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DENVER (CBS4) – The actual property market in Denver was scorching in 2021. Nevertheless, Realtor.com is predicting a cooldown might be on the way in which for the Denver actual property market.
“For 2021, the market was completely uncontrolled,” stated Marion Shelton, who’s been dealer in Denver for six years. “Then it began to cool down somewhat bit say round August, the place we nonetheless have been getting a number of provides on properties, nevertheless it wasn’t 30 or 40 provides at a time.”
(credit score: CBS)
Denver was ranked ninth on their listing of prime housing markets positioned for development in 2021.
Now, Denver has dropped to quantity 48 on their listing for 2022, with the projected gross sales and worth grown down by nearly 7% in comparison with 2021.
“I feel Denver will ‘decelerate.’ We’re nonetheless in all probability 14-15% I’d think about on development,” stated Shelton, dealer and co-owner of Century 21 Dream Residence.
(credit score: CBS)
One pattern that may seemingly proceed into 2022 is Denver’s lack of stock, which dropped about 33% from October to November, in line with the Denver Metro Affiliation of Realtors.
“There’s two weeks of stock proper now,” stated Shelton. “So I feel earlier than you may think about even getting out of a vendor’s market, you actually have to be about three months price of stock.”
Shelton stated the mixture of low stock and excessive costs in Denver might be pushing consumers to different cities, like Colorado Springs, ranked 14th for projected development in 2022, in line with Realtor.com.
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