As a first time home buyer, you may think you’ve only got a handful of financing options to choose from when selecting your first property. However, there are actually several options to choose
Once Hot Denver Neighborhoods Seeing A Cool Down
Industry experts are noting a significant change in metro Denver’s housing market this year, with some of the most highly sought after areas taking a dive in home sales.
Lowry, for example, was once the metro area’s second hottest market for price appreciation a year ago. It’s now dead last, according to a ranking of 90 metro ZIP codes from the Denver Metro Association of Realtors (DMAR).
In Lowry, the median price of a home sold rose 58.8 percent in the first quarter of 2018 to $675,000, only to drop 23.7 percent in the same period this year. The sales volume went from a 33 percent gain last year to an 11 percent drop this year.
Listings took an average of 65 days to sell in the first quarter, compared to 58 days a year ago and only 21 days back in early 2017
According to DMAR, Lowry’s plunge wasn’t the only one. Hampden South and north DTC went from first to 44th after a 67 percent gain turned into a 3 percent increase. Greenwood Village dropped from 6th last year, with a 28.2 percent gain, to 89th this year with an 18.3 percent decline.
Valverde, Baker and Athmar Park went from 4th to 88th after a 38 percent gain last year evaporated into a 12.5 percent decrease this year. Alamo Placita/Cheeseman Park/City Park West saw what was a 19.5 percent gain degrades into a 12.4 percent decline. That pushed the area’s ranking from 11th last year to 87th this year.
Price declines are becoming much more widespread. A year ago, seven Denver area ZIP codes failed to register annual home price increases in the first quarter, according to the DMAR data. This year, 26 lost value in the first quarter.
In February, for the first time since 2012, the median price of a home sold in metro Denver decreased on an annual basis. The drop was small, just 2.18 percent, and gains returned in March as lower interest rates brought out more buyers.
Fifty metros now have a market momentum moving in favor of buyers over sellers, versus only five metros a year ago, according to the real estate portal Trulia. It’s worth noting, however, that momentum moving in favor of buyers isn’t the same thing as a buyer’s market. It’s a bit premature to say Denver is now a buyer’s market, but the train is moving in that direction.
Ready to check out what Denver has to offer? Contact Me today!
Dedicated father of 2 gorgeous girls with an amazing blended family of 7. An avid outdoorsman that has come to love everything that our beautiful Rocky Mountains have to offer! With a career in Real ....
Latest Blog Posts
So you’ve decided to start looking at homes in Denver. You may think the first step is to hop on the MLS and see what’s available, but do you even know how much house you can afford? That’s
While falling mortgage rates have put some energy back into existing home sales, new home purchases are taking a hit. According to Robert Dietz, chief economist at the National Association of