Good news for buyers in the Mile High City: According to a recent analysis from Zillow, with the exception of California’s biggest cities, no other housing market is cooling as quickly this year
Denver Market Cool Down Continues
Good news for buyers in the Mile High City: According to a recent analysis from Zillow, with the exception of California’s biggest cities, no other housing market is cooling as quickly this year as is metro Denver’s.
The trend shouldn’t be surprising as Zillow says nearly all the markets that pushed the bounds of affordability over the housing recovery are now experiencing significant cooling.
Zillow looking at the share of listings that adjust lower, the final sales price as a share of the listing price, and the change in the average number of days a home spends on the market to determine how quickly a given market is cooling down or heating up.
In metro Denver, Zillow found that 18 percent of listings took a price cut in January, compared with 11 percent in January 2018. Homes sold for 97 percent of list price in January, compared to 99 percent a year earlier. Additionally, homes are taking about a week longer to sell: 65 days versus 58 days.
A monthly update from the Denver Metro Association of Realtors (DMAR) also reported that the median price of both homes and condos sold in metro Denver in February turned negative for the first time in seven years.
While none of those shifts are particularly extreme, they do indicate a change is headed our way. If you combine the three Zillow measures, metro Denver’s housing market ranks fifth overall for how fast it is cooling down, behind the California metros of San Jose, San Francisco, San Diego and Los Angeles.
Behind Denver on the cooling scale are Dallas, Seattle, Sacramento and Portland, Oregon.
If you’re ready to start checking out housing options in Denver, there is no time like the present. Contact Metrowest today – we’d be happy to show you around!
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