This summer has proven to be a unique setting for real estate, where both buyers and sellers are seeing strong benefits. For buyers, most areas have shown an increase in average days on market (even just slightly) which means there is more time for real estate decisions. That coupled with low mortgage rates make this an opportune time for making a purchase. Sellers are also seeing benefits as in most areas prices are continuing to increase. Across the board, this year has shown some significant increases in both the average sold/list price as well as the highest price sold.
While these general statements ring true across the country, Colorado is especially seeing this pattern. After years of an active market, how is Colorado’s real estate market continuing to be so strong? Mainly this is due to a strong economy and the desire to live the sought-after Colorado lifestyle. According to LIV Sotheby’s International Realty’s Executive Vice President, Financial Officer, Steven Kirby, the Colorado economy is incredibly strong. “In fact, for the third consecutive year, our economy ranked first out of all 50 states and Washington D.C. This robust performance is primarily driven by consistent growth and entrepreneurship,” said Kirby.
Plus, Colorado continues to rank as some of the top places to live, drawing interest from potential buyers. Denver and Colorado Springs were highlighted in U.S. News & World Report’s “Best Places to Live 2019” and many metro areas dominated SmartAsset’s list for the best housing markets for growth and stability, with Boulder holding the No. 1 spot. Telluride also came out on top for the No. 1 Best Small Town to visit in the country, by U.S. News & World Report. The list goes on for Colorado towns that are receiving notoriety, and that’s due to the outdoor adventures at our fingertips, the ideal weather, and the ever-booming economy.
The Colorado real estate market is trending upwards and now may be the time to discuss your potential future transactions to ensure a smooth and seamless experience.
Sources: SmartAsset.com / U.S. News & World Report / Forbes