Why the Colorado Association of REALTORS wants you to pay attention to their housing reports and not Zillow’s
A February report from Zillow paints a different picture than the one from CAR.
DENVER — In a market trends report released in early February from the Colorado Association of REALTORS®, the numbers show Denver median home prices going down by 1.2 percent in January of 2019 compared to January of 2018.
“We’re seeing prices go up 3 to 4 percent in some areas, and in Denver they actually went down 1 percent so you can see there’s a slowing happening,” said Kelly Moye, the spokesperson for CAR. “So it’s still moving forward, it’s just not moving forward quite as fast.”
“What people need to know is that public websites don’t get their data from the MLS which is the most accurate source of information,” said Moye.
For people unfamiliar with REALTOR® speak, the MLS is the Multiple Listing Service, which Moye says is “what REALTORS® use, and it’s updated in real time every single moment for every home sale out there.”
Moye says the numbers from CAR mean that buyers right now have more choices, unlike the last 5 years where “inventory’s been at record lows.”
“Well all of a sudden this January we saw listings up by 24 percent in Denver in houses, 23 percent in townhomes, so they all of a sudden have more choices,” said Moye.
“It’s not like the prices are going down drastically or we’re seeing sellers take a lot less in list price,” she said. “It’s just that you have more options. And when you have more options you have a little longer to look.”
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