Denver Real Estate News (Data and Charts only)

[davebarnes]

Prices are climbing again
https://www.3968vrain.com/English/De...er_Prices.html

Still a tight market

[davebarnes]

Prices are falling according to Case-Shiller.
https://www.3968vrain.com/English/De...er_Prices.html

“that prices are still strong in the Denver Metro Area. Buyers aren't generally haggling on price; however, they are asking for concessions...”

[ShampooBanana]

Looks like that data is through the end of September. With the seasonal slowdown I'd expect inventory to creep up slightly, as well as Days on Market until about January/February. I think this next spring will be a better selling season that the last, especially if interest rates continue to fall and get closer to the 6-6.5% range (assuming Fed is done raising rates). Prices should start climbing again into next June or July. There is just too much pent up demand out there and the supply issues aren't going to be solved anytime soon.

New home builders are trying by offering the rate buydown (some with really low one or two year teaser rates before settling on 5-5.5% long term fixed rates), but land constraints and governmental regs combined with trade shortages (though not as bad as a couple years ago) are making it difficult to replace new communities as quickly as they have closed out.

Eventually, rates falling slightly more into the 5-6% range as well as incomes catching up to home prices now that they've mostly leveled off for the time being will help alleviate this issue, but it's going to take YEARS for housing affordability to get back to acceptable levels. This is one of the hard pills to swallow after decades of the ZIRP experiment. While I feel bad for those trying to buy a home right now, especially first time homebuyers, I'm sort of glad ZIRP has finally come to an end.

[davebarnes]

Case-Shiller prices for Denver are continuing to fall
https://www.3968vrain.com/English/De...er_Prices.html

If you have cash, it is a good time to be a buyer.

[vunderbar]

Originally Posted by davebarnes

Case-Shiller prices for Denver are continuing to fall
https://www.3968vrain.com/English/De...er_Prices.html

If you have cash, it is a good time to be a buyer.

If you can find something. In my central-Denver neighborhood people are lining up for open houses, and making multiple offers during the first day on the market. Prices may have stabilized a bit, but 900K for a smaller-size bungalow isn't unusual. In part because buyers are verging on desperate.

[ShampooBanana]

Originally Posted by davebarnes

Case-Shiller prices for Denver are continuing to fall
https://www.3968vrain.com/English/De...er_Prices.html

If you have cash, it is a good time to be a buyer.

That Case Shiller data is for closings in December, meaning those would have mostly been homes receiving purchase offers and rate locks in November, when rates were still hovering between 7 and 8%. Rates dropped a bit since then (in the 6-7% range now) and demand has very much picked up in the beginning of 2024. I'd expect a decent rise in prices again as we get into the spring selling season and I think you'll see the Case Shiller numbers reflect that over the course of the next several months.