Buyer Activity Increased in October...

Persistent high mortgage rates and soaring home prices continue to exert influence on the Denver metro housing market. As of the end of October, the national average 30-year mortgage rate surged to a 23-year high, as reported by Freddie Mac. Concurrently, the median price for homes in the Denver area experienced a modest 2% uptick, reaching $580,000. Consequently, home sales faced a decline for the second consecutive month, with a 6% drop in the number of home closings compared to the previous year. Year-to-date statistics reveal a significant 19% decrease in home sales across the 11-county metro area compared to the same period last year.

In October, sellers in the Denver Metro added 3,803 new listings to the market, marking a 1% decrease from the previous year. The number of new listings also saw a notable 17% decrease compared to the preceding month.

On a positive note, buyer activity demonstrated a boost in October. The number of listings transitioning to Pending status in the MLS exceeded last year's figures by 1% and outpaced the previous month by 5%. These listings were successfully taken off the market within a median timeframe of 17 days. While listings are lingering on the market slightly longer, this has contributed to a gradual increase in inventory levels. By the month's end, there were 7,538 actively available listings for sale.

Shifting focus to the rental market, October witnessed a temporary slowdown. Throughout the month, 294 properties were leased using REcolorado MLS, marking a 4% decrease from the previous month and a 1% decrease compared to the same period last year. Despite this, the median leased price for these properties remained relatively stable.

In terms of closings, October experienced a 12% decline compared to October 2022, and a 6% drop compared to the previous month, marking the second consecutive month of decline.

Home sellers in the Denver Metro introduced 3,803 fresh listings in October, representing a 1% decrease from the same period last year. The trend of decreasing new listings persisted for the second consecutive month, with a notable 17% decline from September.

Buyers demonstrated increased activity by finalizing contracts on 3,165 home listings throughout the month. The number of pending sales in October exceeded last year's figures by 1% and surpassed the previous month by 5%.

Examining different property types, the market inclusive of Multi-Family/Condo/Townhomes and Single-Family Residences experienced the highest number of sales in the $500-$600,000 price range. This price bracket also witnessed the highest influx of new listings in October. Homes in the $200-300,000 and $400-500,000 price ranges had the shortest time on the market.

Standing inventory, representing the number of listings available for sale at the end of the month, was 2% higher than the previous October, with 7,538 homes actively available for sale in the Denver Metro area. However, the gross sales volume in October recorded an 8.5% decline compared to the same month last year.

October 2023 Market Watch Full Report

October 2023 Real Estate Report

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20 Tips Sellers Can Do For A Successful Open House

As the real estate market has continued to slow down, prospective home buyers are taking more time to shop before making the decision to purchase. As we head into the slower time of the year, homes are taking longer to sell and sellers are finding more competition with their home listing.

Open Houses are a wonderful service that Realtors provide sellers. It's a great way to showcase the property to multiple people at once. That being said, having your home prepared and looking its best is critical. 

Sellers can play an active role in making their home more appealing for open houses. Here are some top open house ideas for sellers to better showcase their homes:

1. Clean and Declutter: Ensure the property is immaculately clean and clutter-free. A clean space looks more spacious and inviting.

2. Home Repairs and Maintenance: Complete any necessary repairs and maintenance tasks, such as fixing leaky faucets, repairing broken tiles, and repainting scuffed walls.

3. Curb Appeal: First impressions matter. Enhance the exterior of your home with landscaping, fresh paint, and well-maintained entryways.

4. Depersonalize: Remove personal items like family photos and personal memorabilia. This helps potential buyers envision the space as their own.

5. Neutral Colors: If your walls are painted in bold or unconventional colors, consider repainting in neutral tones. Neutral colors create a blank canvas for buyers.

6. Lighting: Ensure all light fixtures are in working order, and use warm, soft lighting to create a cozy atmosphere.

7. Staging: Consider professional staging to arrange furniture and decor to highlight the property's best features.

8. Storage Solutions: Showcase the property's storage capabilities by organizing closets and storage areas.

9. Pets: If you have pets, make arrangements to have them off-site during the open house. Not all buyers are pet-friendly.

10. Aromas: A pleasant scent can make a lasting impression. Consider using subtle air fresheners or baking cookies for a welcoming aroma.

