Sales of Denver condos increased year over year for the seventh straight month in January according to the Colorado Association of Realtors.
This is just more data supporting what we've been reporting here on market stats for the entire Denver area. The past six months have seen an increase in activity and a steep decrease in the available inventory. We're seeing more and more reports in the media reporting these stats.
From The Colorado Division of Housing Website:
Condo and townhome sales in metro Denver and statewide increased, year over year, for the seventh month in a row in January 2012, and they increased for the second month in a row in the Pikes Peak region. According to condo and townhome sales data released by the Colorado Association of Realtors, sales increased statewide 6.4 percent in January 2012 from the same month a year earlier. They increased 8.9 percent in metro Denver over the same period. In the Pikes Peak region, January sales increased 8.5 percent. In January, there were 778 condo and townhome sales statewide. 487 of them were in metro Denver and 76 were in the Pikes Peak region.
This recent growth trend in statewide and metro Denver sales is now seen in the 12-month moving averages used to track trends in home sales. The highly-cyclical nature of home sales trends makes it difficult to track multi-year trends in home sales, so using a moving average makes it easier to identify longer-term trends. Additionally, the introduction of the homebuyer tax credits from 2008 to 2010 further complicated the picture.
If you have put off listing your home, you may want to seriously reconsider waiting. The lack of inventory in the metro Denver area is a serious concern, and the Denver condos that are priced well and in good condition are selling very quickly.
If you'd like more information on Denver condos or the Denver market in general, including how Denver foreclosures and Denver short sales have impacted the market, give our team a call at 303-817-0209.