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Monthly Market Snapshot July 2018

What’s happening in the Denver Real Estate market?

We are officially in the “dog days” of summer! With soaring temperatures keeping people indoors, and summer break keeping parents busy, the market has slowed. Yet is this just a cyclical downturn?

The easy answer is yes. This type of slowing in the sales of Denver homes is typical this time of year. However, the growing sentiment among many in the real estate industry is that 2018 is not our standard down town. Rather, it feels more like the beginning of shift in the marketplace as a whole, bringing more inventory, longer sales cycles, and slowing appreciation rates. Keep an eye on the next 3 months, as this will be a strong indicator of what our 2019 marketplace will look like.

How does this affect buyer and sellers?

Buyers

This is one of the best times of the  year to buy. As inventory grows, there are more homes out there for you to choose from and typically less competition on each. If you’re thinking about buying, start your process now. Whether or not you ultimately end up buying, it will give you a good perspective on what it out there in your price range. Speak to a Realtor and a lender about your options. Now is a great time to find the perfect home.

Sellers

Things have slowed a bit, but the Denver market is still booming. While inventory has crept up a bit, it is still low and homes are still selling quickly at close to list price. Whatever your reason is for selling, now is a fantastic time to get it done quickly and for top dollar.

Where do we go from here?

The Denver residential homes market is and will continue to be one of the strongest in the country for the foreseeable future. We will likely continue to experience above average appreciation, below average days on market, and see demand outpace supply. Stay tuned to see how the remainder of 2018 shapes our 2019 forecast.

 

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