We may have started a new calendar year, but Denver’s real estate market didn’t change—prices are still high, and inventory remains low. And, to no surprise, January was another record-breaking month in several categories.
Read MoreThe average price of a single-family home that closed in January in metro Denver rose 2.9% from December to a record $629,159. Annual price appreciation is running a hot 18.7%. But that sharp increase reflects the growing dominance of more expensive homes in what is available to buy on the market.
Read MoreThe strong housing market is a welcome change for the state where median home-sale prices have languished since the collapse of the housing bubble and the ensuing 2007-2009 recession. The state’s population also has been slowly shrinking since 2014 and has a population of 3.56 million as of July 2020, according to the U.S. Census.
Read MoreSome of Connecticut’s pricier home buying markets — Fairfield County, the shoreline, Litchfield County and the Farmington Valley — saw a surprising surge in purchases last year as the grip of the pandemic tightened, with little let-up seen for at least the first part of 2021.
Read MoreThe see-saw year, aka 2020, ended on an astonishingly high note for real estate practitioners in the Lower Hudson Valley, according to the 2020 Fourth Quarter Residential Real Estate Sales Report for Westchester, Putnam, Rockland, Orange, Sullivan, and Bronx counties released on Jan. 5 by OneKey MLS.
Read MoreDenver is expected to be the fifth-hottest home market in the U.S. in 2021, according to the results of a recent survey published by Zillow Inc.
Read MoreFor many, the dream of living close to the majestic Rocky Mountains and all of the recreational opportunities afforded to residents of our hometown is now a very real possibility as transplants from other parts of the nation look to relocate to Colorado. The housing market in Denver has long been considered a seller’s market and the push to move into the area has only accelerated over the past nine months.
Read MoreAn advantage of listing in the current market is that we are dealing with a known set of circumstances. We know where the market is, what interest rates are, what demand is like. The truth is that interest rates do fluctuate, and no one can predict where they will be in the future.
Read MoreMetro Denver is expected to see a 12.5% increase in home sales next year, which ranks fourth highest out of the 100 metro areas examined, behind only Sacramento, Harrisburg, Pa., and Charlotte, N.C., according to the forecast released on Tuesday.
Read MoreDuring the third quarter, 2,167 single family homes were sold in Westchester, a 12% improvement from 1,940 in 2019's same period Houlihan Lawrence said market conditions are favoring sellers and forcing fewer concession on pricing than last year.
Read MoreU.S. News & World Report says four Colorado cities are in the Top 5 best places to live in the country. Boulder and Denver came in at No. 1 and No. 2 and Colorado Springs and Fort Collins came in at No. 4 and No. 5 in the 150 Best Places to Live in the U.S. in 2020-21 list.
Read MoreHousing prices are rising more quickly in Fairfield County than any other locale in the U.S., according to data compiled from the real estate website Redfin by Bloomberg.
Read MoreIn Denver, home sales last month rose only 16.3%, but likely because buyers couldn’t find enough to buy. The number of homes listed for sale at the end of October was down nearly 44% over the past year and the median price for a single-family home sold is up 14.3% over the year to $519,900, according to a report from the Denver Metro Association of Realtors.
Read MoreThere are now numbers behind the mass exodus of New York City residents to the suburbs and beyond amid the COVID-19 pandemic.
From March 1 through Oct. 31 this year, a total of 295,103 NYC residents have made change-of-address requests.
Read MoreThe pandemic is fueling a rush to the suburbs as New Yorkers leave tight quarters in the city and hunt for more space to quarantine as coronavirus cases climb. The city’s employers now mostly operate with remote workforces, allowing people to telecommute from anywhere.
Read More
By Amanda Molitor | Published September 18, 2020
Over the past few months, the Denver Metro real estate market has shown strength and resilience. Despite the uncertainties of the fall quickly approaching, such as the start of cold and flu season, the presidential election, and the seasonal real estate market slow down, consumers continue to buy and sell homes. But not only are they engaging with the marketplace, they’re doing so at an increasingly elevated rate.
According to historic market data, the Denver Metro real estate market usually experiences a dip in buying activity around September, but as reported in LIV Sotheby’s International Realty’s (LIV SIR) Monthly Market Report for August, market activity has actually increased in many facets this season.
In a year-to-date comparison of August of 2020 to August of 2019, total sales volume for Denver Metro has increased by 3%. This rise can be partially attributed to the 4% increase in both average list price and average sold price. As of August, the average list price for homes in Denver Metro was $518,657 and the average sold price was $497,445. As demand for homes in the area persists, the lack of available inventory pushes prices for properties upward. The desire to buy homes, and quickly, can be seen by looking at the average days on market. In August, homes spent 3% less time on the market, bringing the average days on market for Denver Metro homes to just 31 days.
