Barry Kunselman | 303.887.0588 | Contact Barry
The latest housing market statistics from REcolorado show seasonal cooling as we head into fall. We saw fewer homes come on the market and home sales took a breather, which is typical for this time of year. As compared to August, detached homes stayed on the market an average of 3 days longer in September, giving buyers more time to make decisions.
Year over year, arrows point up showing strong sales and more new listings compared to September 2018. Sold prices have come down slightly from the peak summer average of $502,460 to $482,067 in September. Compared to last September, home prices are up 6%.
On October 21st, 2019, the average rate on the 30-year fixed-rate mortgage is 4.08%. Rates remained relatively flat from the prior week, increasing .01%. On a year to date basis, rates are still .77% lower than the beginning of the year.
Homebuyer demand remains strong heading into the usually slower season despite economic uncertainty. Freddie Mac’s Primary Mortgage Market states “Despite this week’s uptick in mortgage rates, the housing market remains on the upswing with improvement in construction and home sales. While there has been a material weakness in manufacturing and consistent trade uncertainty, other economic trends like employment and homebuilder sentiment are encouraging”
When there is less than a 6-month supply of inventory available, we are in a seller’s market and we will see greater appreciation. Inventory of Denver homes for sale is still well below the 6-month supply needed for a normal market. In 2019 Denver is experiencing another Extreme Seller’s Market. The toughest months for buyers were from March through May, with more options available beginning in June through November.
Should you buy now or wait next year? Interest rates are predicted to rise📈 Home prices are predicted to appreciate💸 NOW is the time to buy🤝
Is it a good time to sell? PorchLight Real Estate Group has statistics by neighborhood for the Denver area. We can show you the rate of appreciation, median home price, number of sales, as well as other indicators to illustrate what the market has done in these neighborhoods.
Need stats for a specific Denver neighborhood? I'd be happy to compile the neighborhoods you're interested in learning about and email the numbers to you. Accompanying the statistics for each specific neighborhood is a detailed description of the area so you can see if that neighborhood sounds right for you.
If you like numbers and think this would be good information for you, let me know which neighborhoods you'd like and I'll gladly send them to you right away.
It's my job to help you and all of my clients make smart housing decisions. The stats are a phenomenal indicator of the market, but they're just the start. I'm happy to share my expertise to tell you the stories behind the numbers.
If you need to discuss the numbers above please don't hesitate to call/text 303.887.0588 or email me at firstname.lastname@example.org!
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