Welcome to My Denver Real Estate Blog and Community News

You'll find local information, buying and selling tips, and updates on listings and market reports for the Denver Real estate market and specifically Wheat Ridge Real Estate.

Aug. 26, 2021

Denver Housing Market Report August 2021

Denver Housing Market Report August 2021: What's Going On With Denver Real Estate Market Today?

The August 2021 Denver Metro real estate market report is OUT!

Denver Housing Market Report August 2021

It is important to understand what is happening currently in the Denver Metro housing market and as well as why it is happening if you are thinking of buying a home in Colorado this 2021. Real estate market reports are only the beginning of the process of understanding the changes, opportunities, and challenges in the Denver Metro real estate market. My Colorado Move is here to dive deep into these numbers with you.

Denver Metro Housing Market Report

The July 2021 Denver Metro housing market showed an increase of 29.92% of overall month-end active inventory compared to the previous month's real estate statistics. However, today's Denver real estate market also showed a 12.30% decrease in closings compared to June 2021 real estate statistics. This simply indicates a supply increase and demand increase in homes in Denver, Colorado. As we head into fall, we are still experiencing a strong seller's market but buyers will start to have more time to look at homes available in the market as there is less competition.

In July's history, July 2021 presented the lowest number of active properties on record with only 4,056 properties available on the market at month's end. However, the month-end active listings actually increased 29.92% from the June 2021's Denver housing market report. July 2021 Denver real estate market also showed a 16.40% increase on the average closed price compared to the previous month. The Denver housing market report predicts that the balance between supply and demand will remain steady through the remainder of the year 2021. 

In July 2021 Denver housing market report, there were 2,878 single-family detached active homes at month-end on the market which showed a 34.67% increase compared to the previous month however showed a 28.07% decrease compared to last year. There were also 5,125 new homes listed on the market at month-end which showed a 9.42% decrease compared to the previous month and a 2.83% decrease compared to the previous year. 4,123 single-family detached homes were sold in July 2021 which also showed a 12.13% decrease compared to the previous month and also a 22.34% decrease compared to the previous year. Detached single-family homes for sale in Denver are still being sold quickly with an average of only 8 days of being live on the market, the same as the previous month's statistics.

In the attached market, attached single-family homes in Denver showed a 19.59% increase in active homes at month-end compared to the previous month, however, it showed a 51.88% decrease compared to the previous year. New listings showed a 6.42% decrease from the previous month and a 14.74% decrease compared to the previous year. The number of sold attached single-family homes in Denver also showed a 12.71% decrease and also being sold the quickest it has ever been with an average of 12 days in the market.

Buying or Selling a Home in Colorado

If you are planning to sell your home in Colorado, now is still the best time as you can still expect multiple offers because of the lesser homes available on the market today. On the other hand, if you are planning to buy a home in Colorado, it can also be a great time as there is now competition which enables you to have more time to look at homes available. You deserve a real estate agent who has a proven strategy, a strong negotiator, and backed with experience to help you be successful in today's challenging Denver real estate market. If you are looking for great homes for sale in Denver, we can help you.

Our goal is to help our clients understand how these changes impact them to be able to create a strategy to benefit from the current Denver housing market. It is still definitely a great time to sell and move up to buy in many Denver communities with today's historic low-interest rates.

To download or see a copy of the full report, click here.

Posted in Market Updates
Aug. 16, 2021

Is Staging the Same Thing as Decorating?

Is Staging the Same Thing as Decorating?

Staging versus decorating… Are they really the same thing? Can't you just decorate your home when you plan on selling it? Well, not really. Staging and decorating are definitely different. But you probably don't necessarily decorate your home to sell nor do you stage your home to live in it. But, the reasons you do either is not necessarily what differentiates these two.

Selling your home means selling a lifestyle and that doesn't necessarily mean showcasing all the things you think to decorate your home.

When you stage a home, you want to look that's fresh and welcoming yet not necessarily taste specific. Buyers don't want to look at your grandmother's teacup collection, a plethora of personal family photos in the hall, or your baseball memorabilia in the den. The distinction between decorating your home and staging it to sell can be difficult to understand at first but once you know the difference, you probably won't decorate and stage the same.

