text: REAL ESTATE NEWS - 2019 PREDICTIONS! | Your Castle Real Estate, Inc.
  As we start this second full week of the new year, it's the perfect time to peer into our crystal ball and forecast the 2019 real estate market. At the end of 2018, we saw more than one statistic saying the market is beginning to slow down. What does that mean for 2019, and how do we feel about the future of the real estate market?
  The average price of a home (single-family, condo, and townhome) in the metro Denver increased another 4.0 percent in 2018, finishing the year at $454,248. We predict 2019 will show a slower year for our housing market with an average price increase of 4-7 percent. This is because the number one driver of home price change is the amount of inventory on the market, and current inventory remains historically low.
  It's simply supply/demand. Unless the supply continues to increase at a quicker rate, there will continue to be upward pressure on prices as demand continues to outstrip supply. Where will the new supply of home inventory come from?
  There was a very small decrease in the number of single-family homes sold in 2018 vs. 2017 of just -2.4 percent. So while prices rose strongly, the number of sales decreased, likely due to Denver's slower rate of population growth this year (only 1.4 percent!).
  For building long-term wealth, it's tough to compete with rental property ownership. That's the one thing that never changes!