April 2019 DMAR Market Trends Insight
By Nicole Rueth - April 3, 2019
The housing market may see its best home buying season in years this spring. Of course, there is still a lot of talk about a pending recession but when we see trends like falling mortgage rates, rising home inventory, and slowing price growth; what we might find is that the recession ends before we knew it began.
A strong economy is supporting our stable housing market. Inside this month’s Insight video, I discuss several fundamental economic indicators that continue to show strength:
In Denver, we are starting to shake off the fear from last fall’s spike in rates, drop in the market as well as the winter doldrums. Sellers are coming out as inventory continues to climb slowly back towards a March average of 14,743 active inventory, wrapping up March 2019 at 6,292 homes for sale. Months of Inventory (MOI) is still tight, however, as homes are selling as they are coming on the market. MOI is less than 2 months for both single family homes and condos, with just over 5 MOI when you get over $1 million purchase price, down from 7 months… showing some much needed activity in the higher end markets in March.
Days on market is also down and appreciation continues to gain momentum while becoming more normalized. If this continues, we are headed towards the balanced market we have waited for so long.