Corporate Housing Solutions | August 15, 2019
With all the ups and downs in the Denver real estate market, it is refreshing to to hear it is cooling off a bit, which will be a relief to everyone who pays rent or a mortgage. 5280 reports,
"After years of red-hot real estate, Denver’s housing market has been slowly cooling off over the past year. And in July, that trend continued, with buyers gaining more power to negotiate the terms of their home purchases—even as the number of residential listings decreased from earlier in the summer.
According to the latest report from the Denver Metro Association of Realtors (DMAR), single-family homes were on the market in July for an average of 24 days, up 10 percent from the same month last year. The pool of new residential listings was down more than 12 percent from June, but still up more than 16 percent compared to this time last year. DMAR Market Trends Committee chair and local realtor Jill Schafer attributes this partly to an increase in new construction across the Front Range, but also to the number of active listings in May and June being at their highest point in five years." (5280.com)
In fact, even the real estate investors are looking forward to a buyers market,
"The real estate scene in Denver hasn't fully transitioned into a buyer's market. But it's shifting in that direction, as indicated by how many more concessions metro-area sellers are willing to grant now as compared to the recent past.
That's the theory espoused by Fresco Real Estate's Veronica Collin, who's proven to be an adept prognosticator when it comes to home sales in and around the Mile High City. Last July, she provided insights for our guide to house flipping, and in November, she advised that local buyers wait to purchase until 2019 because of indications that changing conditions would allow them to get more bang for their bucks if they didn't pull the trigger until the spring or after.
The latter proved to be fortuitous advice, thanks in part because, as she points out, "we're seeing a lot more houses coming onto the market," boosting supply that has had trouble keeping up with demand for years." (Westword)
With the market as hot as it has been, the prices had gotten to the point where it was tough for the average person to keep up with the rising costs.