11. Home Documents: Have important documents, such as renovation records and warranties, readily available for potential buyers to review.

12. Home Information Booklet: Create a booklet that includes information about the property, its history, and any unique features. Include utility bills, maintenance schedules, and local amenities.

13. Landscaping and Outdoor Spaces: Ensure that outdoor areas, such as gardens, patios, and decks, are well-maintained and staged for outdoor living.

14. Photography and Virtual Tours: High-quality photographs and virtual tours are essential for online marketing. Consider investing in professional real estate photography.

15. Price Strategy: Work with your real estate agent to set a competitive and realistic asking price for the property.

16. Open House Timing: Collaborate with your real estate agent to determine the best timing for the open house based on local market conditions and buyer behavior.

17. Security: Ensure the security of your home during the open house by securing valuables and important personal items.

18. Clean Windows: Clean and polish windows for a clear view of the outside and to allow in more natural light.

19. Flexible Scheduling: Be flexible with scheduling open houses to accommodate potential buyers' needs, including evenings and weekends.

20. Realtor's Assistance: Work closely with your real estate agent to get their insights on how to best present your property.

By paying attention to these details and collaborating with your real estate agent, you can significantly improve your home's appeal during open houses and increase your chances of selling it quickly and at a favorable price.

The Final Stretch Of The Summer Selling Season

In August, the Denver Metro housing market experienced a continuation of recent trends. After reaching its peak in June, home prices in the area saw a second consecutive month of decline. The median closed price for a Denver Metro home in August stood at $582,700, representing a 1% decrease from the previous month, but still maintaining a 1% increase compared to August of the previous year. Despite this leveling off of prices, prospective buyers continue to face challenges related to affordability, primarily driven by persistently high interest rates.

The number of home closings in the metro area saw a slight increase from July to August, but it was notably down by 12% when compared to the same period the previous year. This drop in year-to-year closings was observed across all price ranges except for homes priced at $2 million and above, which experienced a remarkable 31% increase in closings compared to the previous August.

Inventory levels in August remained low, with a minor month-to-month increase in new listings entering the market. However, compared to the same time last year, there was a 7% decrease in the number of new listings. The number of listings pending sale, which provides insight into future closing activity, increased by 1% from July to August but remained 14% lower than the previous year.

The median closed price of homes continued to stabilize after the peak in June, with little room for price negotiation as homes closed at 98% of their asking price in August. While there was a seasonal uptick in home closings from July to August, the 12% year-over-year decrease in closings can be attributed to the combination of robust home prices and elevated interest rates, which are making it challenging for buyers to enter the market. Notably, the luxury market segment, defined by homes priced at $2 million or more, experienced a 31% increase in closings year over year.

Despite a slight increase in new listings from the previous month, overall inventory levels remained low across the Denver Metro area, with a 7% decrease compared to the previous year. Homeowners appear reluctant to give up their low mortgage rates for new homes, and the $500,000 to $600,000 price range saw the most new listings in August.

In the realm of rentals, 341 properties were leased using REcolorado MLS in August, marking a 17% increase compared to the previous August. More than half of these listings were single-family homes, leading to a decrease in price per square foot and price per bedroom compared to the previous year, while the median leased price increased by 5%.

To summarize, the Denver Metro housing market in August witnessed a stabilization of home prices following a peak in June, although affordability challenges persist due to high interest rates. Home closings declined year over year, except in the luxury segment, which saw significant growth. Inventory levels remained low, and the rental market experienced increased activity. Overall, the market continues to exhibit both strengths and challenges in the face of evolving economic conditions.

July 2023 Market Watch Full Report

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The Real Estate Dog Days Of Summer 

Housing market activity within the expansive 11-county Denver Metro area demonstrated continued limitations during the month of July. Notably, the number of closings for pre-existing homes saw a significant decline of 14% in comparison to the same period the previous year. Such a decrease in closings during July is not uncommon due to the prevalence of summer vacations and the celebrated July 4th holiday. Furthermore, when juxtaposed with June's figures, an observable 12% reduction in closings was registered.