Everyone has different tastes in decorations and furnishings but buyers want to see themselves in the home so you have to set a lifestyle that works with just about any type of taste. You don't want to have specifics in your room meaning that you want neutral colors without being completely devoid of colors. Keep color schemes simple and offer a few on-trend neutral features like soft grays, pages, or warm whites.

If you have a distinctive decorating style like shabby chic or modern, you might need to scale it back a bit to cover just about anyone's tastes. If you have a taste that will only appeal to a small percentage of potential buyers, you might lose out on offers. Staging is about strategic editing and depersonalizing rather than decorating to your personal style.

Staging means updating outdated items, features, furnishings, appliances, and fixtures. You want the space to fill current and fresh. Little punches and accents of color are great but use them sparingly. Symmetrically centered architecture and furnishings create a peaceful environment and our pleasing aesthetics to just about any buyer.

Keep color palette simple and easy on the eyes to be attractive to both men and women. Potential buyers remember a room that they felt peaceful and calm in long after they've left the house. Clever arrangements can draw attention to different architecture, space, and the benefits of the house in general without detracting from the actual home or being distracting.

When updating a kitchen or bathroom, keep finishes neutral and classic. This is not the time to show off personal style and decorations. Broaden your buying potential by appealing to a wide range of tastes and preferences. Your selling an idealized lifestyle, not reality, and not even the buyers reality.

Bottom line, decorating is furnishing a home for your personal style and tastes for you to live in and enjoy. Staging is decorating home for the current real estate market. It's about taking personalized spaces and making them welcoming for all. You want to create a calming and memorable space from a buyers perspective and that's much more neutral than decorating for your tastes.

If you're having a difficult time staging for today's Denver real estate market, give us a call. We'd be happy to offer tips and suggestions on staging your particular home and how quickly could sell in today's market.

More Information for Homeowners and Sellers

Wheat Ridge Homeowners - Ready to Sell? Start Here! 

What is Your Home Worth Today?

Create a Custom Market Report

5 Issues Homeowners Have When Selling On Their Own

When is the Best Time to Sell?

7 Tips to Reduce Closing Costs

What is Holding Homeowner's Back from Refinancing?

Posted in Selling Your Home
Aug. 11, 2021

How to Make Your Offer Stand Out

Buying a home is a truly exciting time in one’s life. It’s one of those chapters in the book of life that stands out as a momentous occasion. It makes one feel that they have moved up the ladder of success – granted they have done it the right way. To buy a home successfully, however, means putting forth a strong offer to the seller. If you’ve found yourself wondering how to make your offer more appealing than other home buyers in the market, here are a few tips to consider in order to achieve your own home.

Get pre-approved for a loanHow to Make Your Offer Stand Out

This first step is arguably one of the most important things you can do to stand out in the market of buying a home. A pre-approval simply refers to an official confirmation from a lender on how much they will be willing to let you spend on a home. When multitudes of offers on a home come through, the seller will have some decisions to make. If a buyer has an offer with a pre-approval attached to it, that speaks volumes and adds to the credibility of that particular offer. If there are two offers; and one offer has a pre-approval and the other does not, the buyer with the pre-approval is far more likely to get chosen because of the backing of that lender and the smaller risk imposed on the seller. Related: 

Make fewer contingencies

A contingency in the context of buying a home is simply a condition a home buyer puts on the seller in order to move forward with the purchasing process. Contingencies like home inspections, in and of themselves, aren’t bad; however, the more you have, the less likely a seller will want to move forward with you – particularly due to the seller needing to move out as well. Make a contingency when absolutely necessary; otherwise, consider limiting those to appeal to the seller.

Make it personal

Because of how hot the housing market is these days, sellers often see numerous offers come through. To make yours stand out, consider making a personal connection with the seller. Write a letter to the seller expressing how important it is to you and your family to own that home. Name the improvements living in this home will make on your life that you’ve long desired. Perhaps the neighborhood has a past connection with you. Maybe the added space in the cabinets is something you’ve desired for years. Whatever it may be, let the seller know how much you value not only their time but also their home.

