I see you Denver. Out there looking good. People want to be with you, move to be near you or live right smack downtown. Shiny and pretty. Denver real estate posts over 8% appreciation again. Not bad to be up near the top!
Case Shiller released its Home Price Index again showing Denver up top in the number 4 position. This report measures the average change in home prices with a constant level of quality. What does that mean to you? Well it means that year over year the appreciation shows 8.54% over prior home prices. So yes appreciation is kicking.
But since that is not as high as the last report (over 9%) does that mean Denver is starting to cool? Wait and see. I mean this is a long running trend with these real estate appreciation levels in Denver. Still means if you decided to wait from last year and were going to buy a $350K home, it would likely cost you $379.5K now. Of course with rising interest rates over this time last year that also means a higher monthly payment had you waited (just off rates alone).
We will definitely have to watch and see how Denver continues to perform as we progress through the year. If appreciation levels were to slip a bit more ,could we be in for a change? But with a complete log jam on lack of inventory, bear in mind folks the supply/demand curve is still out of whack. Moral of the story, right now is still a strong seller’s market. So do your homework, get pre-approved before starting the process, and work with an excellent Real Estate agent to make sure you aren’t suffering to get an offer accepted.
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