All data taken from ReColorado, on June 13, 2019. Denver, Colorado.
Is Denver’s Real Estate Market Ready to Bust? Our Answer is: NOT YET!
Eight County Denver Metro Area Current Trends through May 2019
- Average Price of both Single Family homes and Condominium homes Year over Year in May 2019 is $497,896 a 4.3% increase year over year. This price appreciation is slowing down.
- Inventory for May 2019 increased by 39.3% year over year. The leading indicator of predicting the future market is the level of inventories currently for sale. Today the inventory is starting to rise as active listings for single family homes and condo’s is 7569 a large increase year over year, but historically still very low historically. When this number rises over 10,000 total homes for sale, we will see a slower, less aggressive market.
- Days on the Market to Sell a Home increased by 29.2% from May of 2018.
- We are on a pace to sell approximately 54,500 homes and condo’s in Denver for 2019. With 7569 total homes and condo’s on the market that is a 1.68 month supply of homes for the 8 county metro area. A 6 month supply would suggest an equal number of buyers and sellers.
- With Steady employment, rising incomes and relatively low interest rates, we would see a very well-balanced market moving forward for 2019 and 2020.
N.A.R. United States Economic Outlook: NO RECESSION
(as of May 2019)
The National Association of Realtors provides monthly national data to be able to predict the future of the national real estate market. Here’s their data from May 2019 with 2020 predictions.