Predictions are difficult, and the only certain thing in real estate is that it’s always interesting.
Some homes come on the market and get offers within days. Others are seemingly well-priced and well-presented and still languish for months. The average number of days on the market is up slightly from last year, but not dramatically so.
Prices are down for single family and up for condos, and that’s not a surprise if you’ve listened to any economic news recently. Anything that could make a good rental is being snapped up by investors.
Denver’s unemployment rate, while not stellar, is about a full percentage point below the national rate. And Denver’s inventory of available homes is so low, that buyers have to compete for a very few homes. That would theoretically push prices up, except for the fact that buyers are competing for a fraction of the available homes, and letting the rest languish.
We’re holding our own here, but sellers who are waiting to put their homes on the market until prices come up will be waiting awhile. Prices will firm, but waiting for meaningful appreciation will take patience.
What doesn’t take patience is looking at pretty pictures of houses. Check out the 16,000-plus homes on the market in Denver at www.GretchenRosenberg.com!