Hey there everyone!
First off, I hope you and your loved ones are healthy and safe. There is a LOT of uncertainty out there and I am here to deliver the facts about the Denver Real Estate Market and what experts like me are projecting for the near future.
Let’s go over the Denver Metro housing statistics for March 2020
- Average price of a home is $543,938.00
- The average price of a home has INCREASED by 7.1% from this time last year
- Months of supply is at 1.4, a little bit higher than last month
Experts like me are now tracking housing statistics weekly due to the rapidly changing market conditions, because we want to make sure people are well informed. In looking at the past few weeks, everything in housing from new on the market to closed houses has overall slowed down by 30% – 40%, except for prices.
Tons of questions are being asked, the top one being, “is this the ‘bubble’ everyone has been concerned about?”. My answer is NO, I do not project Denver having a significant price drop. We simply do not have an oversupply of houses. Last month, Denver had about 5500 homes on the market and to be considered ‘balanced’, there has to be a minimum of 20,000 homes on the market.
Another concern people have is about mortgage lending. It certainly had some volatile ups and downs when COVID19 first broke out, but thankfully the uncertainty of lending was very short-lived. Rates have stabilized nice and low, first-time buyer programs are still in place, and mortgage products are good and closing well. Jumbo loans (loans over about $575,000) have taken a hit, if you need more information on that, please call me to discuss.
People want to know if they can even buy and sell right now? YES! Real estate is an essential business and a critical part of the economy. The only thing that has changed is the role of technology for showing purposes. Real estate marketing is all done virtually right now, so make sure you call me to get informed and prepared should you want to buy or sell in the near future.
Please remember I am here for each and every one of you, never hesitate to reach out if I can help you in any way.
Thanks and God Bless,