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What Are 2021's Biggest Housing Issues?
Dated: February 18 2021
Options for buyers on the Denver housing market this year are significantly more scarce than usual. The average active listings for January (from 1985-2020) sat at 13,022. This January there were only 2,316 available listings on the market, according to the Denver Metro Association of Realtors.
The historic low is driven by a combination of factors, said Andrew Abrams, chair of the Denver Metro Association of Realtors market trends committee.
“As the shift to more space and low interest rates continue to drive demand, the months end active inventory continues to shrink to historic lows.”
The low inventory has also led to increased competition between buyers.
Interested in a house you’ve seen available on the market? Odds are, you’re not the only one.
The low inventory on the Denver housing market has created a more competitive situation for buyers, with there likely being multiple buyers interested in every reasonably priced house available.
“As long as interest rates remain low and inventory scarce, there will continue to be multiple buyers for every reasonably priced house,” Abrams said.
Housing prices have also sored, with single family detached properties hitting a record average price of $629,159 and attached properties hitting their own record high of $397,792. The drive-in demand for single family detached homes has been particularly high, which is why there’s a historic low inventory of these types of properties.
However, more houses could be hitting the market shortly. The rollout of the COVID-19 vaccine could boost consumer confidence, potentially encouraging more sellers to list their homes. Denver is rolling out the vaccine to highest risk health care workers currently, with the general public expected to begin receiving the vaccine in the summer months.
Low mortgage rates fuel demand
Low mortgage rates are expected to continue to fuel demand this year, with buyers taking advantage of the historically low rates to get into their ideal home.
With increased competition and low inventory facing the Denver housing market this year, it’s even more important to have an experienced realtor on your side. I've been selling real estate for the past 10 years helping clients purchase their dream homes. Contact me today at 303-709-7814 for more information and to get started on finding the home of your dreams.
Raised in the Longmont/Berthoud area, I've lived in Northern Colorado most of my life. I graduated from CSU with a Psychology degree and after raising 2 girls, got my license in 2012. I play hockey on....