Well, the market has been rock solid for a while now. But what are the specifics and what can we expect for the rest of 2018? Specifically, inventory increased by 25% in May! That being said, it remains at historically low numbers. Further, prices of homes are up almost 10% in the past year.
Last month, the median prices of homes sold was $420,000. This is a slight increase from April. However, it’s almost 10% higher than the median home prices of May 2017. Thought inventory was up pretty significantly in May compared to April, it was still significantly lower than the historical average of 16,000 listings. Many people believe that with prices rising and inventory still at all time lows there will soon be a turn around. On the contrary, Realtor and Chair of Denver Market Association of Realtor’s Market Trends Committee Steve Danyliw said he doesn’t think Denver’s market is headed for a bubble like the one we saw before the financial crisis of the 2000’s.
Danyliw remarked on the economic status of 2018 as it compares to 2007-2008, which marked the beginning of financial crisis. Employment, net migration, and job growth are stronger today than they were in 2007-2008. The main concern is inventory.
Milestone Home Mortgage LLC NMLS #2588937. Michael Shotnik NMLS: 218281, CO License: 100017466. Not licensed in Alaska or New York. To check license status of mortgage loan originator, visit D.O.R.A. and NMLS consumer access.
