The busy summer season has come and gone, but we're still regularly getting asked, "How's the real estate market?" As of fall 2019, Denver is still a very strong seller's market, though things are continuing to incrementally shift more in buyer's favor.
- The number of homes for sale are at their highest levels since 2013 (up 21% from the average for the last 5 years), but are still low on a historical basis.
- Median sale prices are down 3.3% from peak 2019 summer pricing (but are still up 6% year over year).
- Median Days On Market have doubled since the spring low (but are still at a mere 17 days for Denver County.)
- Interest rates are near historic lows, hovering currently around 3.8% for a 30 year fixed rate loan (down from being around 5% at the same time last year).
Though this is a strong seller's market, now is a great time to be a buyer. There are less competing buyers looking, prices are cooling, interest rates are low, and inventory levels are high. Now could be a great time to consider upsizing/downsizing (or starting a search for investment properties to create supplemental income).
Is it a bad time to be a seller, then? No. We are still in a seller's market with just two months of inventory (at the current pace it would take just 2 months for all of the currently active homes to sell if no new listings were to hit the market). But, as we said in our last update, the balance of power between buyers and sellers is beginning to shift, and the market is beginning to soften. Sellers will need take that into account when thinking about how long their property will be on the market or how much they want to stretch with their asking price.
Do you have questions? Whether you're looking to upsize or downsize, move out of state, convert your current home into a rental property, purchase your first home, or build an investment portfolio, we'd love to be helpful to you.
Contact us today for all of your real estate needs.
