Whilst the summer selling season has been very active and pricing has shown growth, single family +14% and multi family +8%, it is interesting to note that total volume of sales for 2019 versus 2018 (YTD) is only up 1%. August transactions were down 261 from 2018 representing a decline of 18%.
This slowing of the pace in sales is upheld in September as well and this trend is mirrored by our most significant market, that of the Denver Metro area. Whilst the last 18 months in particular have been characterized by a strong sellers market. We are now seeing a move back to the buyer, however, this is simply a shift at this time and not a swing to a buyer's market.
In a nutshell.......
Inventory is still historically low, average prices are increasing, total sales volume is neutral and total number of sales are softening. What does this all mean. The core and highly desirable sectors such as new construction, downtown locations, ski in / ski out properties are still seeing appreciation, other locations are matching the pricing from the summer of 2018.