Whether you're planning on selling your Denver home, understanding the market is a huge part of knowing how to price and sell. Contact My Office at any time to find out what your Wheat Ridge real estate or Denver area property is currently worth. You might be surprised! Home values are up all over the place! Let us help you get every penny you deserve.

More Tips:

The Three Main Keys to Buying a House

Uncommon Things to Look for When Buying an Older Home

5 Main Factors to Consider When Relocating for a Job

How You Can Win as a Buyer in a Seller's Market

Posted in Buying a Home
Aug. 4, 2021

3 Keys to Buying a Home in Denver

3 Keys to Buying a Home in Denver

While you can find 101 ways to buy a house and article after article on the proper way to purchase a home, there really are three major keys I wish everyone would know about buying a house. While it buying property hasn't really changed over the last 50 years, the way we get to our homes and the way we negotiate hats. It still is beneficial to have a real estate agent facilitate the transaction although not necessary, and it's important to be able to afford the home before making an offer. With those two key points in mind, here are three major keys to buying a home in Denver and surrounding areas, like my specialty, Wheat Ridge.

#1. Have your own representation.

It costs you absolutely nothing to have your own agent when it comes to buying real estate. There are typically two real estate agents involved in every transaction, the listing agent and the selling agent or buying agent. I know that that term might sound counterintuitive but it's the agent that actually brought the buyer in order to sell the property, hence the name, the selling agent.

The agent that is representing the seller is actually the listing agent. This agent is the one that is marketing the home, listing it on the MLS, and works solely for the seller or homeowner of the property. This agent's primary goal is to sell that property. So then, does it make sense to use that agent when you're ready to buy? Not necessarily.

That agent will get the full commission on the sale of the property whereas if you use your own agent, that percentage of commission gets split between the agents. You can see why most listing agents also want to bring the buyer or represent the buyer. But this is why it's absolutely free for buyers to use their own agent. That agent will get paid a split commission from whichever home they choose so it's super important for the buyer to have your own representation. This agent is working on your behalf, not the seller and even though they get paid from the sale of the property, they will get the commission regardless of which home you choose. Your goals, priorities, and confidential financial situation are all allowing your cards to be held on your side giving you, the buyer, leverage over the transaction.

#2. Get preapproved before looking at homes.

I can tell you one of the most frustrating things for a lot of first-time homebuyers is that they look for homes first, find one they love, and get emotionally attached to, only to realize they can't afford it. While it might be very easy and tempting to look at homes, if you don't know how much you can actually afford, it only leads to frustration and discouragement. If you are serious about buying a home, sit down with the lender and discuss how much you can afford. This is more than simply a prequalification.

This is not just entering a few numbers in on a mortgage calculator online. This is a real investigation into your finances, your income, your debt to income ratio, liabilities, and assets to determine how much in a monthly mortgage payment you can afford. Then, and only then, should you start looking at homes within that price range. My big suggestion is to look at homes at least 5% to 10% less than your maximum so you have a little wiggle room during the month and extra that you might want to put into the home once you purchase it. 

#3. Get a home inspection.

Once you know how much you are approved for and you know what type of home you want to buy, make an offer but then never neglect the home inspection process. Even on brand-new homes, it's a good idea to have a home inspection so that you know everything about this property. Remember, this is the biggest investment you'll probably ever make and it only makes sense to know as much as you can about it. You have the right to choose whomever you want as your home inspector but your real estate agent will probably have a reputable resource to choose from.

Accompany that inspector to the home asking questions about the property, appliances, and how much life each of the items and materials has left on them. This will give you a good idea on how to save for future repairs and replacements.

For more information on buying a home, specifically your first home in the Denver metro area, I urge you to contact me today! Let's get started with the pre-approval process first. 

More Buying Tips:

Uncommon things to look for when buying an older home

Can you back out of a deal once your offer is accepted?

