There are many rumors floating around, spreading misinformation about the current state of the Metro Denver real estate market. Hearsay about a potential housing bubble due to increasing inventory levels has some confused. But luckily for locals, and those interested in moving to Denver, the real estate market is proving to be resilient in the face of mixed economic circumstances.
The housing bubble of 2006, which preceded the recession of 2008, scarred many consumers. Now, homeowners and potential home buyers shutter at the very mention of a bubble, which is why it is very important to understand the condition of the marketplace before making a decision to buy or sell a home. But how do consumers know if the market is truly entering a bubble? By looking at historical and current market data, we can gain a better understanding of where real estate really stands.
In August of this year the market saw small year-to-date increases, compared to that of 2018, for total sales volume (+4%), average list prices (+4%), average sold price (+3%), and new listings coming onto the market (+5%) according to REColorado. Overall increases in sales, listing prices, and sold prices tell sellers that buyers are still hungry for homes in the area. On the other hand, an 30% increase average days on market for Metro Denver homes gives buyers more time to find a home they truly love.
For now, it appears that the market is currently balanced. To learn more, read the article “Fact vs. Fiction” in LIV SIR’s latest edition of LIV Magazine. The fall issue of LIV Sotheby’s International Realty’s (LIV SIR) quarterly publication, LIV Magazine, is now available online. This issue of the magazine features fabulous homes for sale in the Metro Denver and Boulder communities, company happenings, interviews with influential locals and a story on the state of the real estate market.
View the digital version at LIVMagMetro.com or grab the latest issue of LIV Magazine at any LIV Sotheby’s International Realty office location throughout Denver and Boulder. To learn more, please contact Amanda Molitor, pr manager, at 303.486.3770. To service all of your real estate needs visit www.livsothebysrealty.com.