Just about every US market is experiencing low housing inventory, and central Denver (see map) is certainly no exception. We are at an all-time historic low of available homes for sale that began last year with the pandemic shut-down:
We started last year with a welcome above average number of homes for sale, saw that drop through the summer, and then plummet in the fall. The number of homes for sale in December 2020 was less than half of the previous three year December average. Think about this, as I write this newsletter there are a total of 102 homes for sale from 26th to Hampden and Quebec to Broadway.
Our low inventory and strong demand has forced home prices to their record high. We ended last year with a median price for central Denver just shy of $700,000!
If you’re thinking about selling, we’ve never seen better conditions than these — ever. Conversely, many of my buyers in past years have had a tough time stomaching the then record high prices, but are now happy that they purchased when they did. I don’t have a crystal ball, but I don’t see these trends slowing in the greater Denver area anytime soon.