Reflecting on the financial aspect, the median price attached to homes within the Denver Metro area during July amounted to $591,200. This valuation represents a marginal decrease of less than one percent in contrast to the corresponding period of the prior year. Interestingly, despite witnessing a succession of five consecutive months with progressive month-to-month increases, the home prices experienced a 1% dip as they transitioned from June to July.

Analyzing the dynamics of potential home buyers, a slight decline in their activity manifested itself during the month of July. Evidently, the total count of listings that were in the process of pending sale amounted to 4,080, thereby reflecting a diminution of 3% in comparison to the analogous time frame in the previous year. Additionally, this figure registered a 1% reduction when measured against the previous month.

Within the domain of property sellers, an intriguing pattern emerged. Fresh listings introduced to the market by sellers numbered 4,817, which marks a noteworthy decline of 24% when contrasted with the equivalent statistics from the previous year. Furthermore, these newly listed properties showcased a reduction of 12% compared to the statistics from the previous month.

Meanwhile, a contrasting trend was observed in the sphere of leased properties utilizing the REcolorado MLS platform. During July, the number of properties successfully leased exhibited a commendable increase of 24% as compared to the same period in the previous year. Concomitantly, the median price attached to these leased properties experienced a 3% upsurge from the statistics of the preceding year. By the conclusion of the month, a total of 544 active rental properties lingered on the market, poised to fulfill the diverse needs of potential renters. 

July 2023 Real Estate Report

July 2023 Market Watch Full Report

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The Denver Metro area has experienced one of the wettest springs and summers in years. The amount of rain is a blessing but it can also wreak havoc on your home’s foundation.

Preventing water from accumulating around your foundation is essential to protect it from damage. Here are some effective ways to keep water away from your foundation:

Proper Grading: Ensure that the ground around your home is sloped away from the foundation. This means the soil should gradually slope downward, allowing water to flow away from the house instead of pooling around it.

Gutters and Downspouts: Install and maintain gutters around your roofline to collect rainwater and direct it away from the foundation. Make sure the gutters are clean and free from debris. Extend downspouts at least 5-10 feet away from the foundation to prevent water from seeping into the soil near your home.

Splash Blocks and Extensions: Use splash blocks or downspout extensions at the end of your downspouts to help carry water away from the foundation. These can be angled to guide water further away from your home.

French Drains: A French drain is a trench filled with gravel or rock and contains a perforated pipe that redirects groundwater away from the foundation. This can be particularly useful if your property tends to retain excess water.

Sump Pump: If your area is prone to flooding or heavy rainfall, consider installing a sump pump in the basement or crawl space. The sump pump will collect and pump out water, preventing it from reaching the foundation.

Seal Foundation Cracks: Regularly inspect your foundation for cracks and seal them with appropriate waterproofing materials to prevent water infiltration.

Landscaping: Avoid planting large shrubs or plants very close to the foundation, as their roots can disrupt the soil and create pathways for water to enter.

Drainage Swales: If your property has natural low points or areas where water tends to accumulate, consider creating drainage swales or berms to redirect water flow away from the foundation.

Porous Pavers: If you have a driveway or patio near the foundation, consider using porous pavers or permeable surfaces that allow water to drain through rather than pool on the surface.

Waterproofing: Apply waterproof coatings or sealants to the exterior of the foundation walls to create a barrier against water penetration.

Inspect and Maintain: Regularly inspect your home's exterior and drainage systems, especially before and after the rainy season. Clean gutters, remove debris, and fix any issues promptly.

By implementing these measures, you can significantly reduce the risk of water damage to your foundation and ensure the long-term stability and integrity of your home. If you're unsure about the best approach for your property, consider consulting a professional foundation specialist or a qualified landscaper for personalized advice.

Top Local Farmers Markets

Denver, Colorado and its surrounding metro area offer a vibrant and diverse selection of farmers markets. These markets are great places to find fresh, locally grown produce, artisanal foods, handmade crafts, and a lively community atmosphere. Here are some of the best farmers markets in the Denver metro area:

• Union Station Farmers Market: Located in the heart of downtown Denver, this market operates from May to October and features a variety of vendors offering fresh fruits, vegetables, meats, cheeses, baked goods, and more. It's known for its convenient location and the stunning backdrop of Denver's historic Union Station.

