The Question of a Recession
I often get asked if we are facing a recession. And even if my clients don't use the word "Recession," they ask whether we can expect any price softening in the Summit County Real Estate Market.
While I don't have the crystal ball of what is going to happen in our market, I can tell you that in 4 of the last 5 recessions, the Denver market didn't see housing prices drop. In fact, it was only the recession of 2007 where Denver saw a 16.3% decline in real estate pricing. Summit County saw an 18% drop during that recession. In all other recessions, the Denver market saw an INCREASE in housing appreciation.
We have since recovered the 2007 recession losses in Summit County and Denver and our values have exceeded the pre-recession highs.
With ever increasing population growth in the Denver/Front Range area, the demand for mountain resort and second homes will remain high. If you are interested in learning more about ski resort real estate in Summit County, please reach out!
Are We in a Recession?
If you have buyers who believe we are going through a recession, please inform them that it is NOT TRUE. If there is a natural recession, home prices would have started to decrease. In fact, CoreLogic found that homes all across the U.S. have appreciated in three of the last five recessions. We conducted the same research on Denver Homes and prices have appreciated in four of the last five recessions. What does this mean? Recession does NOT equate to a Housing Crisis!
Housing appreciation rates during recessions
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Amy Nakos, JD, GRI, RSPS, CLHMS
970-389-8388
anakos@yourcastle,org
amynakos.com
