Second Half of Year More Favorable for Buyers
January 2019 | Market Report
I had the honor of hosting the West Metro Chamber "Business After Hours" last night.
They received an extra bonus of hearing about the market too!
The first part of 2018 was great for sellers.
But as we headed into summer, it began to shift to a more favorable market for buyers when inventory surged, resulting in more choices and an increase in price reductions.
A comparison of vital statistics for all homes – detached single family (DSF) and attached single family (ASF) combined – in 2018 versus 2017 includes:
-The average price was up 8.3 percent;
-The number of active listings at the end of the year rose 44 percent;
-New listings increased by 1.7 percent; and
-The average days on market remained flat.
Among the trends and predictions for 2019:
Homes may take longer to sell, but sellers are willing to wait longer for offers that are close to the listing price;
Given the rise in Denver homeowners’ equity, the number of buyers looking to “move up” is increasing;
Optimism remains high for the market with loan applications on the rise; and
While inventory is higher compared to last year, it is still relatively low and with migration to the metro area remaining strong, prices are expected to go up.
If you need any advice or assistance navigating our real estate market, contact me today. I am never too busy for your referrals.