I wonder if Chubby Checker can rewrite his Limbo Rock song to..."how low can housing inventory go"?
Every year, we hear the same story here in the Denver Metro Area. Inventory is at an all time low. We heard it last year and the year before and the year before that. Now it's even lower! For instance active listings for single-family homes in:
Centennial - 47% lower than last year
Cherry Hills - 25% lower than last year
Denver = 42% lower than last year
Edgewater - 66% lower than last year!
Englewood - 58% lower than last year
Greenwood Village - 40% lower than last year
Highlands Ranch - 50% lower
Lakewood - 44% lower
Littleton - 32% lower
Lone Tree - 49% lower
Parker - 36% lower
Castle Rock - only went down 9% while Castle Pines went down 31%
Condos and Townhome inventory in Denver is only down 39%.
That means prices continue to go up (average prices increased 7-9% throughout the Denver Metro Area last year once again.
So if you are thinking about purchasing a home in the near future, you probably want to do it sooner rather than later. Or, if you are thinking about selling and want to know how your value has increased, give me a shout.
stats by Colorado Realtor Association