And a report says it’s going to stay a seller’s market
A strong job market and a gradual decline in mortgage rates will continue to push housing demand in the 11-county Denver metro area in 2019, according to the Denver Metro Association of Realtors’ market trends report for March.
Other highlights of the report:
· According to Forbes, Denver stood as the most competitive housing market in the nation as of March 5, when the DMAR’s report was released.
· The Denver metro area remains in a compression phase of the housing cycle, meaning there are far fewer homes for sale than buyers looking to buy. Expect this compression to continue and prices to rise through June if the cycle is anything like years past. Starting in July, expect buyer fatigue to set in, and for inventory to hit an annual high.
· Denver ranked sixth nationally in 2018 for apartments completed, with 11,700 built in the city.
· February 2019 marked the first month since October 2011 that Denver saw a negative year-over-year median sales price for residential listings, with a drop of 1.23 percent. However, the average year-over-year sales price increased slightly, by 0.66 percent.