Anyone else noticing a slowdown in the market? I bet those are words you didn’t think you’d read! But it’s true… we’re starting to see homes stay on the market longer and the median sale price is creeping down. If this fall/winter is anything like last year, then we expect the peak slowdown to happen in February. Oh, and the inventory… well, that’s low too (but that’s old news). Even though we’re seeing an uptick in homes for sale since August, we’re still under two months of inventory and holding steady in this sellers’ market.
Source: We Are Apartments
Denver placed 9th out of 50 metro cities for hardest places to add apartments. Denver’s biggest barriers to growth are the lack of additional land to develop within the county and city regulations. Factor in expensive land and high construction costs and it’s no wonder that affordable housing is becoming more and more difficult to find. Read the full report or:
Source: Aldo Svaldi at The Denver Post
Millennials catch a lot of flak these days for not buying homes. But median home prices in Denver prevent a lot of first-time buyers from entering the market. Millennials are aging into homeownership as the labor market is booming and wages are growing, which is starting to drive demand. If only housing inventory could rise to make life easier for Millennials looking to buy.
- Properties were starting to stay on the market longer towards the beginning of the year as interest rates rose.
- Homes are starting to move faster again as rates have declined.
- The cool-down in prices toward the end of 2016 have all been erased.
- Prices for condos and single-family homes have all been on the rise since the beginning of the year.