DENVER – Windermere Real Estate is celebrating its second year in the Denver market this month. After just two years, the Seattle-based company now ranks in the top 3% of all real estate brokerage companies in the metro area.
While Windermere has been growing over the last two years, metro Denver homeowners have been benefitting from the robust growth in real estate prices. According to the latest report from the Federal Housing Finance Authority, Denver ranks 14th out of 258 metropolitan areas for home price appreciation with 10.14% growth over the last 12 months.
This appreciation rate is nearly double the long-term average of 5.8%. Prices in metro Denver have been appreciating at double-digit rates for the last four years in a row. The average price of a single-family home now stands at $448,000. Just two years ago, when Windermere started in Metro Denver, the average price was $371,000.
“For four years now we have had the perfect storm to cause prices to increase at a rate that is nearly double the long-term average. Metro Denver is one of the fastest growing populations in the country, we have an incredibly healthy economy with high employment, interest rates that are roughly half of the long-term average, and the inventory of homes is at all-time lows,” said Eric Thompson president of Windermere Real Estate in Colorado.
There are only 2,918 single family homes currently for sale in Metro Denver, 7.8% lower than a year ago. “With tight supply and strong demand, we see expect very strong price appreciation for the foreseeable future,” said Thompson.
For more information, visit windermerecolorado.com.