We have ¾ of 2015 under our belts now and there’s no turning back. By this time in 2014 we had appreciated 13% from the year before and this year has been 16% over last year.
As you’ve heard me say if you follow these updates this is healthy growth. My prediction would be that we will hit double digit appreciation again in 2016 and then taper down to 5 or 6% for a year or two and then back down to 2 and 3% years up until the next wave which I’ll take a wild guess to be in 2022. This is based off nothing more than a gut feeling (and 30 years of history) but I thought you’d enjoy the entertainment.
Many homeowners who wanted to move this year have now locked in contracts with builders and there will be several rooftops lifted in the months to come. Some of the owners wanted to sell and upgrade but there just wasn’t enough inventory to choose from so they had to take matters into their own hands and remodel their existing home (or tear it down and build a brand new house!).
Sales are down 23% year over year and new listings are down 10%. The line of buyers is winding down. Properties continue to fly off the shelf but instead of 10 buyers fighting over one property the competition has settled down to 1 to 3 qualified buyers. Some of the sales are for just below asking price which is different than most of the year so far which had properties selling for up to 10% or more over asking price.
So the market has downshifted a gear or two but we still have good momentum to carry us through the rest of the year.
There is no shortage of interesting real estate topics right now and I have the experience and know how to help you navigate through them and determine what is the best way to get from point A to point B. Or to try and figure out what point B even is.
Call anytime. I am here to help.
*Not all properties were listed and/or sold by 8z Real Estate. This data is based on content supplied by REcolorado, IRES, PPAR, and/or MLSListings. Content is deemed reliable but not guaranteed. Content may not reflect all real estate activity in the market.