Buyers looking to find their dream homes in Denver Metro are having a lot of luck in the luxury sector of the market, defined as homes priced at or above $1,000,000. According to the Monthly Market Report from LIV SIR, listings sold and total sales volume within the luxury market each grew by 6% in August, compared to the same time period in 2019. Consumers are quickly purchasing luxury homes in this market which has caused a 10% decrease in the average days on market within this sector. Denver Metro is seeing an influx of new luxury listings coming onto the market, which will give buyers more options to choose from in an area that is typically low on available inventory. New luxury listings increased by 16% in August.
Several significant sales took place during the month of August. Perhaps the most impressive sale was 3901 South Gilpin Street, which was represented by LIV SIR brokers, Chris Bouc and Ian Wolfe. This gorgeous home sold for $9,000,000 last month. LIV SIR broker, Elaine Stucy, had the pleasure of representing the selling in the sale of 14065 Highway 83, in Colorado Springs which was the highest-priced residential sale in Colorado Springs.
It appears that there is still time for buyers and sellers to reach their real estate goals in the Denver Metro community this year. To learn more about the current market conditions and to view all of the Monthly Market Reports for the areas that LIV SIR serves, visit coloradomarketreports.com. And for all of your real estate needs, contact LIV Sotheby’s International Realty by calling 303.893.3200 or visiting livsothebysrealty.com.
As the health crisis started making its way throughout our country earlier this spring, sellers have been cautious about putting their homes on the market. This hesitation stemmed primarily from fear of the spread of the coronavirus, and understandably so. This abundant caution has greatly impacted the number of homes for sale and slowed the pace of a typically busy spring real estate season. Mark Fleming, Chief Economist at First American notes:
“As more homeowners are reluctant to list their homes for sale amid the pandemic, the supply of homes available to potential home buyers continues to dwindle.”
With many states beginning a phased approach to reopening, virtual best practices and health and safety guidelines for the industry are in place to increase the comfort level of buyers and sellers. What we see today, though, is that sellers are still making a very calculated return to the market. In their latest Weekly Housing Trends Report, realtor.com indicates:
“New listings: On the slow path to recovery. Nationwide the size of declines held mostly steady this week, dropping 23 percent over last year, a slight increase over last week but still an improvement over the 30 percent declines in the first half of May.”
Although we’re starting to inch our way toward more homes for sale throughout the country, the number of homes on the market is still well below the demand from buyers. In the same report, Javier Vivas, Director of Economic Research for realtor.com shares:
“Sellers have yet to come back in full force, limiting the availability of homes for sale. Total active listings are declining from a year ago at a faster rate than observed in previous weeks, and this trend could worsen as buyers regain confidence and come back to the market before sellers.”
Lawrence Yun, Chief Economist at the National Association of Realtors (NAR) seems to agree:
“In the coming months, buying activity will rise as states reopen and more consumers feel comfortable about homebuying in the midst of the social distancing measures.”
What we can see today is that homebuyers are more confident than the sellers, and they’re ready to make up for lost time from the traditional spring market. Summer is gearing up to be the 2020 buying season, so including your house in the mix may be your best opportunity to sell yet. Interest in your house may be higher than you think with so few sellers on the market today. As Vivas says:
“More properties will have to enter the market in June to bring the number of options for buyers back to normal levels for this time of the year, nationwide and in all large markets.”
If you’re ready to sell your house this summer, let’s connect today. Buyers are interested and they may be looking for a house just like yours.
Today, many people are asking themselves if they should buy or sell a home in 2020. Some have shifted their plans or put them on hold over the past couple of months, and understandably so. Everyone seems to be wondering if the market is going to change and when the economy will turn around. If you’re trying to figure out what’s going to happen and how to play your cards this year, you’re not alone. This spring in the 2020 NAR Flash Survey: Economic Pulse, the National Association of Realtors (NAR) has been tracking the behavior changes of homebuyers and sellers. In a reaction to their most recent survey, Lawrence Yun, Chief Economist at NAR, noted the beginnings of a turn in the market:
“After a pause, home sellers are gearing up to list their properties with the reopening of the economy…Plenty of buyers also appear ready to take advantage of record-low mortgage rates and the stability that comes with these locked-in monthly payments into future years.”
Sellers are positioning themselves to make moves this year. More than 3 in 4 potential sellers are preparing to sell their homes once stay-at-home orders are lifted and they feel more confident, which means more homes will start to be available for interested buyers.
Just this week, Zillow also reported an uptick in listings, which is great news for the health of the market:
“The number of new for-sale listings overall has shown improvement, up 5.9% last week from the previous week. New listings of the most-expensive homes…are now seeing the biggest resurgence, up 8%. The uptick is likely a sign sellers are feeling more confident because of improving buyer demand, as newly pending sales have also jumped up during the same period.”
