First Quarter Real Estate Review
All data taken from ReColorado, on April 15, 2019. Denver, Colorado.
- The First Quarter of 2019 for Real Estate in Denver, CO experienced a more normal market with signs of the frenzy slowing down.
- There are currently 5549 Active Single Family and Condominiums as of today. Twelve Months ago the market had 4,073 total active listings or a 36.2% increase in inventory.
- For the 1st QTR of 2018 compared to 1st QTR 2019 the total number of listings taken is 2.9% less today suggesting we are seeing sellers not willing to enter the market. We believe the sellers hesitancy is because they have current lower interest rates on their current home and/or may find the buying process to difficult to navigate
- At the end of 1st QTR 2018 the Average Price was $459,874 vs. the end of 1st QTR 2019 the Average Price is $469,160 at 2% increase in one year. Median price went from $405,000 to $410,000 or a 1.2% increase indicating there just are not many lower priced homes on the market today.
- The Days on the Market in 1st QTR 2018 was 25. Today it’s 31 or a 24% increase in time on the market.
What Does Denver’s Future Hold For Real Estate?
- Appreciation to continue at a slower rate moving through 2019.
- Interest Rates will rise approximately 1% from current rates of 4.25% toward the end of the year causing housing inventory to increase.
- The opportunity to move up to your dream home could not be at a better time than NOW!
- Be Ready to Lock Your Interest Rate in During Your Contract to Closing Period.
- Give incentives for sellers to accept your offer in the terms you offer.
- Know the pricing of a neighborhood before getting into a bidding war
- Be positioned as the best conditioned home. You will get top dollar this way.
- Appraisals are noticing the normalizing of prices and are not aggressive when the market slows. Have a strong strategy to get your home appraised before taking it off the market on the highest offer.
- It’s April, make your home front sparkle from the street to attract the most traffic.
What Should Buyers Do in Today’s Market?
What Should Sellers Do in Today’s Market?