Late spring and the summer are typically the most active times for home buyers and sellers. But with a booming market in Denver, what can we expect for the fall? Here are four trends we’re watching.
Good news for buyers this summer – we saw an uptick of almost ten percent in the housing inventory in the Denver market in July. This should buyers a little less stressed and will lower the number of offers on a given property. However, the market can come back in full force come the fall when people tend to dedicate more time to buying a home and less time on vacation. The first two weeks after Labor Day will be very telling, so keep an eye out for new properties… or lack thereof.
2. Appreciation Rates
July saw a dip in appreciation rates at 1.3%. While this may not sound like great news, the Denver market has been appreciating at such a rapid rate that it has cause an imbalance in the area’s inventory. Though experts think that this dip was caused by the typical July slowdown, it gives the market a bit of relief.
3. Job Growth
Trends in job growth tend to directly impact real estate. We’re keeping an eye on unemployment rates and which businesses are moving in and out of the Denver area. When a company decides to open up shop in Denver, the impact to the market can be significant – often bringing hundreds of jobs and families looking to relocate.
Yes, we know the weather can drastically change in fifteen minutes around here. But when there are streaks of poor weather (think heavy rain and snow) the real estate market tends to take a dip. Thanks to el nino, the weather around the country has been quite unpredictable – with areas like the Northeast experiencing a summer as dry as Arizona’s summer. It goes without saying, if you are looking to sell your home, put it on the market earlier in the fall when there’s typically better weather. But if you are looking to buy, hold off until late fall or winter when you have less competition from other buyers.