If you have been looking to purchase a home in northern Colorado, you are not alone. In fact, the Northern Colorado Business Report proclaims that 2013 was a break out year for residential home sales in northern Colorado. Sales for 2013 were fueled by low interest rates and a limited inventory and highlihgts include :
- All time record levels for homes sold, average price, and total volume
- Average selling price of $254,509 (highest ever)
- Total volume $2.78 billion (8.8% increase over the previous record set in 2005)
- 10,923 closed sales (17.4% increase over the previous year)
- Stable and sustainable yearly price increases for four consecutive years
These results point to an estimated robust demand for homes. Such demand along with a low inventory is likely to result in continued upward price pressures. This could make 2014 a seller’s market. If you would like to consult an attorney regarding your pending or future real estate transaction, please contact our Business Law Group partner, David A. Closson at [email protected].