Denver Homes for Sale: Prices Surge for 3rd Straight Month
Even more positive numbers came out yesterday for Denver homes for sale. The latest S&P/Case Shiller Home Prices Index shows Denver with thre consecutive months of year-over-year price gains - this after a year and a half of declines.
From the Denver Business Journal:
For the third straight month, metro Denver posted a year-over-year increase in home prices in March, at a pace that eclipsed all but two of the nation's 20 largest markets, according to the latest S&P/Case-Shiller Home Prices Index.
Denver also saw a bigger month-over-month price gain in March than all but six other markets, seasonally adjusted, according to the closely-followed monthly report on average home-resale prices from Standard & Poor's .
Denver's three consecutive months of year-over-year price gains followed 18 months of declines.
The only two cities with greater gains were Minneapolis and Phoenix.
These numbers are obviously great news and reflect what we have been reporting here for months. In addition, these numbers include all Denver homes for sale, including Denver Distressed Properties (Denver foreclosures and Denver short sales).
The past two months have shows a huge surge in buyers trying to take advantage of the low rates, and severely depressed inventory (down 30%-40%). Many listings are lasting only a few days and generating several bids.
If you would like to talk more about these numbers and how the recent reduction in Denver foreclosures and the faster approvals of Denver short sales are having an impact, give our team a call at 303-726-1874.
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