Market update – Weather and interest rates have an impact
Our wet spring delayed the peak of selling season by about a month. July sales were 18% higher than June, which is usually when we see the highest sales volume. July 2019 was also 25% higher than July 2018. last year, inventory flat to lower than June this year.
The drop in interest rates has also been a factor. Earlier this year I predicted an overall drop in inventory due to a higher level of buyer activity if we saw a significant enough lowering of mortgage rates. Rates are now lower than the were in 2018 resulting in more sales and a 7% reduction in available inventory.
I expect August sales volume to reflect the effects of both the traditional summer slowdown and the start of the school year but still be a good month. Typically, August is the third highest month in terms of sales volume. This year it might even be the second highest.
While the market is still leaning in the direction of sellers, there are more opportunities for discounts and favorable buyers terms than we seen in a long time.
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Notes of interest:
New Condominiums and Townhomes are hitting the market. It’s a very exciting development. Two years ago the Construction Defect laws were changed to give homeowners more transparency and say in how construction issues in their developments were handled and to improve the builder developer insurance environment so they would be encouraged to begin building condominiums and townhomes once again. It is having a positive impact. There are several new projects in process in Castle Rock, Parker, Littleton, Aurora and Arvada.
Send us a note if you’d like more information on any of these new projects.
Having Real Estate in your investment portfolio.
I recently met with my advisor and we put together a game plan for adding real estate to my portfolio. I am starting to see some opportunities in the market and I want to be positioned to take advantage. I’d love to share what I’m doing if you’re interested in perhaps looking at doing the same.
Email me and we can chat more.
What’s happening with Dual Bet Poker Plus?
The game is still moving forward albeit at a slower pace. As you know this is my busy season in real estate and that is my first love and what pays the bills, so a bit of a pause was in order on the game. Also, the new tariffs had an impact so ordering without at least 1,500 presales was no longer an option. It will still move ahead just need to have time to shift the plan. Anyone know one of the Sharks? Lol.
Want to place your pre-order?