We’re seeing signs that the market’s conditions are changing. Whether it’s a result of seasonality or an actual sign that the market is slowing is down is still unknown, but as realtors, it’s time to prepare our sellers for the changing market. Sellers, it may be time to share the love and keep homeownership an option for Denver residents.
Denver is consistently outpacing national trends. Half of all homes nation wide are worth more than they were originally at the start of the peak housing bubble. In Denver, 99.6% of homes have exceeded or returned to pre-recession values. The metro area is accelerating faster in apartment building than the national trend. Developers have completed 7,651 apartments since the start of 2018. This probably makes the vast array of new high rises on every corner you see in the city make more sense. Additionally, over 13,000 more are expected to be completed by the end of the year.
Zillow is now offering cash to sellers in the Denver area who are ready to move onto their next home. Soon, Denver sellers will be able to request cash offers from Zillow in the hopes they can sell their home faster. View my full 9News interview on this subject for more information on the latest Denver Real Estate News.
According to Zillow, rent growth in the metro area is beginning to stabilize. This means renters may feel less urgency to move on to homeownership, further reducing demand.
Centennial was ranked 3rd on a list of most favorable cities to purchase your first home. The categories considered were as follows: affordability, real estate market, and quality of life. Centennial’s total score was 64.7, juxtaposed with Broken Arrow, Oklahoma’s 1st place score of 67.09.
The national media home price hit an all-time low of $276,900. Home sales have been down, nationally, for 3 months in a row.
We’re seeing an increase in active inventory in the metro area. July saw an increase of 2.78% (single family plus condo), 2.08% (single family), and 5.04% (condo). Most Denver sellers have experienced vast equity growth over the past several years. However, it might be the Denver buyer’s time to shine.
I would love to help you with the buying or selling process! Get in touch with me via our contact form and let me help you start that next chapter!
Note: All data has been sourced from the August Denver Metro Real Estate Market Trends Report compiled by the Denver Metro Association of Realtors and includes 11 counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson, and Park.