January 2019 is now in the rear view mirror (does anyone still use them?) as far as the Denver Metro Real Estate market goes. We have invited our market resource at First American Title, Megan Aller to provide you with some of her insights and a look at what's ahead based on current and recent trends in the Denver Metro housing market:
Looks like we’re off to the races.
After losing 1,000 units in the Detached Market at the end of December 2018 forcing us down to within 150 units of the lowest inventory on record (January 2017 with 3,400 homes for sale) combined with a big upswing in units being placed under contract over 11% more from January last year it looks like Denver is geared for another compression season.
The market really kicks off directly following the last game played by the Denver Broncos, with a typical 30-40% increase in the number of contracts written the weekend directly following the final event. A second wave of activity begins weekend after The Super Bowl- and this is the official start to our Compression Phase. A Compression Phase exists when buyer activity picks up before new units being listed has a chance to catch up creating multiple offers through out our region, specifically those under $500,000. This Compression Phase continues typically until the beginning of April when more new units begin to enter the market. Here is what we expect our compression phase to look like in 2019, the dashed lines represent our projection, as data comes in through the year those points will be filled in for comparison purposes.
We’ve received a lot of great feedback on our Cheat Sheets, which we’ll now call our Strategy Guide. Due to the overwhelming response we’ve included the data for different price segments, up to $2,000,000. While the more traditional price points in Denver, those under $500,000 follow the trend of an early transactional season, homes at higher price points are shown to sell at higher prices in the late spring/early summer months. The luxury market is driven more so by convenience than competition, waiting for better weather and the ability to physically move in better conditions. The new grids begin on page 35 of each report.
We've added a link below to the Full Detached Single Family Home Report (all 41 pages), if you're interested in getting specifics or details for your area, neighborhood, street - just call or text us at 720-314-8462 we're happy to help. Here's the link: --->>> Full Detached Single Family Home Report
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