Denver Market Cool Down Continues

Dated: 03/18/2019

Views: 350

Image titleGood news for buyers in the Mile High City: According to a recent analysis from Zillow, with the exception of California’s biggest cities, no other housing market is cooling as quickly this year as is metro Denver’s.

The trend shouldn’t be surprising as Zillow says nearly all the markets that pushed the bounds of affordability over the housing recovery are now experiencing significant cooling.

Zillow looking at the share of listings that adjust lower, the final sales price as a share of the listing price, and the change in the average number of days a home spends on the market to determine how quickly a given market is cooling down or heating up.

In metro Denver, Zillow found that 18 percent of listings took a price cut in January, compared with 11 percent in January 2018. Homes sold for 97 percent of list price in January, compared to 99 percent a year earlier. Additionally, homes are taking about a week longer to sell: 65 days versus 58 days.

A monthly update from the Denver Metro Association of Realtors (DMAR) also reported that the median price of both homes and condos sold in metro Denver in February turned negative for the first time in seven years.

While none of those shifts are particularly extreme, they do indicate a change is headed our way. If you combine the three Zillow measures, metro Denver’s housing market ranks fifth overall for how fast it is cooling down, behind the California metros of San Jose, San Francisco, San Diego and Los Angeles.

Behind Denver on the cooling scale are Dallas, Seattle, Sacramento and Portland, Oregon.

If you’re ready to start checking out housing options in Denver, there is no time like the present. Contact Metrowest today – we’d be happy to show you around!

Blog author image

Anna Mata

I am a proud native Coloradan born and raised. I have seen first hand the tremendous growth and change Colorado has seen over the last thirty years. I look forward to working with you.....

Latest Blog Posts

These Denver Neighborhoods Bring In The Most Return On Investment

According to a recent analysis from the Denver Business Journal, the average Denver County home has produced dramatically higher returns on investment over the past ten years when compared to the

Read More

Exploring Denvers Goldsmith Neighborhood

Bound by Yale, Evans, and Quebec, Goldsmith is a popular southern Denver neighborhood that offers an easy commute to different parts of the city, as well as a quiet and residential feel. Homes here

Read More

Denvers Real Estate Scene Becoming Better For Buyers But Its Still A Sellers Market

Denver can still be considered a seller’s market, however, homes are taking longer to sell in the Mile High City, and there’s also more to choose from, according to the September report from

Read More

Home Price Gains In Denver Fall Below National Average

After years of strong appreciation, home price gains in metro Denver are falling below the national average, according to Zillow, who said its Denver Home Price Index has risen 3.4% to $411,200 the

Read More