• Cherry Creek Farmers Market: Taking place in the upscale Cherry Creek neighborhood, this market is one of Denver's most popular and longest-running farmers markets. It operates from May to October and offers a wide range of products, including locally grown produce, artisanal foods, flowers, and specialty items.

• South Pearl Street Farmers Market: Located in the historic Platt Park neighborhood, this market runs from May to November and showcases a mix of local farmers, food producers, and craft vendors. It's known for its relaxed, community-oriented atmosphere and offers a variety of fresh produce, prepared foods, and unique crafts.

• Boulder County Farmers Market: Although not technically in Denver, the Boulder County Farmers Market is worth mentioning for its exceptional quality and vibrant atmosphere. Located in downtown Boulder, it operates on Saturdays from April to November and on Wednesdays from May to October. It features an abundance of organic produce, artisanal foods, flowers, and handmade crafts.

• Golden Farmers Market: Situated in the charming town of Golden, just west of Denver, this market operates from June to October. It offers a selection of locally grown fruits and vegetables, as well as honey, jams, baked goods, and other artisanal products. The market is known for its friendly vendors and beautiful location near Clear Creek.

• Highlands Farmers Market: Located in the trendy Highlands neighborhood of Denver, this market operates from June to September. It features a variety of local vendors offering fresh produce, artisanal foods, handmade crafts, and live music. The market's convenient location and vibrant atmosphere make it a favorite among locals.

• Southlands Farmers Market: Located in the popular Town Square at Southlands Mall in Southeast Aurora. The market operates every Saturday from May 13^th to the end of September. It’s a great location that offers plenty of shopping and dining options above and beyond the farmers market.

• Downtown Lakewood Farmers Market at Bel Mar: Situated in the very popular Bel Mar shopping center, the market operates every Saturday from June 4^th through September 24^th. You will find a wide variety of produce, fruit, baked goods and local artwork to choose from among many other various items.

• Littleton Southwest Plaza Farmers Market:  Taking place in one of the largest shopping districts in Littleton, this farmers market operates every Saturday from May 6^th to October 28^th.

• Highlands Ranch Farmers Market: Situated in the Highlands Ranch Town Center, this market features locally grown produce and fruit, baked goods, and many more items from over 30+ vendors. The market operates every Sunday starting May 7^th and runs until October 29^th

• Castle Rock Farmers Market:  Located in beautiful Downtown Castle Rock at Festival Park. The market operates every Sunday from May 28^th through October 15^th. The city is always looking to highlight the best farmers, ranchers and artisans each year. Come spend some time at the market and explore all that Downtown Castle Rock has to offer.

• Parker Farmers Market: Situated in Downtown Parker, this is one of the larger markets with over 100 vendors featuring plenty of produce, meats, dairy, food trucks, home and body products and much more. The market takes place every Sunday starting on Memorial Day and runs through Halloween.

These are just a few examples of the many excellent farmers markets in the Denver metro area. Each market has its own unique charm and offerings, providing visitors with a delightful experience and an opportunity to support local farmers and artisans. It's always a good idea to check the market's website or social media pages for specific dates, times, and vendor information, as these details may vary from season to season.

Selling Season Underway Despite a Few Challenges

In April, homeowners opted to stay put rather than sell their homes, resulting in controlled inventory levels. The number of fresh listings hitting the market decreased by 29% compared to the same time last year, and the total number of new Denver Metro listings year-to-date was the lowest in more than 12 years.

Despite a 7% decline in home prices from the previous year, the median closed price of a Denver Metro home in April 2023 remained 10% higher than April 2022, as high demand and low inventory levels kept prices from falling. However, due to a lack of inventory and higher interest rates, there was a decrease in the number of closings in April, which is usually the peak period of the spring buying and selling season. However, buyer activity increased by 12% month over month, and the number of properties leased using the REcolorado MLS increased by 58% compared to last year.

The $500-$600,000 price range saw the most buyer and seller activity in April, with 747 home closings and 851 new listings brought to market. Properties in this price range stayed on the market for a little over a week. Inventory levels at the end of April 2023 were 166% higher than in April 2022. Gross sales volume decreased by 31% compared to the same period last year, due to a decline in closings.

