The past few years in the real estate market have shown exponential growth. With high peaks in the market, comes with the fear of a drop. However, 2020 so far has shown that this year will still be promising. While the market will face slight changes throughout the year, sellers should have faith that they the market is in favor of them. On the other hand, buyers may face more competition in the Denver area when finding a home.
New listings were less 1.2 percent for single family homes but have risen 5.6 percent for townhouse/duplex properties. While we do see an increase in townhouse properties for new listings, we also see an increase in the days that these properties are on the market. Days on the market for single family homes have increased 4.3 percent and for townhouses/duplex properties there has been an increase of 4.3 percent (Dmarealtors.com).
These slight shifts will have an impact on the market, however, these shifts should not be seen in a negative light. Denver has continually shown throughout 2019 and will continue to show through 2020 that this market will continue to grow. With low unemployment rates, low interest rates, and rising rents, Altitude Property Group can assure you that these elements will support buyer demand and a strong housing market in 2020. We, at Altitude Property have a positive outlook on what Spring of 2020 brings for buyers, sellers, and the residential market in Denver, Colorado.