The start to 2019 seems to be moving the Denver real estate market toward even more balance between buyers and sellers. Metro Denver remains a seller's market in the low-to-mid price points, but increased inventory offers buyers a wider variety of options and the ability to take more time in the buying process.
Denver Real Estate Numbers for February 2019
Active inventory is up a whopping 52% since the same time last year, providing some welcome balance to the highly competitive real estate market. Not surprisingly, homes are spending an average of 20% more days on market since last February, whichrepresents a 7-day increase.
The average single family home reached $500,683 as of February 2019. While our average home price still sits far above most markets, prices rose only 1.6% since February 2018 - far lower than the double-digits we've experienced in the past few years. Coming out of the sluggish fall we experienced in Denver real estate, it's not too surprising that sales were lower in January. The current home-selling hangover seems to be the lingering effect. The spring selling season is rapidly approaching, but it appears it won't be as frenzied as in years past.
What the Changing Denver Real Estate Numbers Mean For You
This journey toward balance in the Denver real estate market could very well be the opportunity that local move up buyers have been waiting for. Because Denver was historically undervalued by comparison to similarly-sized cities, we had a long way to go to catch up. At least for now, the breakneck appreciation rates appeared to have slowed.
Despite more inventory and balance, Denver is still a healthy and competitive market. In a January 2019 article, Forbes identified Denver as the most competitive real estate market in the country; California is not at the top of the list. Instead it is Denver, Colorado, where you have to flex your home-buying muscle the most.
Tips for Denver Home Buyers:
If you've been waiting to purchase your first home, move up, or downsize, the balancing real estate market could be just what you've been waiting for. And to top it off, mortgage interest rates, which were on the rise, have inched back down in recent months. Jump into Denver house hunting this spring for even more home options.
Tips for Denver Home Sellers:
Spring is an ideal time to list your home, given the historical influx of new buyers entering the market this time of year. Capitalize on previous years' immense home equity climbs but price your home well and carefully prep it for market.
Thank you to Sarah Riggs,Live Urban Real Estate Realtor, for starring in our January market stats video.
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