It is great news that the tight housing market in some locations in Colorado has loosened up because more houses have become available in the Denver area. The Denver Metro Association of Realtors reports that there has been an “explosion of homes” on the market with listings having increased 24 percent from the short period of May to June.

What does that mean for buyers?

* There are more homes to choose from.

* That should mean less competition in the offers.

* As the amount of active listings increase, that creates more price reductions.

* There are fewer back up offers, perhaps one or two instead of up to six a few months ago.

* It is a good time to lock in an interest rate that may not be as low again.

* This summer may prove to be a great time for persistent buyers. In addition, many buyers desire to be in their homes before school starts.

Should sellers be concerned?

They shouldn’t be because Denver County is the number one Colorado county and the seventh in the United States for people who are relocating, and the average home price is $421,000.

The Denver area housing market will continue to thrive because of job growth, continued low interest rates, a low unemployment rate, and the quality of life. According to a report from Case-Shiller on June 28, 2016, Denver is Number Three for appreciation in April 2016 with a 9.5 percent rise in home prices of Denver-area homes from April of 2015. Denver was third only to Seattle and Portland. Prices in the Denver area have set records every month for over two years.

For continuing updates on Denver Real Estate Trends and for information on how we can help you find properties, please contact us.