The Colorado housing market is expected to remain hot in 2018, with less inventory of homes than buyers seeking to purchase. Average prices of homes exceed $500,000 in Denver and $1 Million in Boulder.
(Denver, Colorado) The Colorado Exclusive Buyer Agents Association (CEBAA) members were recently interviewed to get their opinions on the Denver Housing Market for 2018. The consensus was that a strong seller’s market continues to exist in the Denver metro area as well as other cities such as Colorado Springs. Areas such as Buena Visa and Salida Colorado that are at least 2 hours from Denver are also experiencing more buyer demand for affordable housing than there is available inventory. People seeking under $200,000 housing in those areas are considering trailer parks and tiny home developments since normal single family home prices have escalated so much.
A list of buyers agents and the areas they served may be found at http://buyeragentsearch.com/associations-and-real-estate-agents/colorado-buyers-agents/
Norris Minick, an association member based out of Boulder Colorado reported that he and his company have difficulty finding homes for sale under $500,000 in the Boulder area, where average prices have escalated in the past few years to reach a median price of almost $1 million. The young people who attend the University of Colorado at Boulder generally have to leave the area after graduation if they wish to stay in Colorado and buy their first home.
Mr. Minick, who is currently the president of the Colorado Association, states, “The availability of single family homes in Boulder under the $300,000 price range is almost non-existent. Our forecast is that due to the low inventory of available affordable housing, that the housing market in 2018 will continue to show increasing prices.”
The website of Mr. Minick has a section on home prices and appreciation, as well as a section on how quickly homes sell, and statistics for each community. He notes that this university town just northwest of Denver experienced a 20-40% drop in new listings during the recession and continued to drop afterwards. After 2012, properties sold more quickly as people got back into the market. The number of homes for sale continued to drop 10 to 20% more in the following years.
Another member of the association based out of Denver Colorado, estimates that home prices have increased 8-10% each year for multiple years in a row. He states that the average price of a single family home in Denver is now over a half million dollars, according to statistics from February 2018.
Skyfor manages the Colorado Exclusive Buyer Agents Association. Carlota, an administrator for the association, suggests that home purchasers get a free consultation on the Colorado housing market from one of their members by going to the association’s website at https://homebuyerscolorado.org/fanagnt/ The overall consensus from members of the association is that they think that prices will continue to increase in 2018 due to continued severe shortage of inventory and increasing demand as people continue to wish to move to this desirable state.