What's really going on in the lower-priced end of the Denver housing market (Englewood: short sale, apartments)

[SunnyPuckett]

Your real estate broker can show you the data from MLS. Listings are down significantly, under contracts and solds are up, way up.

Single Family (Res + Condo)
Last Month Last Year
Active 10,086 -3.42 -41.89
Pending 1,879 11.85 41.60
Under Contract 4,150 19.05 12.37
Sold 2,495 1.01 11.93
Avg DOM 105 0.96 -15.32
Avg Sold Price $248,094 0.02 2.22

[davebarnes]

[davebarnes]

Prospective buyers will not enjoy this article.
Denver-area home sales sizzle in March | Inside Real Estate News

"The number of previously owned homes placed under contract in March jumped by 49.2 percent compared with March 2011, while they rose 28.4 percent from February."

"Home prices also are up. The average price of a single-family home in March was $284,035, 4 percent higher than the average price of $273,877 in March 2011 and 5 percent higher than the $270,821 in February."

[Willy702]

And on the 12th offer...finally got a condo under contract. Took a place that was horribly marketed by the realtor to get something nice and for under list. On offer 11 put in a "final and best bid" 2k over list, which I had a feeling may have been above appraisal. Was told it sold to cash offer (of course) 6k over list. Really crazy out there. If all goes right and I close I will breathe a real sigh of relief. My apartment made me an offer of just a 9% rent increase over last years monthly rent.

[mafaldam]

Willy702, what'd you pay for your condo? I've been wondering if it's time for me to look for a condo/townhouse myself, but the stories are scaring me...

[2bindenver]

Buy or not. Don't just look.

[mafaldam]

That response makes no sense.

[TheGreatCurve]

Originally Posted by vegaspilgrim

Is this situation unique to Denver or is this happening in most cities right now?

I think it's happening nationwide. I know for a fact the same thing is happening in Las Vegas and in the SF Bay Area.

[TheGreatCurve]

Originally Posted by zenkonami

UGH. I don't begrudge people having nice places to rent by any means, but I'm so tired of giving away all my money to somebody else and really getting not much in return.

But isn't having a roof over your head getting a lot in return?

[davebarnes]

Denver-area home inventory plunges | Inside Real Estate News

The trend of a plunging inventory of Denver-area homes continued in April, as prospective home buyers had 42.5 percent fewer homes to choose from than a year earlier, according to a report released today.


The decline in inventory in April comes as more buyers are shopping for homes, driving up prices, with bidding wars becoming increasingly common.


“We continue to see tight inventory in the market, which means there about a two- to three-month of supply available,” said Kirby Slunaker, president and CEO of Metrolist. “Conditions are favorable and we continue to look for signs of improvement such as continued price appreciation.”