Great news for buyers! There are more homes to choose from. It seems there is relief from the days of drastically low inventory levels.
Compared to a year ago, residential inventory levels are up:
• 9% in Northern Colorado (Larimer & Weld Counties)
• 45% in Metro Denver (wow!)
You can get many more fun facts like these plus get our predictions on the 2019 market by joining our annual Market Forecast. Just click the link below!
The Front Range may have lost out on Amazon’s HQ2, but that doesn’t mean their company won’t affect our economy.
Denver was in the running for Amazon’s massive new second headquarters that supposedly would bring 50,000 new high-paying jobs and $5 Billion of investment.
In the end Amazon chose to split the headquarters among two East-Coast cities and many in Colorado breathed a sigh of relief.
But they are will continue to be an economic force in our state.
Over the past two years, Amazon has greatly expanded its footprint in Metro Denver, opening up a sorting center in Aurora, fulfillment centers in Aurora and Thornton, a Prime Now center in Denver and a new delivery center in Centennial.
They will soon have 3,000 workers here and that number is expected to grow significantly.
Pretend you have been driving on the Interstate at 100 miles per hour.
Also, pretend you have been doing that for a long time.
Now pretend you slow down to 83 miles per hour.
How would that feel?
It would probably feel slow, right?
83 miles per hour is a 17% decrease from 100. It may feel slow, but it’s still pretty fast.
How does this relate to real estate?
Well, the market has been moving fast for a long time.
It’s been going 100 miles per hour for at least two years (some would argue even longer).
We’ve recently seen a 17% change in terms of number of transactions that are occurring.
There were 17% fewer sales in October 2018 versus October 2017 in Metro Denver.
It feels slow because we’ve been driving so fast for so long. But, our market is still moving.
For example, prices are still up. So, remember, that it’s all relative.