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Homes are taking longer to sell, but sellers are willing to wait a little longer to get close to their listing price.
“Move up” buyers are on the rise. As most Denver metro homeowners are equity rich, they are cashing in their equity to pay off credit card debt, student loans and/or car loans and are still able to make the next move to purchase a new home.
Unfortunately for buyers, it’s only going to get costlier to buy in 2018, especially for entry-level homes. To be successful, buyers should think through how they’ll adapt to higher rates and prices.
Optimism remains high for the 2019 real estate market in Denver. While interest rates are increasing, loan applications are on the rise. Buyers and sellers are eagerly making plans to enter the marketplace this year.
FHA, Fannie Mae and Freddie Mac raised the national confirming loan limit from $452,100 to $484,350. Denver Metro’s new loan limit is $561,200 due to our higher cost of living.
The number of For Sale By Owner (FSBO) transactions fell to a record-low of 7% of all home sales in 2018, down from 8% last year, according to the National Association of REALTORS®. FSBOs have decreased dramatically since 2981, when they accounted for 15% of all home sales.
Active residential inventory increased 44.7% over one year earlier. More options for buyers! And a “normalizing” market effect for sellers.
The average home price increased 4.7% over one year ago.
Days on market increased 8.3%

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

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

Denver Metro Real Estate Market Update – January 2019