Denver Market Statistics for November 2019 looked very interesting!

But first let me share a few fun (or not so fun) facts with you:

Denver has been on the list for the worst place to find love again this year! For years we were nicknamed “Menver.” Now we are about equal in the women to men ratio. We probably need some of the people moving here to actually want to find love!

Denver is one of the most expensive cities in the U.S. for commuting. This reinforces what we have been seeing for many years. Homes within a half-mile of a transportation center will see the highest increases in value. If you thought you didn’t want to live to close to the rail line, think again for long term values and for your health, commuting adds stress. And if you are looking for a good investment, like a rental property, stay close to a bus or rail line. 

Two years ago I asked a client to tell me something he thought about Denver that was a weird or interesting shift from Oregon. He said, “you have a lot of personal injury attorney commercials, more than I have seen anywhere in the country” (he’s lived all over). Well, lawyers love it here! We have the third fastest-growing population of lawyers in the nation according to CBRE. As of 2019, there were about 9,650 in Denver. And that solves the dating myth of several friends who keep meeting lawyers! They thought they were attracting them but maybe it’s Denver, not them.

And now for the stats…

• Denver had approximately 6,988 homes that are active on the market in November. The lowest ever was 5,131 (in 2017) and the highest was 27, 530 (in 2006). We had an 18.34% drop in available homes from October of this year and a 7.20% drop from November of last year. People tend to take their homes off the market during the holidays. When I dig into those numbers, that is what happened. It wasn’t that homes sold and only a few came on.
• Single Family homes inventory dropped from last year but not condo inventory. We had a lot of condos/attached single-family homes become active on the market this year with three large developments being finished this year. 
• I think we are going to see a drop in inventory as a whole next year. The higher-priced homes are going to take a little longer to sell, that happens normally in an election year. The lower-priced homes will see bidding wars again this year. We don’t anticipate an interest rate hike and the rates are back to being under 4%. The condo market has a lot of competition right now. That will probably stay the same. There are a few more boutique (smaller) buildings set to finish in early 2020 and one large development downtown. 

If you are thinking of selling, this is a great month to start getting prepared and I would love to help you. Sometimes I work with sellers for months before we get their homes on the market. This is going to be a year that you definitely want to outshine your competition so preparation and concentration on the right parts of the home are key. 

If you want to know how much your home is worth click here. I’ll put together a report on your house and the neighborhood. Or give me a call/text anytime and let’s get together to talk and see if is the right time for you.