The Denver Post has published several articles suggesting that the housing market in the Denver metro area is slowing. Signs show that we may be returning to a more balanced market than we've seen since 2013. Since the market always slows in the fall, it pays to be skeptical of these articles, but it does seem to have slowed a bit more this fall than normal. The Post cites some interesting data, noting that closings on residential properties dropped 20% from August 2017 to August 2018, while the number of homes on the market is increasing. Listing offices are also seeing fewer showings per listing.
A Welcome Change
We know the market eventually has to shift out of the buying frenzy we've experienced in recent years. However, no one will know whether we're really at a turning point until February or March of 2019. Some of our data suggests that change may be in the air. On pricing, for example, we've seen average price increases of 9.4% per year from 2013 through 2017 across the communities we cover. Based on our current numbers, it looks like we're going to be under 6% for 2018. Only time will tell, but maybe we'll see a more humane buying environment for our clients in 2019.
Compass is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.