DENVER, Nov. 28, 2018 /PRNewswire-PRWeb/ -- For the past few years, the Denver Metro area was considered a hot seller's market, but things have shifted in the last few months. "The average inventory in the Denver Metro area was about 15,000 homes over the last 20 years prior to the recession, which we call a 'balanced buyer's-seller's market,'" said Bob, broker associate of Kentwood Real Estate.
During 2009-2011, inventory peaked at 37,000 homes (attached and detached). During the last four years, inventory per year peaked at around 8,000 in August and bottomed at 4,500 in the winter months. "However, this year, heading into the winter months, we currently have 7,700," noted Sean.
With this increase in inventory in the Denver Metro area, this is a beginning sign of a shifting market. "Typically this time of year, inventory slightly declines, but it has been decreasing at a slower rate than in previous years," added Bob. "Homes are still selling, but now it's not as quick and there aren't as many with multiple offers, as compared to earlier in the year."
Buyer fatigue plays a factor in this due to the 8% to 10% appreciation increase over the last 3 years, which is very high. Prices have become so expensive that buyers are being more careful when searching for a home.
"Interest rates have gone up and that has been a concern for some buyers in the area," concluded Sean. "Even though more people are relocating than leaving Denver and other Colorado cities, it is a smaller percentage than it has been in the past."
About Bob Kelly, Kentwood Real Estate
Bob Kelly works with both buyers and sellers, specializing in luxury real estate, move-up buyers, downsizing and relocation. Kentwood Real Estate is one of the most trusted names in Denver real estate, and is comprised of over 190 top-producing real estate professionals. For more information, please call Bob Kelly at (303) 916-9978, or visit http://www.bobkelly.denverrealestate.com. Kentwood Real Estate is located at 4949 South Niagara Street, Suite 400, Denver, CO 80237.
For media inquiries, please call the NALA at 805.650.6121, ext. 361.
SOURCE Kentwood Real Estate
Share this article