Denver real estate market continues to freak the F out!

[James Carlson]

Westword said it best in their Dec. 4 story: Right now is the "toughest time to buy a home in Denver holiday history." Yikes!

Those who've been on the sidelines "waiting for the market to cool off" -- how many times have I heard that the last five years? -- watched it get even hotter during Covid, as if that was possible. 

A quick look at the Denver Metro Association of Realtors' market report shows why -- record low inventory. In November, there were just 3,415 homes on the market. That's half of the inventory from this time last year and even further below the historic average of 15,000 homes on market. And what do you know, the average prices remain stupidly high, to the tune of $615,000. 

What's the moral of this story? I don't know. For those who are moving to Denver or looking to buy their first place, I still think it's a good idea to buy the place where you're going to live. House hacking still makes sense for those willing to do it and offset their mortgage. Be that the traditional rent-by-the-room model or finding a home with a basement apartment or carriage house. 

The other moral is to use a good agent! (Sure, that's me or any other solid agents on BP.) In this competitive environment, you want an agent who knows all the tools to get your offer accepted. 

[Nick Cooley]

All great points. 

My wife and I have begun playing the game of seeing how many different out of state license plates we see when driving around town. Needless to say, I don't think the "hype factor" surrounding Denver that is contributing to the short supply seems to be fading out anytime soon.