The Denver Metro Association of Realtors released this report stating that Denver is on track to sell a record number of homes in 2017 and the sale of luxury homes have significantly increased. Read more below:
DMAR Real Estate Market Trends Report | NOV. '172017 is on pace to set a new record for the number of homes sold in the Denver area. Also notable, luxury homes priced $1 million and over saw a 50 percent increase in sales year over year.
November 3, 2017Download the report here
October set a new record low for housing inventory in metro-Denver for the month of October with 6,312 listings, down 16.79 percent from the month prior and 6.22 percent from last year. Contributing factors to the low inventory included fewer new listings coming to the market, down 3.06 percent from last year, and the number of homes sold increased by a healthy 9.75 percent month over month.
“The inventory number was a little scary in October and it was not what we were hoping to see,” said Steve Danyliw, Chairman of the DMAR Market Trends Committee and Denver REALTOR®. “In addition to fewer listings coming to the market, low housing inventory was also due to the surprising treat of higher-than-expected homes under contract. As we tend to see normal seasonal slowing, under contracts increased by more than nine percent from last month and last year. Even with cooling temperatures, homebuyer demand remains strong.”
According to the DMAR Market Trends Committee, average active listings in the residential market (single-family and condos) for October is 16,306 (1985-2016). The record-high October was in 2006 with 29,722 listings, and 2017 represents a new record-low with 6,312 listings.
“Seasonally, we expect the number of sold homes to drop 4.18 percent month over month; the larger 9.75 percent drop in homes sold compared to the month prior was expected due to the low amount of under contracts in September. Even with the number of closings dropping over the last couple of months, we are still ahead of last year as year-to-date homes sold was up 3.3 percent over 2016. At this pace, 2017 should set the record for number of sales,” adds Danyliw.
Additionally, the report cites that REALTORS® report home sellers are beginning to reduce prices, yet the average and median sales prices in October were up year over year by 11.85 percent to reach $443,873 and 8.88 percent to $380,000, respectively.
Danyliw comments, “While this is good news, take into consideration the mix of properties sold. We had a substantial increase in the $1 million plus segment.”
Our monthly report also includes statistics and analyses in its supplemental Luxury Market Report (properties sold for $1 million or greater), Signature Market Report (properties sold between $750,000 and $999,999) and Premier Market Report (properties sold between $500,000 and $749,999). In October, 158 homes sold and closed for $1 million or greater, up 32.77 percent month over month and up 49 percent year over year. The closed dollar volume in October for all luxury residential was $242,929,424, up 31.71 percent month over month and up 53.74 percent year over year.
The highest priced single-family home sold in October was $5,275,000 representing four bedrooms, six bathrooms and 7,826 above ground square feet in Denver. The highest priced condo sold was $2,325,000 representing four bedrooms, five bathrooms and 3,523 above ground square feet in Denver. The listing and selling agents for both transactions are DMAR members.
“The Luxury Market hit a sweet spot in October,” stated Jill Schafer, DMAR Market Trends Committee member and metro Denver REALTOR®. “After a very strong summer, the sale of single-family homes priced $1 million and over dipped a bit in August and September, only to rally again in October with sales up 40.38 percent from September. Luxury condo sales were down 20 percent from September to October, but that’s still up 50 percent from the same month last year.”
Year to date, sales volume topped $2 billion, and the sale of single-family homes was up 27.67 percent and condos was up 60.44 percent. So far in 2017, luxury single-family homes and condos are selling faster overall with the median days on market down 16.28 percent and the average price per square foot hitting a record-high at $303. “The playing field is close to equal between homebuyers and sellers with just over six months of inventory,” adds Schafer.
Download the report here
Heritage Title Company is the proud Exclusive Annual Sponsorship Partner of the Denver Metro Real Estate Market Trends Report.
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The DMAR Market Trends Committee releases reports monthly, highlighting important trends and market activity emerging across the Denver metropolitan area. Reports include data for Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park counties. Data for the report was sourced from REcolorado® and interpreted by DMAR.
If you are hosting Thanksgiving this year, you might be stressing out about how to get ready. Fear not, we have accumulated a checklist to help you get ready for your guests. This way you too can be thankful for a fun evening filled with good company and good food.
The Denver Business Journal released this article showcasing some of the most extravagant luxury homes in Denver. Compared to 2016, 10% more homes are at the $1 million or more price tag, making Denver a continually growing city. See more photos below:A look at 10 luxury homes that sold in metro Denver in Q3 (Photos)
Metro Denver's luxury home market continues to grow, with nearly 10 percent more homes priced at $1 million or more selling than a year ago, according to the latest report from the Denver Metro Association of Realtors.
Average prices of luxury homes, including both detached houses and attached condos and townhomes, increased less than 1 percent, to $1.56 million.
> PHOTOS: Click the image to view the 10 largest luxury home sales (by price) in metro Denver in Q3.
