The government shutdown and stock market dip may have affected our early January activity due to consumer fear. Now, with employees back to work, confidence appears to be up with an increase in real estate activity in the Denver market.
Even though inventory today is higher than a year ago, key drivers of insufficient housing supply continue to be: expensive land/lack of land, rising material/labor costs, few incentives for innovation, state and local regulations and community opposition.
Buyers are sighing with relief. With the market adjustments, it’s easier for move-up buyers to place contingent offers on their next home.
The best time to sell is before June.
Forbes ranked Denver the number one most competitive housing market.
87% of millennial renters in Denver say they plan to purchase a home at some point in the future.
Active residential inventory increased 52% year-over-year.
Sold residential homes decreased by more than 14% year-over-year.
Average sold price increased 2.89% year-over-year.
Days on market increased 20% year-over-year.

Source: Denver Metro Real Estate Market Trends Report, February 2019, by the Denver Metro Association of REALTORS®.

And that concludes this month’s Denver Real estate market update

Denver Metro Real Estate Market – February 2019