After years of rising home prices in an increasingly competitive market, recent data shows the local real estate landscape is starting to even out.
Will 2019 be the year you finally find (and get!) your Denver dream home? According to recently released numbers from the Denver Metro Association of Realtors, the chances are better than they’ve been in a while. The metro-area’s hot housing market has definitely cooled, so much so that in the suburbs, the luxury sector has officially become a buyer’s market—which is what happens when inventory exceeds six months of supply.
According to the DMAR Market Trends December report, overall housing inventory in November 2018 was 46.76 percent higher than in November 2017. “Currently, in the luxury market [anything priced above $1 million], we’re seeing 7.22 months of inventory,” says Jill Schafer, DMAR Market Trends committee chair and an agent with Kentwood Cherry Creek. As a result, “especially in the suburbs, it’s becoming harder to sell a home over $1 million.”
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