3 Reasons it May Not Be a Good Time to Buy a House

Posted in Buying a Home
Aug. 1, 2021

RARE OPPORTUNITY - JUST LISTED IN MEADOWGATE FARMS



RARE OPPORTUNITY - JUST LISTED IN MEADOWGATE FARMS

Just listed in Meadowgate Farms - 8181 Queen St, Arvada, CO 80005

See photos and 3D Tour: www.8181QueenSt.com


COMING SOON IN ARVADA! NOT YET ON MLS!

8341 Chase Way, Arvada, CO 80003

See the 3D Tour: www.8341ChaseWay.com

 


 

RANCH PROPERTY JUST LISTED IN STANDLEY LAKE - ARVADA!

Just Listed in Standley Lake - Arvada


See the 3d Matterport Tour: 12734W87TH.COM

Posted in Real Estate News
July 27, 2021

Uncommon Things to Look for When Buying an Older House

Uncommon Things to Look for When Buying an Older House

Buying a house is an exciting period of time, and while most of the time you’ll have a list of wants and needs to help you narrow down the listings and find “the one” what many people fail to think of is the dangers that could be hiding within the walls of your dream home. Whether you love historical charm, a house with character or your budget has simply placed you within an older home, there are a few key things that you should look for when considering purchasing an older home.

Homeowners Insurance

One thing that nearly all homeowners skip over is budgeting for their homeowner’s insurance and this is especially true with older homes as they generally come with greater risks which in turn, increases homeowner insurance premiums.

Kitchen Appliances

Will they fit? Probably not something you thought of, however, many older homes have much narrower doorways than more modern homes, and while smaller appliances may have been added or updated within the kitchen, such as a small dishwasher, that double door fridge or chest freezer you were hoping for might not clear the doorway, a big problem, with a not so easy solution.

Historical Societies

This is a big one. If the home is located within a historical society, then you may want to take some time to consider what that truly means before going through with the purchase. In some cases, you are not allowed to update the home with certain materials/aesthetics and have to gain approval from the historical society first. Even small things such as the exterior color and appearance of your home is often limited.

Roof & Windows

The two big “red flags” if you will of older homes. If the roof and windows have not yet been updated, they generally should be negotiated within the sale/purchase agreement to either be updated, repair/replacement credit at close of escrow, or the buyers should plan on replacing the two nearly immediately after the purchase as they will most likely be well past their life expectancy and may lead to larger repairs or issues if left unattended.

Related: 5 Questions to Ask When Choosing a Neighborhood

While the charm, character, location or price could be all the selling points you need to call an older house your home, it is important to keep the above information in mind when touring properties so that you can make sure that you will love your purchase and won’t look back with regrets. As with all home purchases, make sure to voice your concerns to your real estate agent, ask questions, and work alongside them to ensure that you end up in the home of your dreams.

If you’re currently searching for a new home, have questions about the home buying process, are ready to sell your home, or if you have questions regarding Wheat Ridge Real Estate, please feel free to contact our office at any time and we would be more than happy to assist you.

 

 

Posted in Buying a Home
July 7, 2021

Denver Housing Market Report July 2021

Denver Housing Market Report July 2021: What's Going On With Denver Real Estate Market Today?

The latest Greater Denver real estate market report is OUT!

Greater Denver, Colorado Real Estate Market Report May 2021

It is important to understand what is happening currently in the Greater Denver housing market and as well as why it is happening if you are thinking of buying a home in Colorado this 2021. Real estate market reports are only the beginning of the process of understanding the changes, opportunities, and challenges in the Greater Denver real estate market. My Colorado Move is here to dive deep into these numbers with you.

Greater Denver Housing Market Report

The June 2021 Greater Denver housing market showed an increase of 50.46% of overall month-end active inventory compared to May 2021 real estate statistics. This is the highest percentage of the active inventory month-over-month increase based on DMAR's records. The number of new homes for sale in Denver spiked up 23.89% compared to the previous month. Likewise, the number of homes sold in Denver also increased 9.29% compared to the previous month. With the extreme shortage of inventory, the prices are expected to keep rising in 2021. Denver and the entire metro area remain a hot seller’s real estate market in every price point of attached and detached properties.

