As the real estate market remains on a boil in New York’s Hudson Valley, heated in large part by second-home buyers re-evaluating their commitment to urban living, longtime residents are experiencing both prosperity and pain.
Read MoreConnecticut home purchases surged into the new year, as sales in January — typically a slow month coming off the holiday — reached a 15-year high for the month, with last year’s hot market showing little sign of cooling off, a new report shows.
Read MoreWe 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 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 MoreThe Greenwich-Bridgeport corridor will see one of the half-dozen biggest increases in home prices in the nation next year, according to a Realtor.com study of the 100 largest metropolitan regions.
On the heels of a huge real estate market driven by an escape from cities during the COVID-19 pandemic, Realtor.com is projecting a 7.8 percent increase in prices next year for the coastal Fairfield County region. Silicon Valley was tops with a forecast 10.8 percent gain, followed by regions centered by Seattle, Boise, Idaho; Fresno, Calif.; and San Francisco.
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 Mike Massaro | Published September 23, 2020
Booming. That’s how real estate experts describe Connecticut’s housing market right now.
According to data provided by the Greater Hartford Association of Realtors (GHAR), there were 832 single-family homes sold in the Hartford area last month, an increase over last August by nearly 24%.
“It’s at an all-time high,” said Holly Callanan, Greater Hartford Association of Realtors CEO.
Callanan explained that with more people working from home they’re looking for a change.
“They are excited to get into new homes. They’re looking for more space so anything that is on the market right now is going like crazy,” she said.
While sales have spiked, listings remained relatively flat, only increasing by 1.1% in August.
“We have a very low supply and a huge demand,” said realtor Julie Corrado.
Corrado has been selling homes for 17 years and said she’s never seen the market like this. With limited inventory, she said there has been strong competition among those looking for a new home.
“It is a challenge for buyers. A lot of buyers make offers and they aren’t getting their offers accepted,” she said.
That was the case for one family who recently bought a house in South Windsor. After a three-month search, they finally settled on a property but to avoid losing it, they said they had to decide within an hour of seeing it.
“It was pretty stressful,” said Lavanya Nangunoori. “We were stressed that entire night and in the morning, to realize, did we actually make that decision?”
With competition being what it is, this family said it also made a max bid on their home.
“There was no negotiation back and forth we said we’re gonna match this offer and moved on,” said Swamy Munukoti.
Corrado said this is typical for buyers around the state. A combination of factors including low-interest rates along with more people working from home has helped drive the market. For those looking to buy she suggested appealing to the seller by:
Telling them what you love about the house.
Get pre-approved from a reputable local lender.
Make a strong deposit
Consider waiving contingencies.
With the demand, prices have soared. The GHAR said the average sales price in August was $290,000, up 14% from a year ago. While it has become a seller’s market, Callanan said buyers need to be on their game and make decisions quickly.
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.
By Nicole Brady | Published September 3, 2020
Denver has gone from a seller’s market to an "extreme" seller’s market, according to the Denver Metro Association of Realtors' latest trends report.
The September report released Thursday shows that August 2020 saw the most home sales of any August on record, yet there were 40% fewer homes on the market than August 2019. Low inventory sent the average single-family home price to a new record high of $606,330.
When the average price is that high, that means there's not a lot of houses below that price left, said Jill Schafer a realtor with the Denver Metro Association of Realtors.
Schafer said she has struggled to find her clients something they like at the price they want to pay.
"There are no good deals left out there," Schafer said.
Schafer said buyers are paying above asking price and making concessions like waiving inspections and allowing sellers to stay in their homes longer if they need more time to move.
"(Buyers) have to be patient, have to trust their agent when the agent says, 'Go in at this price,' 'Give up these things,' if you really want this house," she said.
Mike Hills, a broker with Atlas Real Estate and Property Management in Denver, said it's not all bad news for buyers. Interest rates are low, and people are still moving to Denver, so those who can afford to get into the market will likely see home values continue to rise.
"Are you going to pay a little more than you want to? Yes, but buy for the long term and you will be OK," Hills said.
Hills said the pandemic has also changed what people are looking for in a home, leading some people to leave urban environments.
"If you live in a high rise apartment, but you're not allowed to use the gym, you’re not allowed to use the pool, the bar, and the social events aren’t happening because of COVID-19, then why do you live in these big high rises?" Hills said.
According to the report, those who can afford to buy a home are looking for features like a home office, space for kids to do remote learning, and a yard.
With stay-at-home orders starting to gradually lift throughout parts of the country, data indicates homebuyers are jumping back into the market. After many families put their plans on hold due to the COVID-19 pandemic, what we once called the busy spring real estate season is shifting into the summer. In 2020, summer is the new spring for real estate.
Joel Kan, Economist at The Mortgage Bankers Association (MBA) notes:
“Applications for home purchases continue to recover from April’s sizable drop and have now increased for five consecutive weeks…Government purchase applications, which include FHA, VA, and USDA loans, are now 5 percent higher than a year ago, which is an encouraging turnaround after the weakness seen over the past two months.”
Additionally, according to Google Trends, which scores search terms online, searches for real estate increased from 68 points the week of March 15th to 92 points last week. As we can see, more potential homebuyers are looking for homes virtually.
Another reason buyers are coming back to the market, even with forced unemployment and stay-at-home orders, is historically low mortgage rates. Sam Khater, Chief Economist at Freddie Mac indicates:
“For the fourth consecutive week, the 30-year fixed-rate mortgage has been below 3.30 percent, giving potential buyers a good reason to continue shopping even amid the pandemic…As states reopen, we’re seeing purchase demand improve remarkably fast, now essentially flat relative to a year ago.”
With mortgage rates at such low levels and states gradually beginning to reopen, there’s more incentive than ever to buy a home this summer.
Finding a home to buy, however, is still a challenge, as this spring sellers removed many listings from the market. Though more people are now putting their houses up for sale this month as compared to last month, current inventory is still well below last year’s level.
According to last week’s Weekly Economic and Housing Market Update from realtor.com:
“Weekly Housing Inventory showed continued tightening. New Listings declined 28% compared with a year ago, as sellers grappled with uncertainty and hesitated bringing homes to market. Total Listings dropped 20% YoY, a faster rate than in prior weeks, leaving very few homes available for sale. As Time on Market was 15 days slower YoY, asking prices moved up 1.5% YoY.”
If you’re thinking of selling your house this summer, now may be your best opportunity. With so few homes on the market for buyers to purchase, this season may be the time for your house to stand out from the crowd. Trusted real estate professionals can help you list safely and effectively, keeping your family’s needs top of mind. Buyers are looking, and your house may be at the top of their list.
If you’re thinking of selling, many buyers may be eager to find a home just like yours. Let’s connect today to make sure you can get your house in on the action this summer.
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