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Wheat Ridge’s banner year in 2015 for residential real estate

Last year was an amazing year for real estate in both Wheat Ridge and for the Denver Metro area as a whole.  The eleven county area that surrounds Denver that is supported by the Denver Metro area association of Realtors appreciated over 14% in 2015!  With historically low inventory and demand still at heightened levels 2016 may be another good year to be a residential property owner in Wheat Ridge, CO.

The residential sales stats for Wheat Ridge looked great in 2015.  The average sales price in Wheat Ridge rose 11.1% percent from 2014 to 2015 and finished the year off at $309,303.00.  A total of 451 residential properties (homes and condos) sold last year, a 7.7% increase in total sales when compared to 2014.   Inventory has risen a bit toward the end of the year and by year’s end there were 179 units for sale, and decrease of 10.3% from this time last year. 

One aspect of the market that continues to amaze is the speed that properties are going into contract once listed on the open market in Wheat Ridge.  The average time a home sat on the market in 2015 was an unprecedented 20 days.   This is down 8 days from the great year in 2014.  Bottom line, if you are thinking of selling you home and are reasonable about the price, pack your bags as you might be moving soon.

Looking toward 2016 the market landscape is shaking up to be another strong year.  Ultimately, supply and demand drive the prices in any market and ours is no exception.  Tight supply of homes coming to market is one of the largest drivers of the current appreciating market.  At the end of December the number of, “active” homes available for sale in the metro area (including Wheat Ridge) was at 4,384 properties.  In the last 30 years the average number of homes for sale at this time has been 13,869 homes for sale.  This equates to an over 300% decrease in inventory in the metro area from the thirty year average.

Demand for housing in Wheat Ridge is the other piece of the equation to the current appreciating real estate market.  Many residents are finding that, with such low rental vacancy rates in the area, landlords are able to raise rental rates throughout the Denver metro area.  With these historically high rental rates and affordable low-down mortgage options, many would be renters are finding it is simply cheaper to buy than to rent.  With interest rates promising to rise in the coming months, many savvy buyers who had previously been on the fence are also deciding to lock in lower 30 year rates now before it is too late.  The metro area also boasts a favorable business environment and many other best in class attractions that consistently place Denver and the surrounding areas in top 10 metro areas to move to for many years running.  All of these things and many other have kept demand for residential real estate at peak historical levels.

*Housing statistics from Denver Metro Association of Realtors.

Matthew Cobb is a Realtor with Colorado Realty Source.  He specializes in residential and 1-10 unit multifamily units in the Denver Metro area, particularly in the Northwest metro area and suburbs of Adams and Jefferson counties.  Matthew can be reached at This email address is being protected from spambots. You need JavaScript enabled to view it.">This email address is being protected from spambots. You need JavaScript enabled to view it. or via phone at 303-478-3083.

Testimonials

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If you want a genuine, hard-working, responsive agent that will be truthful and knowledgeable, then Mathew should be your choice. He was patient with us as we looked at dozens of homes. He talked through the stress and excitement of buying a new home. We never once felt like we were dealing with a  "salesman" or person that was in it for himself. He was truly working, hard, for us. If he is available, we will always call him first for our real estate needs.

Kristen Hilkey

Matt sold our house very fast after it was put on the market. He said he would sell it and he did. I live in Memphis, but I had a house in Denver, Colorado. I gave Matt power of attorney to act on my behalf and he walked me through the whole process step-by-step. Matt stayed in contact with me  keeping me informed on a daily basis as to what was going on, and where were we were in the process, until the property was sold. Matt was very professional. I was happy with the results of his work. I would highly recommend Matt if you are looking for a realtor in the Denver area.

Mike Mathis

Highly recommend---I received good, friendly and punctual, service. I was under great financial pressure at the time Matt was very helpful. Also his office staff were likewise very good to work with --very professional and friendly.

Frank White

Matt is the man. He helped us find a great home in our price range in a very competitive market. A good, reliable bloke who goes the extra yard. Matt shared his honest opinion of houses and condos we looked which helped us make an informed decision. We will look to use Matt in the future for our  buying/selling needs.

Marty Chenery

If I could give him more than 5 stars I would! If you want to work with someone who has it all, then Matt is the Realtor for you. He has superior knowledge of the area, excellent negotiation skills, and always responds in a very timely manner. I recommend him to anyone I know and I will always  go through him in the future. Thanks again, Matt!

Sam Bassan

Matt is hands down the best you can find. He does not rest until he gets you the best deal possible. Through the entire process he will treat you like a member of his family, always putting you first and never letting you get into something that is a bad deal for you. He helped me purchase my first  investment property and his extensive knowledge of investment properties guided me to make smart decision! He is honest about what is and is not a good deal. Instead of being out for the best commission, he is out for the best deal/investment for you. His honesty and extensive real estate knowledge is unparalleled. If you are looking for an investment property, trust Matt to led you in the right direction and give you honest advice. Matt will keep fighting for you until the very end.

Canace Newby