The recent pandemic has clearly impacted buyer preferences, showing:
5% of the respondents said buyers are shifting their focus from urban to suburban areas.
1 in 8 Realtors report changes in desired home features, with home offices, bigger yards, and more space for their families becoming increasingly important.
Only 17% said buyers stopped looking due to concerns about their employment or loss of a job.
As we’ve mentioned before, buyer demand is strong right now, and many are simply waiting for more inventory to become available so they can make a move, especially as the country begins to reopen.
If you’re thinking about putting your house on the market, let’s connect today. There’s a good chance an eager buyer is looking for a home just like yours.
Every day that passes, people have a need to buy and sell homes. That doesn’t stop during the current pandemic. If you’ve had a major life change recently with your job or your family situation, you may be in a position where you need to sell your home – and fast. While you probably feel like timing with the current pandemic isn’t on your side, making a move is still possible. Rest assured, with technology at your side and fewer sellers on the market in most areas, you can list your house and make it happen safely and effectively, especially when following the current COVID-19 guidelines set forth by the National Association of Realtors (NAR) and the Centers for Disease Control and Prevention (CDC).
You may have a new baby, a new employment situation, a parent who moved in with you, you just built a home that’s finally ready to move into or some other major part of your life that has changed in recent weeks. Buyers have those needs too, so rest assured that someone is likely looking for a home just like yours.
According to the NAR Flash Survey: Economic Pulse, which was conducted on April 5 – 6, real estate agents indicate, not surprisingly, that there’s a noticeable decline in current homebuyer interest. That said, 10% of agents said in the same survey that they saw no change or even an increase in buyer activity. So, while buyer interest is low compared to normal spring markets, there are still buyers in the market. Don’t forget, you only need one buyer – the right one for your home.
Here’s the other thing – people are spending a lot of time on the internet right now, given the stay-at-home orders implemented across the country. Buyers are actively looking at homes for sale online. Some of them are reaching out to real estate professionals for virtual tours and getting ready to make offers too. Homes are being sold in many markets.
The same survey indicates that 56% of NAR members said sellers are removing their homes from the market right now. This can definitely work in your favor. If other sellers are removing their listings, your home has a better chance of rising to the top of a buyer’s search list and being seen. Keep in mind, listings will pick up again soon, as 57% of the respondents note that sellers are only planning to delay the process by a couple of months. If you need to sell right now, don’t wait for the competition to get back into the market again.
This year, delayed listings from the typically busy spring season will push into the summer months, so more competition will be coming to the market as the pandemic passes. Getting ahead of that wave now might be your biggest opportunity.
Here at SHELTER, we are working hard every single day under untraditional circumstances, utilizing technology to help both buyers and sellers who need to continue with their plans. We’re using virtual tours to show homes currently on the market, staying connected with the buyers and sellers through video chats, and leveraging resources to complete transactions electronically. We’re making sure the families we support remain safe and can keep their real estate needs on track, especially as life is changing so rapidly. When you chose SHELTER you will also have a dedicated listing team providing thorough guidance, support, and expertise for getting your house listed for no additional cost. To find out more about selling with us and our packages we offer -> Sell with Us.
Homes are still being bought and sold in the midst of this pandemic. If you need to sell your house and would like to know the current status in our local market, let’s work together to create a safe and effective plan that works for you and your family. Connect with us today to schedule a home consultation or fill out our seller questionnaire.
The success of the U.S. residential real estate market, like any other market, is determined by supply and demand. This means we need to look at how many potential purchasers are in the market versus the number of houses that are available to buy. With early 2020 housing data now rolling in, it’s quite evident there are two big stories impacting this year’s residential real estate market:
1. Buyer demand is already extremely strong
2. Housing supply is at a historically low level
ShowingTime is a firm that compiles data from property showings scheduled across the country. The latest ShowingTime Showing Index reveals how showings have increased in each of the country’s four regions for five months in a row.
Move.com also just released information indicating that the number of homes currently for sale has declined rapidly and now sits at the lowest level in almost a decade. They explained,
“National housing inventory declined 13.6 percent in January, the steepest year-over-year decrease in more than 4 years, pushing the supply of for sale homes in the U.S. to its lowest level since realtor.com began tracking the data in 2012.”
In response to these numbers, Danielle Hale, Chief Economist at realtor.com, said,
“Homebuyers took advantage of low mortgage rates and stable listing prices to drive sales higher at the end of 2019, further depleting the already limited inventory of homes for sale. With fewer homes coming up for sale, we’ve hit another new low of for sale-listings in January.”
The decrease in inventory impacted every price range, too. Here’s a graph showing the data released by move.com:
Since there’s a historic shortage of homes for sale, putting your home on the market today could drive an excellent price and give you additional negotiating leverage when selling your house. Let’s get together to determine if listing your house now is your best move.
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