Denver Market Stats – December 2019
The December 2019 Denver Real Estate Market did not disappoint. The number of homes for sale in the fall was creeping up and dropped off abruptly at the end of November, leaving us with a record decrease in inventory (-27.9%)! Our record high for homes for sale in December was 24,603 in 2007. Our record low was 3,854 in 2017. In 2019 we had 5,037 homes for sale.
The showings were slower in December which usually happens in the metro area except for Downtown, that market picks up over the holidays and that stayed on-trend.
Using 2019 to look forward to 2020
In 2019 the Denver Metro area had 58,404 homes sell (close). That is the second-highest number of homes closed, the record was 59,207 in 2017. In 1990 Denver had 25,619 homes sell. Wow!
The economists are saying real estate is what will hold the economy together. We will continue to have almost record low-interest rates which ended at 3.75% at the end of 2019 and they are predicting fewer homes on the market.
With very little inventory, low-interest rates and the fact that last year we had more people move into Denver than out, since 2008, our prices will hold steady or they will increase depending on the inventory in the neighborhood. Remember, each neighborhood and price range will be different, some will see dramatic price increases, others will stay flat.
If you are thinking of putting your home on the market, let’s start early so you are ready for your next adventure. Sometimes, it takes a few months to have the house prepared. I’m happy to help you organize and prioritize your checklists to help make the move as smooth and easy as possible. If you’d just like to know how much your home is worth, click here and I’m glad to send you a report.
If you are thinking of buying, having your searches set up and watching what is happening in each neighborhood is important. Knowing the market will make you more confident when it’s time to make an offer. I’m happy to get the searches started now.
This statistic from the Denver Metro Association of Realtors struck me, so I want to pass it along…
“Around 2030 85 million millennials will start competing to buy homes from only 65 million Gen-Xers. This supply-demand ration suggests price escalation.”
Please let me know if I can help you or someone you know.