Housing Market Denver 2019

What does the 2019 market hold for Rosedale/Harvard Gulch?

 

First let's take a quick look back at the year that was in 2018. Just like the five years before, it was another strong year for home sales. Here are some highlights:

 

  • Total number of sales was unchanged from a year ago which is healthy.

  • The median price of a bungalow was $499,500 which is up 5% over last year.

  • Overall median home values rose 7%, which is slightly less than we have seen in the past five years.

  • In the last two years there have been five homes sold for over one million dollars, two this past year.  

  • The market did slow and values did plateau for most of the fall, which followed a national trend.

 

So what can we expect in 2019? There has certainly been a lot in the news about the housing market slowing, interest rates rising and the markets have been swinging in the wind of late. Here are a couple things to remember:

  • During the great recession of 2008-2011 housing values in in Rosedale/Harvard Gulch held steady. Talk of a new recession therefore does not rattle my cage too much when it comes to the neighborhood.

  • Prior to 2012 I would characterize Rosedale/Harvard Gulch as a hidden gem. It has since been discovered and is considered a great neighborhood to invest in.

  • Interest rates are up but historically not particularly significant. The stock market wobbling is actually good for interest rates, as it tends to put downward pressure on rates.

 

So taking into account those and other factors I expect 2019 to be another year of strong demand (lots of buyers) outpacing supply (homes for sale) with the predictable effect of prices rising once again-but probably tempered compared to past years. Spring will see the biggest price increase with values plateauing the second half of the year. In short, still a great time to sell around here!

 

Give us a call if you'd like to chat. We would be happy to drop over to discuss any of your real estate needs. See you around the neighborhood.

 

Doug Baity