> And click here for a more comprehensive look at the latest data on metro Denver's luxury home market
With Denver being in the list of potential cities to bring on Amazon's second largest headquarters, people are starting to talk about those potential impacts. Following Google, yet another huge corporation will only continue to increase the ever-growing city. But, can Colorado's current residents keep up? One major concern is how high rent prices may skyrocket. 50,000 new jobs will be created, more luxury housing will be built and rent is expected to rise by 1.1% per year. Learn more about what this means in the article in The Denver Business Journal, written by Ben Miller below:
If Denver nabs Amazon's HQ2, expect rents to soar
By Ben Miller – Contributing Writer
Oct 19, 2017, 6:44am If the Denver metro area is successful in attracting Amazon.com Inc.'s second headquarters, rents around here are expected to soar.
On Wednesday, the Metro Denver Economic Development Corp. submitted Colorado’s proposal for Amazon’s HQ2 complex, which is expected to bring 50,000 jobs.
On Thursday, a report was issued that indicates that if Denver's successful in attracting Amazon (Nasdaq: AMZN) HQ2, Denver rents could go up an additional 1.1 percent a year.
San Francisco-based Apartment List research indicates that would cost a Denver renter household up to $11,452 over the next 10 years.
Denver rents have gone up dramatically in the past few years (up 52 percent from 2005 to 2015) and an influx of Amazon workers would do nothing to ease those price increases, according to Apartment List.
"With a low vacancy rate and too little permitting, Amazon’s new HQ2 presence would increase rents an additional 8.8 percent over 10 years. Lower wage workers, including those needed to support Amazon, would be especially impacted by these rent increases, as new housing built for Amazon and other tech workers would skew towards the luxury end of the market," the company said in a statement.
"Denver will be more impacted by the influx of high-wage workers than other metros studied," the company continued.
Celebrate the season with these easy Fall decorating ideas. HGTV gives you 66 ways to glam up your home for Fall or Thanksgiving!
Our Favorite Fall Decorating IdeasWelcome the arrival of fall and Thanksgiving guests with gorgeous decorations both indoors and out.
Freshen Up the Front DoorPiles of pumpkins and gourds along with potted croton and mums give this cheery front porch, featured in HGTV Magazine, maximum curb appeal. Copy a few of their clever ideas — like adding vinyl house numbers to a tall pumpkin — for a similarly festive look for your home's entry.
With all of the growth and new construction in Boulder, mountain views are becoming more and more rare. The second floor at the 29th Street Mall, however, had glorious views of the flatirons and CU Boulder. Shhh don't tell everyone!
Haunted houses are for the scares and thrills that the spooky Halloween season brings. It is not, however, the curb appeal you want to have when selling a home. Remember, that curb appeal plays a huge part in if a buyer will want to buy your home or even proceed with going inside the home to get a better idea of what they are looking at. We all know that we shouldn't "judge a book by its cover," but, let's be real, houses are being judged the second that a car pulls up to the driveway. So, make sure your home looks presentable by:
Happy Halloween from the Boulder Home Zone Team
TODAY released the 25 happiest cities in the U.S. Ranked #1 is Boulder, Colorado, with Fort Collins and Colorado Springs also making it on the list!
These are the happiest cities in the USOct. 18, 2017 at 6:14 AM
When it comes to feeling happy, your home state may be key to your state of mind.
Next to genetics, geography is the biggest determinant of bliss, says Dan Buettner, author of the new National Geographic book, "The Blue Zones of Happiness" and the accompanying November cover story of National Geographic magazine.
Buettner, who travels the world to explore places where people live extraordinarily healthy and long lives, has turned his attention from longevity to happiness. Satisfaction can come in many forms, he has found.
“You want to enjoy life day to day,” Buettner told TODAY correspondent Cynthia McFadden. “You want to look back on your life and be proud of it. And you want to live a purpose-driven life. There are different triggers to optimize each of those different kinds of happiness.”
Where are the happiness “hot spots” closest to home? Working with Gallup and Sharecare to come up with more than a dozen definitions of a happy life, Buettner identified 25 U.S. cities where contentment is especially high. It turns out environment has a profound impact on our psychology.
Residents of these cities say they feel safe, enjoy being active and productive, manage their money well, make time for vacations, eat well and learn something new or interesting every day.
Boulder, Colorado, topped the list, with Buettner noting its sense of community, natural surroundings and walkability. Residents don't smoke or overeat. Bikes are a common sight.
"There's a high correlation between bikeability and happiness in a city," Buettner says in National Geographic. "In Boulder, you're more likely to hear the whoosh of a cyclist than the shrill of a siren compared to places like Dallas, Tallahassee or Los Angeles. Cities like Boulder question the unquestioned virtues of development."
Here are the top 25 happiest communities on the list:
1. Boulder, