Denver Real Estate Statistics – January, 2018
WHAT IS IN STORE FOR OUR REAL ESTATE MARKET IN THE NEW YEAR?
It’s been the big question as the year has come to an end: What will happen to our crazy Denver real estate market? While no one has a crystal ball, we can make some predictions, as many are already doing. Zillow is predicting that Denver will remain a very strong market as one of the top ten “hottest markets” in 2018. Because of quickly-growing Denver area home values along with our strong economy – with so many moving here for well-paying jobs – they see us continuing our fast-paced market into the new year. This is great news for those of you who own investments! You can rest easy knowing that your properties will grow even more in value. Speaking of home values, we hit a record high with an average price for a single-family home at $480,140. This is an impressive increase from 2016 of 8.7 percent! Buyers would be smart to watch as sale prices grow to make sure you aren’t waiting too long to enter the market.
Alternatively, some are predicting that our market could slow down, which could be very healthy and serve buyers well, offering some relief for people who have been priced out of homes in bidding wars (which was still happening – even in the traditionally slower month of December). Patty Silversetin, chief economist with Development Research Partners, expects that home prices will still rise, but more modestly at the same rate as the rest of the nation. While this is great news that our market could be moving into a more stable direction, it is still the case that prices will continue to rise, just at a milder and statistically more normal speed.
2018 will bring a lot of excitement – we will see if the tax reform bill will affect real estate as well as how rising interest rates will change buyer behavior. One thing is for sure – Denver is still a great place to both buy and sell! There are positive outcomes for both. If you are on either side and considering entering the market, feel free to contact me! We can discuss what is going on for your specific situation to be sure you are aware of the best time for you to make your real estate move.