The Denver housing market stayed consistent with it’s fast-paced trend that has continued the moment we were all expressing Happy New Year greeting. Statistics show a 77.5% increase of new listings in January from December and in most cases buyers were there to scoop them up as quickly as they were listed.
“In January, homes under contract were almost the same number as new listings. This means that as fast as listings come on the market, they are placed under contract,” Steve Danyliw, chairman of the DMAR market trends committee and a Denver real estate agent, said in the report.
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Things to note from the Denver Metro Association of Realtors February 2018 Market Trends Report:
- Colorado was the 9th fastest growing state in 2017, with an increase of 77,000 residents. The 2016 increase was 90,000 residents. Some residents may be moving out of state due to traffic and housing prices.
- First-time home buyers accounted for about 32 percent of home sales in December and for the full year according to the December 2017 REALTORS Confidence Index Survey.
- The deficit of homes in the metro area, which represents the demand for housing and the supply of available housing, is expected to peak this year at 32,000. Experts say it could take up to 10 years to correct the imbalance of homes needed. The current deficit is attributed to a shortage of land available for development as well as a shortage of trades, which leads to the slowing of new build activity.