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Denver Housing Market To See More Modest Gains In 2015
From: Home Buying Institute 2/2/15
By: Brandon Cornett
The Denver, Colorado housing market was one of the big real estate stories of 2014, with home prices in the area rising by as much as 13% according to some sources.
While prices probably won’t rise by double digits in 2015, the Denver real estate market is still expected to make gains. It also showed up on a top-10 list of best places to make a home buying investment in 2015.
What can we expect from the Denver real estate market in 2015? We offered one economist’s prediction above, that prices would rise by a more modest pace compared to last year. Here are some of the other factors that will affect the Denver housing market in 2015.
1. Supply and demand. According to REcolorado, the largest multiple listing service (MLS) in Colorado, housing inventory in the Denver area declined throughout the fourth quarter of 2014 and ended the year at a record low. This comes at a time when demand for housing is on the rise in the metro area. This real estate trend should put upward pressure on home prices in 2015, but to a lesser degree when compared to 2014.
2. Population growth. Denver’s population has grown steadily over the last few years, and this is expected to continue for the foreseeable future. A strong economy and good job market attracts residents from elsewhere in the country. This bolsters housing demand and supports home values over time. It also relates back to the supply and demand picture mentioned above.
3. Job growth. Denver’s unemployment rate was 3.9% in November, according to the U.S. Department of Labor. That’s down significantly from a recession high of 9.7% during 2010. Currently, Denver’s unemployment rate is well below the national average. Such economic improvements put more people in a position to buy a house, which drives demand and sustains home values.
4. Low mortgage rates. Mortgage rates have been hovering at or below 4% for months now. They are expected to remain low through the first quarter of 2015, and possibly beyond. The Federal Reserve seems to be in no hurry to raise the federal funds rate, which banks use when lending money to each other. As a result, Denver home buyers should be able to enjoy low mortgage rates for weeks and months to come (see disclaimer below).
Disclaimer: This housing market report contains forecasts and predictions for the Denver real estate market in 2015. It also contains forward-looking statements regarding mortgage rates and other economic conditions. Such statements were based on third-party data, commentary and opinions. Forecasts and predictions are the equivalent of an educated guess and should not be considered facts or assertions. We make no claims or guarantees about future conditions within the Denver housing market or the broader economy.
Read more: http://www.homebuyinginstitute.com/news/denver-modest-gains-604/#ixzz3SaOkPBB3
My name is RaNae Urso and I specialize in residential sales and buyer representation in the Denver Metro area. I have been in the real estate business over 14 years of my 30 years in Colorado. I enjo....