There was an increase to 0.50 month of inventory in June that made more buyers get an opportunity to buy and close on a home. While this increase still technically remains historically low, this caused a slight shift from the previous month's 0.39 months of inventory. Normally, adjustments are made slowly whenever there is a shift, whether it is a seasonal or an unprecedented circumstance. The competition still remains incredibly high in the Denver housing market and it remains consistently skewed to property owners in almost all the price segments. Homebuyers in the Denver housing market are still paying thousands of dollars more than the asking price for homes for sale in Denver

In June 2021 Denver housing market report, there were 2,137 single-family detached active homes at month-end on the market which showed a 59.96% increase compared to the previous month however showed a 47.65% decrease compared to last year. There were also 5,663 new homes listed on the market at month-end which showed a 21.94% increase compared to the previous month and a 10.05% increase compared to the previous year. 4,370 single-family detached homes were sold in June 2021 which also showed an 11.56% increase compared to the previous month however, it also showed a 4.16% decrease compared to the previous year. Detached single-family homes for sale in Denver are still being sold quickly with an average of only 8 days of being live on the market.

On another note, attached single-family homes in Denver also showed a 33.28% increase in active homes at month-end compared to the previous month, however, it showed a 57.19% decrease compared to the previous year. New listings at month-end showed the highest data this year so far with a 6.13% increase from the previous month and only a 4.25% decrease compared to the previous year. The number of sold attached single-family homes in Denver also showed the highest data for 2021 so far and also being sold the quickest it has ever been with an average of 14 days in the market.

Buying or Selling a Home in Colorado

If you are planning to sell your home in Colorado, now is the best time as you can still expect multiple offers. On the other hand, if you are planning to buy a home in Colorado, it can be challenging as there is a lot of competition. You deserve a real estate agent who has a proven strategy, a strong negotiator and backed with experience to help you be successful in today's challenging Denver real estate market. If you are looking for great homes for sale in Denver, we can help you.

Our goal is to help our clients understand how these changes impact them to be able to create a strategy to benefit from the current Denver housing market. It is still definitely a great time to sell and move up to buy in many Denver communities with today's historic low-interest rates.

To download or see a copy of the full report, click here.

Posted in Real Estate News
June 24, 2021

Fun Things To Do in Denver: Wheat Ridge Carnation Festival Returns For 2021

Wheat Ridge Carnation Festival 2021

If you are looking for fun things to do in Denver, the Wheat Ridge Carnation Festival 2021 is something that you should be looking forward to!

Fun Things To Do in Denver Wheat Ridge Carnation Festival Returns For 2021

Wheat Ridge was once known as the Carnation Capital. The city of Wheat Ridge, Colorado hosts one of the oldest and longest-running annual Carnation Festival which will be the 52nd year this 2021. Wheat Ridge, Colorado's Carnation Festival is a 3-day free event for the community where it highlights the unique character of Wheat Ridge and celebrates the once-thriving carnation industry and farmers in Wheat Ridge. The Carnation Festival is one of the most awaited events in Denver.

The 2021 Wheat Ridge Carnation Festival will be held starting on August 13 to 15 at Anderson Park, 4355 Field Street. The Carnation Festival 2021 in Wheat Ridge is going to be fun for people of all ages and will include live music, a classic car show, a parade, carnival ridges, mix and match of different vendors, food, beer and wine, activities for kids, fun run, fireworks, local artists, art show, and so much more! There is something for everyone and a lot of fun things to do in Denver!

Here are some of the events in Denver that the Wheat Ridge Carnation Festival will feature:

Wheat Ridge Carnation Parade

The Wheat Ridge Carnation Parade will be strolling along 38th Ave from Ames Street going to Upham Street on Saturday, August 14, at 9:30 AM MST. The Wheat Ridge Carnation Festival Parade is one of the longest-standing traditions in Wheat Ridge to celebrate its heritage and will feature local schools, businesses, and non-profit organizations.

