulder, Denver, and Douglas.
What’s the Market Doing in 2019?
When compared to 2018, active residential inventory is up 47 percent. This is great news for those relocating to Colorado or moving to a new community in their home state. A single family home is averaging 41 days on the market, while condos are listed a mere 34 days. The takeaway? If you find a home you love, make an offer ASAP in this competitive spring market.
The DMAR considers this trend a “compression phase,” meaning lots of buyers are looking and there aren’t enough homes for sale to meet their needs. This trend is expected to last until June, with a shift in July that brings an increase in inventory.
To sweeten the deal for buyers, as of March 11, 2019, Bankrate reports an average 4.29 percent interest rate for a 30-year fixed and 3.60 percent for a 15-year fixed mortgage.
Moving to Denver (And What it Costs)
Home showings are going strong in 2019 and buyers are increasing their budgets so that they can get more home for their hard-earned dollars. The median sales price for a residential single-family home was $430,100 in February 2019. The average condo sale was $297,500, per the DMAR report.
The Denver area is especially attractive to young professionals and those seeking an upgrade in their living situation or a place to settle down and start a family, according to the 2017 American Housing Survey.
In February 2019, Denver’s FOX31 confirmed it’s a buyer’s market and advises those who are planning to sell their home in the area should list based on comparable sales within the last four months to stay competitive.
The Best Places to Live in Colorado
The number crunchers at Niche love to rate the livability of an area based on convenience of location, quality of schools, crime rates, employment statistics, housing trends and access to amenities.
This year, they pulled data from several sources including the United States Census, the Federal Bureau of Investigations and the Centers for Disease Control, among others, to create their 2019 Best Places to Live in Colorado list. The top dozen communities are Holly Hills, Pine Brook Hill, South Park Hill, Wellshire, Superior, Eastridge Ptarmigan Park, Highlands Ranch, Country Club, Downtown, Cheesman Park, Cherry Creek, and Hilltop.
Are you looking for a new home just outside of Denver, in the Cherry Creek School district? Browse homes by builder for $300K and up available at Copperleaf Community. We’d love to welcome you to your new home in one of Colorado’s best places to live!