The March 2019 real estate market stats indicate the market is slower, but still steady. As we predicted almost a year ago, home appreciation is slowing but there are no indications of an impending Denver real estate bubble burst. In fact, all recent and historical data points to a balancing market with continued strength into (at least) 2020.
What the 2019 Stats Say About The Denver Housing Market:
- œStrong job market and gradual decline in mortgage rates will continue to usher housing demand in 2019 [...] mortgage rates continued to fall in January 2019 -DMAR
It's officially March - also known as spring selling season! With mortgage rates at appealing levels, buyers have more reason than in recent memory to get out there and search for their new home. - Increased homes for sale in Denver (up 2% since last month) will continue to balance the market and encourage buyers, getting spring off to a busy start
Though Denver is still a strong seller's market at most price points, the extreme listing shortage we've experienced in past years is now easing. Buyers kept at bay amid low inventory are loving the increase in inventory. More listings, when combined with longer days and warmer weather, is a recipe for a bustling home buying season for spring 2019. - The average single family home value increased by over 2% since last month - another sign of a successful spring selling season
Now that winter has waned, home sales are on the upswing. This home value increase is simply case-in-point. - Days on market decreased by over 7% since last month, illustrating the increase in buyer interest
Just another indicator that the market is warming along with the temp. Lower days on market demonstrates higher levels of buyer interest.
Putting it into Perspective: How Does it Compare Historically?
- Home values continue to rise
Despite concerns about home equity retention, prices are on the upslope. According to the latest Home Price Expectation Survey, œ [Home prices] have still increased by more than 4% over the last year. Of the 100 experts reached for, 94 said home values would continue to appreciate through 2019. It will just occur at a lower rate. - Successful mortgage regulations
The housing market crash of 2008 was largely created by overly lax mortgage standards. Current regulations keep requirements tight, more than halving the risk of mortgage default when compared to the years just before the 2008 housing bubble burst, according to Urban Institute's Housing Finance Policy Center. - Record low foreclosures
Adding on to the last point, foreclosures are at a 20-year low, according to The Mortgage Bankers' Association. This stat is just another sign of a healthy and balancing market.
It's true, the Denver real estate market is changing. The power is beginning to balance between buyers and sellers as the listing shortage eases, leaving a seller's market that offers many more options to buyers. Denver's continued economic stability and attractive mortgage interest rates are very promising for 2019's housing numbers. So, is there trouble on the housing horizon? The facts point to a strong œno.
Recommended Reading
2019 Denver Housing Market Prediction
How to Get Top Dollar for Your Home
Explore Denver Real Estate
Thank you toJGroup,Live Urban Real Estate Realtors, for starring in our March market stats video.
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