The Wheat Ridge Grange at 3850 High Couty will also be offering a Pancake Breakfast at 7:00 AM prior to the parade. Everyone can join and enjoy a delicious breakfast with the community and find a great seat to enjoy the parade! There will also be parade entry applications where schools, businesses, and non-profit organizations in Denver can sign up to until July 31, 2021.

Music Festivals

The 2021 Wheat Ridge Carnation Festival will be having a 3-day music festival that will feature over a dozen musical acts including Hazel Miller, The Trampolines, Buckstein, KISSm, That Eighties Band, and many more!

You can see the line-up of artists from Friday to Sunday and their schedules here.

Specialty Food Events

One of the fun things you can do in Denver too is to discover its food specialties. Wheat Ridge Carnation Festival will also have different food events such as the Pancake Breakfast before the parade at Wheat Ridge Grange, 3850 High Court, the famous Spaghetti Dinner served by the West Metro Fire Rescue in the food court, a Chili Cook-off, and a Pie Baking Contest!

There is also the Beer Garden where they will not only be offering beers but a wide variety of beverages for people of all ages such as wine and many more. The Wheat Ridge Rotary Club has teamed up with Budweiser and Breckenridge Brewery to offer a great selection. This is the only major fundraising event for the Rotary Club each year. Funds raised at the festival will remain in the community by way of scholarships and funds for local non-profit organizations.

To see more details, schedules, and to join in these food events, you can go here.

Big Wheels on The Farm

Big Wheels on The Farm is a fundraiser event for classic car owners and enthusiasts in the Wheat Ridge Carnation Festival which will benefit the Wheat Ridge High School Clubs and Sports. These classic vehicles will roll in loudly on Sunday at August 15th, 9 AM to 3 PM at Anderson Park (44th and Field Street). The car show will feature American muscle, hotrods, exotics, classics, and vintage vehicles--all parked in the grassy area in the heart of festivities, surrounded by food trucks, vendors, the main stage, and more! 

To join the car show, you can go here.

Mark your calendars! There is so much more to be looking out for in this year's Wheat Ridge Carnation Festival. If you are looking for fun things to do in Denver in August, this is something you should definitely participate in. To see other events at the Carnation Festival, you can go to thecarnationfestival.com. To access the map for the event, you can go here.

June 23, 2021

Wheat Ridge, Colorado Real Estate Market June 2021

Wheat Ridge, Colorado Real Estate Market Report June 2021

Wheat Ridge, Colorado Real Estate Market Report June 2021

The latest Denver housing market report for May 2021 showed how great the demand is for residential properties especially single-family detached homes in Wheat Ridge, Colorado. The Denver real estate market still shows extreme seller's market, though closings are still happening and up by 18.78 percent with active listings being down by 4.11 percent compared to 2020's Denver housing market report.

There are still more buyers looking to buy than there are available homes for sale in Wheat Ridge, Colorado. As expected, it's also showing a strong seller's market for every property type and every price point of homes for sale in Wheat Ridge, Colorado. It has been an unpredictable year in the Denver housing market, lacks seasonal consistency considering the rainy weather and prices still continue to rise. On the last day of May 2021, there were still only 4,343 active properties which is still the lowest May on record compared to the previous year's 15,707.

The main focus of this real estate market report is the homes in East Wheat Ridge, from 26th Avenue to 44th Avenue and Sheridan Boulevard to Wadsworth Boulevard. In May 2021, there were only 4 active homes for sale while May 2020 had 19 active homes for sale in Wheat Ridge, Colorado. Andrew Abrams, Chair of the DMAR Market Trends Committee and Metro Denver REALTOR®, said "Like a marathon, buyer fatigue has slowed people down but has not stopped anyone from crossing the finish line. Interest rates continue to be relatively low and consistent. Listings continue to slowly hit the market, while buyers continue to gobble up properties as soon as they do. A direction of resiliency, strength, and the possibility of fun was on the horizon. For sellers, the latter has proven true while buyers continue with themes of resilience and strength to overcome this tough seller’s market.” Buyer fatigue is very common in this competitive Denver housing market however, that does not stop the Denver Metro area buyers from slowing down or giving up because of increased opportunities rising in an extreme market.

