Denver Real Estate Market
As the temperature cools, we can expect the same thing from the fall Denver real estate market trends. But before you get nervous let’s take a look at what this actually means. In addition, we discuss what real estate trends we can expect to see in the fall of 2018 in Denver.
“Can a cooling market be considered positive? To most sellers, no, but honestly, they have experienced unprecedented equity growth over the past several years. It’s time to share the love and keep home buying an option in the Denver Metro area,” said Denver REALTOR Chairman Steve Danyliw in a press release—via The Denver Post
Summer was hot in the Denver real estate market. We saw some record-setting action that set ablaze to what the rest of the country was experiencing. According to the Denver Metro Real Estate Market Trends Report, “Active listings in the residential market (single-family and condos) were at 7,643 total units in July, up 3.96 percent year-over-year. The number of sold listings decreased by 15.65 percent, compared to the previous month and 8.54 percent from last July. The highest priced single family home sold in July was $4,036,670 representing six bedrooms, five bathrooms and 5,424 above ground square feet in Denver.”
With a summer this hot, we are bound to see Denver fall real estate trends slow and cool. The demand for housing is still high, and it seems as though the market is sufficiently stocked with listings in the Denver Metro area. Many buyers are looking outside Denver city limits to surrounding cities like Littleton, Lone Tree, Castle Rock, Highlands Ranch, Castle Pines, Greenwood Village, and Parker.
#1 Denver Real Estate Market Trend: Discernment
While a cooling market absolutely doesn’t mean you need to freeze in your home buying or selling process, it does just mean that there needs to be some extra discernment as you navigate the waters.
Talk to your real estate agent, do your research, and go slowly. There is still a lot of potential in a market like what we are seeing this fall, you just have to know where to look and how to negotiate.
Don’t feed into the uncertainty or hype that the bubble is going to “burst.” Remember that you are in control and if this isn’t the right time to pull the trigger, you’ll know when it is.
Additionally, Denver was recently voted in the top 30 real estate markets in the country! This is good news for both buyers and sellers as an accolade like this can be used as leverage.
Of their methodology, WalletHub states, “In order to determine the best real-estate markets, WalletHub compared 300 cities across two key dimensions, ‘Real-Estate Market’ and ‘Affordability & Economic Environment.’
We evaluated those dimensions using 22 relevant metrics, which are listed below with their corresponding weights. Each metric was graded on a 100-point scale, with a score of 100 representing the healthiest housing market.
Finally, we determined each city’s weighted average across all metrics to calculate its overall score and used the resulting scores to rank-order our sample.”
In fact, more than one Colorado city made this list:
#13: Denver, CO
#17: Thornton, CO
#18: Fort Collins, CO
#20: Aurora, CO
#23: Colorado Springs, CO
#30: Longmont, C
Of the WalletHub findings, Denver Business Journal states, “Boulder and Fort Collins ranked second and fourth, respectively, for lowest foreclosure rate in the U.S. and tied for No. 1 with Longmont for the lowest percentage of delinquent mortgage holders. Four out of five of the top cities for maintenance costs as a percentage of income were in Colorado: Longmont (No. 1), Boulder (No. 2), Fort Collins (No. 3) and Centennial (No. 5).”
This fall, don’t shy away from your dream home. Get in touch with trusted and professional real estate agents to talk about Denver real estate trends, your goals, and how you can make moving into your dream home come true!