Is Denver Real Estate Cooling Off?

Corporate Housing Solutions | March 15, 2019

The housing market in the Denver area is cooling down a bit for the first time in 7 years according to reports by the Metro Association of Realtors. The Denver Post reporting had this to say about the down-turn in Denver home prices,

“For the first time in seven years, median home prices in metro Denver declined year-over-year, according to a monthly update from the Denver Metro Association of Realtors.

The median price of a single-family home sold in February came in at $430,100, down 2.18 percent from the same month a year earlier. For condos, the median sales price declined 2.3 percent to $297,500 over the same period.

..

Barring a future surge in prices, it appears the high for this real estate cycle was likely reached in April of last year for single-family homes at $455,000. For condos, the high came a month later at $306,331. Single-family prices are down 5.5 percent from that peak, while condo prices are down about 3 percent.” (Denver Post)

 

While this shows a dip in pricing, it by no means indicates that the Denver market is not growing, it only means that prices have hit their high-point. The market in Denver will always be a hotbed of growth for a variety of reasons, and anyone still looking to move into the area will still need to pay quite a bit for your average Denver home to be there. The demand and need for housing simply has not changed regardless of dip in home prices.

 

A wise choice maybe a short-term rental in Denver to wait out the market

For those still looking for a home to invest in, it may be wise to look towards a short-term rental solution and find out exactly what the market is going to do over the course of these summer months. Any wise investor would tell you always buy low and sell high, if prices are at there peak then buying later may actually save you considerable amount of money as the Denver Real Estate adjusts to these new dynamics.

 

 




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