As one reflects on May 2021 housing market report in Wheat Ridge, Colorado where it showed 22 sold properties in East Wheat Ridge, Colorado compared to 2020's 13 properties just proves that the market is hot, hot, hot. The closed price for homes in Wheat Ridge, Colorado went up from last year's $482,192 to a whopping $671,000 for May 2021. Not only that, the average listing price for homes in Wheat Ridge, Colorado is now up to $630,047 which is a 106.5% difference to the closed price over the listing price.

If you are planning to sell your home in Colorado, now is the best time as you can still expect multiple offers and can also expect over asking price. On the other hand, if you are planning to buy a home in Colorado, it can be challenging as there is a lot of competition. You deserve a real estate agent who has a proven strategy, a strong negotiator, and backed with experience to help you be successful in today's challenging Denver real estate market.

If you are looking for homes for sale in Wheat Ridge, Colorado, we can help you find the perfect home for you.

June 7, 2021

Denver Housing Market Report June 2021

Denver Housing Market Report June 2021: What's Going On With Denver Real Estate Market Today?

The latest Greater Denver real estate market report is OUT!

Greater Denver, Colorado Real Estate Market Report May 2021

It is important to understand what is happening currently in the Greater Denver housing market and as well as why it is happening if you are thinking of buying a home in Colorado this 2021. Real estate market reports are only the beginning of the process of understanding the changes, opportunities, and challenges in the Greater Denver real estate market. My Colorado Move is here to dive deep into these numbers with you.

Greater Denver Housing Market Report

The Greater Denver real estate market still continues to depict an extreme seller's market. June 2021 Greater Denver housing market closings keep increasing up to 18.78% despite active listings in Denver continue to decline down to 4.11% year-to-date compared to 2020's Greater Denver housing market report. At the same period, the Greater Denver real estate market reports that show the 18.78% increase is a reflection of how the Coronavirus pandemic shutdown has impacted the real estate industry at this time and supports the concept of increased buyer demand.

There were 1,336 single-family detached active homes on the market compared to last year's 4,725. There were also 4,545 new homes listed on the market which showed a 13% decrease compared to the previous year. 3,685 single-family detached homes were sold in April 2021 which also showed a 42% increase compared to the previous year. Detached single-family homes are also being sold quickly with a shocking average of only 8 days of being live on the market.

Denver housing prices in today's real estate market continues to soar than in the previous month and have shown what they call a 'buyer fatigue'. Based on the recent release of Andrew Abrams, Chair of the DMAR Market Trends Committee and Metro Denver REALTOR®, "Like a marathon, buyer fatigue has slowed people down but has not stopped anyone from crossing the finish line. Interest rates continue to be relatively low and consistent. Listings continue to slowly hit the market, while buyers continue to gobble up properties as soon as they do." The Greater Denver housing market report has turned into such an unpredictable year that lacks consistency with the rainy weather to consider, however, prices still continue to rise. The average closed price for detached family homes in Denver was $700,559 compared to last year's $542,003. This resulted in a whopping increase in closed price by 29%. The Denver housing market forecast for 2021 showed the month-end active inventory is down 20.01% and this outlier of a stat can be explained by two things: overall listings are down and buyer demand is up. With competition continuing across all price ranges and static inventory scarce, it is likely records will continue to be broken in this hot market. 

Buying or Selling a Home in Colorado

If you are planning to sell your home in Colorado, now is the best time as you can still expect multiple offers. On the other hand, if you are planning to buy a home in Colorado, it can be challenging as there is a lot of competition. You deserve a real estate agent who has a proven strategy, a strong negotiator and backed with experience to help you be successful in today's challenging Denver real estate market. If you are looking for great homes for sale in Denver, we can help you.

Our goal is to help our clients understand how these changes impact them to be able to create a strategy to benefit from the current Denver housing market. It is still definitely a great time to sell and move up to buy in many Denver communities with today's historic low-interest rates.

To download or see a copy of the full report, click here.

Posted in Real Estate News