Recap: 2019 Economic Summit
The 2019 Economic Summit was packed full of information and some good laughs, too. Our speakers covered interest rates, affordable housing, macroeconomic conditions, real estate trends, the health of the housing market and more.
Jill Schafer, Chair of the DMAR Market Trends Committee and a Broker Associate at Kentwood Real Estate, recapped the rollercoaster ride that was Denver's 2018 real estate market and helped us understand the shifting power dynamics between buyers and sellers. It was a record-breaking year in both home prices and sales volume; any cooling after that will feel intense. But she reminded us that perspective is everything, and we should be going into the slower 2019 market knowing it's a healthier balance of power.
Patty Silverstein, President & Chief Economist of Development Research Partners, focused on the momentum of Colorado's economy and what we might expect going into the new year. 2018 was a great one for our state overall! Our GDP increased more than expected, unemployment is down and we are one of the nation's fastest growing states. There is a bit of uncertainty moving into 2019 and we can expect that to influence the minds of consumers and businesses, but as of right now, we don't have to be too concerned.
Chief Economist at realtor.com®, Danielle Hale, walked us through what we might be able to expect from the national real estate market going into 2019. Like the Denver market, we can expect some slowing in housing throughout the country. Existing home sales will decrease while prices increase, and we will continue to see modest inventory gains. Another major factor to consider is that the largest group of Millennials will soon turn 30, and they will looking to buy their first homes.
Chief Economist for GraphsandLaughs LLC, Elliot Eisenberg, delivered not only a thorough examination of the national economy, but he made it quite entertaining. First off, he wants you to know the economy is still doing well and that a recession is unlikely to happen anytime soon. Additional insights tell us the labor market is quite tight, wages are growing, inflation is to be expected, inventory is low and rates are expected to rise some more. Change is coming, yes, but you should feel pretty good about the economy right now.
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