April 2023 Real Estate Report

April 2023 Market Watch Full Report

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Things to Consider When Shopping For a Home When You Have Pets

Colorado has long been known as a big pet friendly state. Coloradoans love their furry kids. It’s no wonder why pets play such a big part when you're deciding what type of home to purchase.  

Here are some things to consider when purchasing a home with pets:

·        Outdoor space: If you have dogs, cats or any other outdoor pets, it's important to consider the size and layout of the outdoor space. You should ensure that there is enough space for your pets to play and exercise. Additionally, if the property has a fence, you need to check if it's secure and high enough to prevent your pets from escaping.

·        Flooring: Pets can cause damage to floors, so it's important to consider the type of flooring in the home. If you have pets that shed or have accidents, carpets may not be the best option. Hardwood, tile or laminate floors can be more durable and easier to clean.

·        Pet-friendly neighborhood: Look for a pet-friendly neighborhood that has parks, walking trails, and other amenities for your pets. Additionally, research any HOA or city regulations on pets and make sure you are comfortable with the restrictions and requirements.

·        Proximity to veterinary care: When you have pets, it's important to have quick access to veterinary care. Look for a home that is near a reputable veterinarian or animal hospital in case of emergencies.

·        Noise levels: Consider the noise level in the neighborhood and how it may affect your pets. For example, if there is a lot of traffic noise, it could be stressful for pets that are easily startled.

·        Safety concerns: Consider any potential safety hazards in the home that could be dangerous for your pets, such as sharp edges, toxic plants, or loose wiring.

·        Homeowner's insurance: Some insurance companies may charge higher premiums if you have pets, so it's important to check with your insurance agent before purchasing a home.

By considering these factors, you can ensure that you find a home that is safe and comfortable for both you and your pets.

Spring Buying & Selling Season Underway...

March 2023 Recap

The spring home buying and selling season in the Denver Metro area has begun, with an increase in fresh listings of homes for sale and closings, according to REcolorado data. Homes are spending 16 fewer days on the market compared to last month. Buyer demand has increased in the first quarter of 2023, leading to a 5% increase in median closed prices for Denver Metro homes since January.

Pricing homes competitively is crucial in the current market, as 33% of all listings that closed in March had a price decrease. These homes closed at 90.5% of the asking price, while the original list to close price for all closed homes was 99.4% in March.

Rental market activity has also seen an increase, with 75% more new rental listings available in REcolorado MLS in March compared to last year. There was a 68% year-over-year increase in the number of leased properties, with the median leased price being 2% higher than last year.

Home closings in March increased for the second consecutive month, although they are lower than any March since 2014. The median closed price of a home in the Denver Metro area was 6% lower this March compared to last March, but prices have seen an uptick for the second consecutive month. Homes are sitting on the market for a median of one week longer than last year, but buyers are executing contracts quicker than in previous months.

The most active price range for home buyer and seller activity in March was the $500-600,000 range, with 800 homes closing and 998 new home listings brought to the market. However, overall gross sales volume in March was 21% lower than last year due to a decrease in sales. The active listing count at the end of March was 166% higher than March 2022.

March 2023 Real Estate Report

March 2023 Market Watch Full Report

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Spring Buying & Selling Season Set to Start

The Denver Metro housing is seeing the typical increase in activity as the spring buying and selling season is set to kickoff. This year is no different. The data shows a 20% increase in new home listings brought to market from January to February. There were also 31% more closings during that same timespan. 

We also saw an increase in pending listings which is a good indicator how the next few months of closings will go. 

Buyer Outlook

Buyer activity showed the typical seasonal increase with many buyers trying to get a jump start on the busy spring buying and selling season. There were 18% more pending home sales then January. However, due to high interest rates and higher prices that number is still below other years. 

Forecast for Sellers

Available home inventory concerns will continue in 2023 as many sellers are in the "Lock-In" effect. Many sellers are not wanting to give up the lower mortgage rates that have on the home. Most are waiting to see what interest rates will do before they decide to list. This caused the number of new listings coming to market to be the lowest since February 2010. 

One positive note is after four months of declines in home values the median home price increased by 4% from January to February. Home values are down overall by 3% compared to this time last year. 

February 2023 Real Estate Report

February 2023 Market Watch Full Report

Curious about what’s happening in your neighborhood? 
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