Michael Shotnik
Branch Manager
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FROM OUR BLOG
March 8, 2019

March Market Trends Report 2019

Here you’ll find the March 2019 Market Trends Report as listed by Denver Metro Association of Realtors. Here are the main highlights:

 

  • According to Forbes, Denver is the most competitive housing market in the nation. The Denver metro area is in a compression phase of the housing cycle, meaning there are far fewer homes for sale than buyers looking to buy. Expect this compression to continue and prices to rise through June if the cycle is anything like years passed, and starting in July, we will see buyer fatigue and inventory hit an annual high.
  • Denver came in sixth on the national list of apartments completed, with 11,700 apartments built in the city last year.
  • Denver is one of the top-20 U.S. Markets for commercial construction starts, according to a new report. The Denver metro area, which ranked 17th overall, saw a 23% drop last year, from $3.7 billion in 2017 to $2.8 billion in 2018.
  • Year-to-date, 2019 has seen more homes go under contract than 2018. Supply is higher, but this indicates that so is the amount of buyers looking for homes.
  • Denver has become a magnet for millennial migration in the years since the Great Recession, according to a new Brookings Institution report. Data from the 2017 American Housing Survey shows over half of recent home buyers move for a better home. Homebuyers also move for a better neighborhood and to form a household.

You can find the full report on the Denver Metro Association of Realtors website https://www.dmarealtors.com/

 

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Sierra Pacific Mortgage Company, Inc.

Sierra Pacific Mortgage NMLS# 1788. Michael Shotnik NMLS: 218281, CO License: 100017466. Regulated in Colorado by the Division of Real Estate #988320. To check license status of mortgage loan originator, visit D.O.R.A. and NMLS consumer access.