August 13, 2019 Ben Jones
From 5280 in Colorado. “After years of red-hot real estate, Denver’s housing market has been slowly cooling off over the past year. And in July, that trend continued, with buyers gaining more power to negotiate the terms of their home purchases. ‘It seems like all of a sudden, we got a number of people to put their property on the market [in May and June] that had been hesitant to,’ says local realtor Jill Schafer. ‘That kind of broke the logjam because a lot of people weren’t listing their homes because they didn’t know where they’d be able to move to.’”
“The pool of new residential listings was down more than 12 percent from June, but still up more than 16 percent compared to this time last year. Schafer attributes this partly to an increase in new construction across the Front Range, but also to the number of active listings in May and June being at their highest point in five years.”
“While the market is still strong, Schafer points out that buyers appear to be shifting their interests to the city’s new developments. Builders have reported an increase in interest and foot traffic, and are often able to make more concessions and offer different incentives than existing home sellers, particularly those with older homes that haven’t undergone extensive renovation, Schafer says. ‘Some of the new projects that have come on line are filling up some of our needs,’ she adds, ‘but they are hurting some of our older inventory. New condos downtown might be selling like hotcakes, but the ones around it that are maybe 10 to 15 years old are kind of struggling.
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