September 2018 Denver Real Estate Market Statistics

Just to reassure you, the sky isn’t falling.

We are hearing all over the country that sales are slowing down and so are home prices.

In Denver, we are seeing the houses that are priced well are still moving quickly.

I do believe we have hit the highest prices for the year. What do I mean by that? I mean… if you have the same house as your neighbor – the exact same floor plan and finishes as yours then you should not ask for more than they sold theirs for. In May, June, and July we tend to push our prices. Now is not the time to push your price or your luck. You are much better off asking the same price and hoping for a few buyers to make offers to push the price than to lose precious time and create potential stigmatization.

A couple things to note:

• The tariffs imposed on housing materials are up 10% on aluminum and 20% on Steel and Canadian lumber, not to mention the goods imported from China.
• The Federal Reserve has also increased the Federal Funds Rate by 0.25% with another hike expected in December and three more in 2019.

What does this mean for sellers?

• Our inventory is up but not to an equal seller/buyer market that would be around 18,000 listings as we closed September with 8,807 listings. 
• If you want to buy something after you sell, now is the time.

What does this mean for buyers?

• Get your credit in tip-top shape so you can have the lowest possible interest rate. 
• Know your neighborhoods. 
• Know what you like, know what you want to afford so you can strike while the iron is hot. 
• There are several new builds that are taking offers so they can close as many finished homes by the end of the year. 
• It isn’t a buyer’s market yet but there are great opportunities right now.

Housing prices are up from last year but so is the inventory. As the interest rates go up, I am expecting prices to flatten out. We still have a lot of buyers in the market, their price points may change as the interest rates go up.

Again, every neighborhood is going to be different. 

• The $1M plus single-family home market is still at peak levels, the $1M condo market slowed down so much we are at 8 months of supply as a city. If you break that down into neighborhoods, some will be better than others.
• The $400K – $1M market sold homes have decreased in both the condo and single-family market but the prices were up slightly again that is going to change by neighborhood.

If you are curious about your specific market text, call or email me and let’s take a look at it. Or click here and send me your information and I’ll do some research and give you a call.