Denver real estate has seen home prices in the Denver housing market rise substantially over the national average!
Recent forecasts, however, for the Denver real estate area suggest that prices could rise more slowly in 2017 and that the real estate market is starting to level off. Analysts and economists support this slowdown and indicate that the forecast for 2017 for the Denver area is much more conservative.
From an economic perspective this can be seen as good news. Double digit home price gains are not sustainable over the long term. A cooling trend in the Denver market would allow for wages to catch up and would help normalize a market that has been overheated in the past.
January Housing Trends for the Denver Market
January continued to show a strong demand in the Denver real estate housing market. Home buyers snatched up properties in Denver faster than anywhere else in the country. Key leading indicators for January continue to be very positive for the real estate market. The Average Sold Price was up 2% from December, 2016. Houses under contract also rose by about 23% for the month. The Average Days on Market was 19 for the month again pointing to a low inventory of houses available.
So what do all these indicators mean for my valued clients? While I do not have a crystal ball and can’t predict the future, January results continue to show a strong performance for the Denver market!
This would be a good time to consider putting your house on the market if you are thinking of selling and if you are a buyer starting early would be a wise decision.
Please contact me for any of your real estate needs for 2017. I would be happy to discuss your individual real estate needs with you and determine what makes the most sense for you and your family!