We Keep Breaking Records….
You may have noticed that it was reported in the press that September was the most difficult month in history to buy a house in Denver. Guess what that means? Conversely, it was a great month to sell a house in Denver. It appears that sales in Washington Park had the same great month as the rest of the city. We had 8% more closings than this month last year and a whopping 50% increase in the number of homes that went pending.
I have had several people ask me how this could be true with a 39% reduction in the Colorado GDP, high unemployment and much uncertainty in the world. I am not an economist but I would guess there is not any one cause. There are likely some who have had to sell their homes due to a job loss. That has resulted in slightly more inventory and with rates so low, there has been a pent up demand to buy those homes. There are also those who have elected to make a move as they are working from home and have found their living space inadequate and those who have made a move either into or out of Denver to be closer to family. We have seen all of these reasons in our own sales the last few months so I suspect others have also.
As always, if you have any questions about whether it is a good time to buy or sell your property, please don’t hesitate to be in touch.