The Denver Metro Association of Realtors' Market Trends report for February is out. Here is a quick overview of what January real estate looked like in the 11 county metro area.
The average price of a single family home was $500,683. This is a decrease of .92% from December, and 1.57% higher than in January 2018.
The market is off to a slower start this year, compared to last January. This may have been linked to the recent stock market dip and government shut down. Now that the government shutdown is over, there is increased real estate activity which signifies more consumer confidence.
While there is no "bad time" to sell in the Denver market, the BEST time to list your home will be March, April and May. This will allow you to take advantage of lower inventory and higher buyer activities in the market. Don't wait until June! This is when we typically see a decline in the amount of homes going under contract.
As the market shifts towards a more balanced market, it is even more important for Sellers to prepare their home to stand out against the rising inventory. Repairs, staging, professional photos and marketing are going to become even more important in 2019 and the years to come! Of course, we all wish we had a crystal ball, and every property is unique. Talk to a professional about your specific needs.
Read my article The 5 Mistakes Home Owners Make When Staging Their Home For Sale.
Buyers have choices and interest rates are still great! In January, there were 52% more listings than at this time last year. Many Buyers have the ability to qualify for down payment assistance, which is great news for millennial renters who are finally ready to buy a home and build equity. We are still in what is considered a Sellers Market, so there may be competition in the lower price ranges, but there is more inventory making it much less competitive than in years past. Prices will continue to rise this spring, so if you wait to buy in the fall when there is typically more inventory, you will have less competition but pay more for your home.
Curious about interest rates and how it impacts your buying? Watch my video Should I wait for mortgage rates to go down before I buy a home?
Overall 2019 Outlook:
The prediction for the Denver metro area market from the National Association of REALTORS® is that it will be another hot early spring and then the market will begin to stabilize in 2019, with the number of homes sold dropping 6.7% and the prices increasing 6.8%. Now is a great time for both Buyers and Sellers. Sellers are still enjoying the equity gains they have made in the last several years and Buyers more choices have the opportunity to buy at a low interest rate before 2019's two projected interest rate increases.
Reach out if you are considering Buying or Selling a home and we can talk about what I do to help my clients succeed. I will always be honest with you about the market and what needs to be done to help you reach your real estate goals!