Drawing conclusions: All signs point to early spring sale
Denver at all-time low for single-family homes and condos
The 3,989 active listings of single-family homes and condos in metro Denver in January represented an all-time inventory low for any January on record, according to the Denver Metro Association of Realtors’ February 2017 Real Estate Market Trends Report.
“Low housing inventory has been a key driver for over two years now, and I don’t see that changing any time soon,” said Steve Danyliw, chairman of the DMAR Market Trends Committee and a Denver real estate agent. “The second driver is mortgage interest rates. All predictions indicate a steady rise in interest rates throughout 2017. This could compel buyers that are sitting on the sideline to get into the big game. This – combined with mild temperatures – could cause our spring selling season to start early. I’ve seen forecasted estimates on housing appreciation ranging from 4.5 percent to 10 percent. I think 2017 will hit somewhere in the middle of those numbers.”
One group that could use some encouragement is the 18- to 34-year-old category. A Pew Research Center study released in June last year found that in 2014, for the first time in more than 130 years, 18- to 34-year-olds in the U.S. were more likely to be living in their parents’ home (32.1 percent) than with a spouse or partner in their own household (31.6 percent).