After an excellent year for local real estate in 2015, 2016 looks to be another strong year. Let’s begin by looking back at 2015:
In 2015, Metro home prices jumped nearly 10% according to a recent article in The Denver Business Journal. The article goes on to report that in addition to the brisk price increases, homes in Denver (and Oakland) sold faster than any other city with over half of all listings selling within 18 days! The average days on market for homes in Denver was 35 days, compared to the national average of 62 days.
As we look toward 2016, there are a number of factors that make it look like it could be another very positive year, as reported in this 9News article. Current mortgage rates are around 4% which is an historically low number. Even if the Fed chooses to raise rates in 2016, they will still likely be in the attractive 4% range. In addition, coupled with the momentum that the market carries over from 2015, the Denver Metro area continues to be an attractive place for people to live with our mild climate, strong economy and good job market.