Happy New Year!

What Will 2020 Bring to Denver’s Real Estate Market?

I’m thrilled to be starting 2020, which also happens to be a new decade. Gulp, how did that come so quickly? 2019 was a great year for real estate and I can’t wait to see what 2020 has in store! Let’s take a quick look back at 2019 in the Denver market….

• Inventory in our market was scarce. By the end of 2019, we had we had almost 10% fewer home choices on the market year over year.
• On average, detached and attached homes were selling in under 2 months.
• There was an increase in the number of days it took to sell a home on the market.
• Sellers started dropping their prices aggressively when homes weren’t selling quickly – i.e. first week to two week
• Home values continued to go up despite more price reductions

So what does this data mean? What can we predict for 2020’s market? It’s important to remember that no matter how much we assess the data from years past, our market can still be unpredictable.
Predictions for 2020:

• Affordability might still be an issue in the market
• Buyers might still be paying more than they were originally hoping for (it’s not a buyers market yet!)
• However, sellers won’t have as much control as they’ve had in years past!
  • Sellers, make sure your homes are in tip top shape!
• We will be starting this year with low inventory
• We’ will continue to see more long-term gains in real estate this year (strong job market, steady economy, and low inventory contribute to this).

Time For Big Moves!

I want to point out some of my favorite neighborhoods in the Denver Metro Area: Congress Park, Washington Park, Hilltop, Mayfair, and Montclair. I encourage my buyers to start slow and know the best neighborhood for you. This is the first step in making sure we’re finding the right home. I encourage them to visit the neighborhoods they’re interested in and drive through at different times of day to get a feel for the neighborhood.
Additionally, low mortgage rates and an improving economy will be driving our market in 2020. The outlook for our housing market is bright, so now is really the time to start thinking about making that next move

Photo from JK Design

Quick Stats

• Average active listings for December month end is 12,941 (1985-2018)
• Record high December was was 2007 with just over 27,000 active listings.
• Record low December was 2017 with just over 3,800 active listings.
• 2019 represents a record decrease in listings from November-December (decrease of 27.9%).

Let’s start 2020 on the right foot…..together! I am thrilled to start this new year in such a wonderful real estate market and look forward to working with you! Contact me for more information on working together in the home buying/selling process. I can’t wait to hear from you. Cheers to a wonderful 2020!