Denver Market Slowing Balancing Still A Sellers Market

Dated: 08/19/2019

Views: 269

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If you were house hunting in Denver in 2018 you know all too well how high home prices got and how quickly they sold. However, 2019 brought about a bit of a cool down that is continuing through the late summer months.

According to a recent report from the Denver Metro Association of Realtors (DMAR), single-family homes were on the market in July for an average of 24 days, up 10 percent from the same month last year. The pool of new residential listings was down more than 12 percent from June, but still up more than 16 percent compared to this time last year.

Jill Schafer, DMAR Market Trends Committee chair and local realtor, attributes this partly to an increase in new construction across the Front Range, but also to the number of active listings in May and June being at their highest point in five years.

Incredible interest rates, coupled with a slight increase in affordability have encouraged potential buyers to take the plunge. According to the DMAR report, mortgage purchase applications in Denver were up more than 6 percent over last July, and so far in 2019, 22 percent of Denver-area zip codes have seen a year-over-year median price decrease, compared to just 3.3 percent of zip codes in 2018.

Affordability continues to stay at top of mind in the metro area, however. Closing prices have decreased just slightly from 99.9 percent in 2018 to 99.4 percent now. This means sellers are still getting very close to their asking price, but there’s less competition than in past summers.

If you’re interested in checking out what the Mile High City has to offer, now could be a perfect time. Contact Metrowest today and let us show you around!

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Ann Potarf

Ann Gould Potarf is a native of Denver and a graduate of Colorado State University. Her most recent experience was carrying on her dad’s legacy and restoring the dignity in the less fortunate and h....

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