The Economic Impact of Buying a HomeWe’re in a changing real estate market, and life, in general, is changing too – from how we grocery shop and meal prep to the ways we can interact with our
Competition In Denver Housing Market
There is no disbelief that Denver is measured as the hottest housing markets in the United States, with homes selling in incredibly quick timeframes. Studies by housing investigation firm Redfin qualified Denver as the 5th greatest competitive for-sale housing market in the United States. Its analysis used elements like employment and income levels, price changes, competition and the time it takes to close a sale. The Denver area is having 11 neighborhoods with ratings of 90 percent or even higher. This is to say, most competitive by having multiple offers for homes.
The Denver greatest rated neighborhood is the Marston neighborhood located around the Marston Lake with a rating score of 92, with about 70% of homes selling above its list price. Also, Montbello is having a 70% of home selling above its list price. Other neighborhoods having from 60.5% to 66.7% in home selling above list price include; Southwest Denver, Ruby Hill, Green Valley Ranch, Mar Lee, Washington Virginia Vale, Athmar Park in southwest Denver. Bear Valley and Harvey Park have 57.1% and 59.2% respectively, and lastly Cole with 34.6% home selling above list price.
Following the lending tree top 10, Denver is the only in the top five that is not found in California, to which the rest of the 9 are found in the West and Hawaii. In 2017, Denver had a new record on real estate market. In accordance with the latest data from the Denver Metro Association of Realtors show that the year ended with records on higher sales volumes. In relation to these records, it had a total of 57,788 homes that were sold for $25,085,597,436.
But however, the housing market in the Denver metro area displayed signs of cooling, according to the Denver metro real estate market trends report of August 2018. This is to say, both average and median prices have a significant drop from June, and buyers activities have slowed down since its competition with other real estate cities from the west and Hawaii have experienced a significant increase in the purchase of homes. This has forced individuals in search for jobs in Denver since it was a tech hub to move elsewhere for more affordable homes.
Finally, cooling in the Denver housing market may not be a negative effect but rather a positive one. Denver may use it as a business strategy to attract customers from other competitors such as the San Francisco housing market or the Miami, since there are also tech hubs, on the other hand, to have another level of boom in its sales on housing market. This will have no effect on the Denver housing market because of its great and outstanding position in competition, among the top five competitors in the U.S. housing market.
Richard Bradley specializes in residential real estate sales and property management services. I am committed to helping homeowners, buyers & investors with their real estate needs. I spend my time in....
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