What is the cost of waiting to buy a Denver home? This is a blog that I try to do twice a year and every time I write it, I think there is no way these numbers will come to fruition. But every time I've written it, the projected average price for a Denver single family home has always met or exceeded the projection and I don't expect it to be any different this time.
Based on job growth, the number of people moving to Denver, lack of inventory and sustained demand, it looks like the average price for a home in May of 2017 will be pushing $500K, right around $491,606. This is an incredible increase and evidence that we are not in a bubble and even more reason why it's still a great time to buy in Denver.
I wish I could take credit for these spot on projections. All the credit goes to Megan Aller with Land Title however. She spends countless hours each month looking at sales stats here in Denver and providing some of the most advanced stats you will find anywhere that help us track the market and help buyers and sellers decide when the best time is for them to move.
Below is the projection that Megan made at the start of the year. She predict an average sales price of $455,216 come May and it turned out to be $456,000.
PRETTY DRAMATIC CHANGE FROM JUST A FEW YEARS AGO, ISN'T IT?
If you are a buyer, it probably doesn't make sense to save for a larger downpayment or wait for a lease to expire. Even if you have to pay an extra couple of months of rent, it would still be way cheaper than paying an extra $40K for a house by the time the lease expires.
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