Buyers Have More Power in Denver
Price appreciation has slowed in Denver, but it’s still not a buyers’ market.
Prices actually took a dip in January and February year over year, for the first time in a long time. By March we saw prices increasing again.
I’d venture to guess the government shutdown, or maybe trade and tariff strife, caused some consumer confidence issues in January.
In June of this year, Denver real estate prices reached a record median price of $454,900, up 3.5% year over year.
Fortunately the inventory has come up significantly, by 35% in June year over year, which has given buyers some much needed relief, finally, after many years of multiple offers and competitive bidding.
Will the election affect Denver real estate?
Of course it’s hard to ignore national politics as we head into a big election year. We may see a slowdown as we get closer to November 2020 -- as we saw near the end of 2016 -- but the market should bounce back, barring any extreme circumstances.
It’s a good market to sell, so if you're thinking of selling within the next five years, get in touch for a market snapshot and some educated projections.
On the buyers' side, interest rates are still super low, and the increased inventory means it's a more friendly environment. Get in touch for a consultation or a quick chat.
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