Denver Metro Real Estate Market Update
2018 Quarter 4
Happy New Year! What’s happening in the real estate world? Our lead agent Russ Porter takes a look at market trends and who may be able to benefit the most. Let’s fulfill one of those resolutions!
What are the numbers?
Inventory is climbing. Active listings are up 16% year-over-year
Sales are down. The total number of home sales is down 3% compared to last year
Sales price is increasing, but more slowly. Median Sales Price is up 5%
The current Median Sales Price is around $420,000
Who can take advantage?
People new to the Denver real estate market stand to take advantage of the current conditions. When inventory is up, there are more houses for sale, so there are more opportunities to find a home that suits your needs. In addition, a new buyer’s purchase power may be as high as it will be for a while over the next few months. Interest rates are rising and are expected to continue to rise, so despite the increasing sales prices, it’s still a great time to buy.
Move-up buyers. Looking to sell your smaller home and get more space for your family? Now is an excellent time to do so. It’s true that higher inventory and a slowing climb in sales prices might net you less on your home sale during the slower season, but when you’re able to realize that same savings on the purchase, you gain in overall equity and value.
Investors should be very excited by our current climate. While sales prices are slowing down, rental rates and occupancy rates remain strong. Let’s talk about your wealth-building goals and put something together before the Spring fever comes along.
Real estate planning always boils down to your unique goals and challenges. If you need to talk to a professional about the specifics of how today’s market impacts you, give us a call today.