Tight Inventory Is Behind Denver Real Estate Market Agony
Let's start with strong demographics. 33% of home buyers today and for the next decade are first time home buyers with nothing to sell, taking from an already stressed market with nothing to give in return. At the other end of the spectrum baby boomers are delaying their downsizing, moving into assisted living nursing homes, or in with family due to their heightened pandemic risk, holding onto those homes younger families need. For new builders NAHB noted lumber continues to spike up with futures up another 35% on top of the already high 170% rise we saw over the last 10 months.
There was enough inventory to break records in sales. I mean 62,985 homes in DMAR's 11 County area sold in 2020 for another record breaking year. And another 3,641 sold in February, up 13.43% month over month and 3.7% year over year. It's a days on market issue, not solely an inventory one. Homes are coming on and selling faster than you can sell chips at an edibles convention.
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