For some time now, the stable regrowth of Denver real estate has been reassuring buyers and sellers. As one of the first to get hit by the housing crisis years ago, Denver is emerging as one of the first to recover. Record breaking numbers in May have further confirmed what we’ve been coming to understand about the state of the market: it’s officially back.

In May, home prices reached their highest since the market’s crash. Since last May, prices have gone up by 10% according to the Standard & Poor’s/Case-Shiller home price index. For seventeen consecutive months, Denver has seen these year-to-year increases. Partly due to an increased demand, the average price of a home during May reached over $308,000. While Denver’s population has been increasing as more and more discover what a desirable place to live the city is, this is also a sign of a healthier market. May’s broken records had not been met for seven long years, so these numbers have caused many skeptics to finally let out a sigh of release.

The demand is so high that many sellers are reporting finding a buyer within days or even the same day they put out their sign. Following the recession, a large number of properties that were selling were sold for less than $100,000, including many foreclosures, while the standard today has shifted between of $200,000-$300,000. This is a relief for sellers of bigger-ticket homes, as these typically take longer to sell. However, now, these sellers can hope to sell their home in less than a year instead of several years. A drop in the sale of foreclosures—from 40% to 15% in a few years—has also contributed to this, along with minimalized discounts on these foreclosure properties.

Only two cities in the United States have passed records set before the recession, and Denver is one. The city’s co-title holder, Dallas, is also experiencing increased demand. However, if you are a hopeful potential buyer, don’t let these statistics scare you. Even though Denver homes are in higher demand, a recovering market means that there are still plenty of houses getting put on the market of Denver real estate for sale every day, with 2,500 new homes entering the market from April-July of this year. Yes, there will be more competition, but you will also have access to more homes, meaning a greater chance at finding the perfect home for you.

Denver’s recovery is indicative of regrowth in the market all over the country—the Standard & Poor’s/Case-Shiller price index also reported US home sales had hit a five year high in May.

About PorchLight Real Estate: PorchLight Real Estate Group has the most experienced and knowledgeable Denver real estate agents in Colorado. For more information about homes for sale in Denver CO or specific neighborhood homes please visit www.porchlightgroup.com.

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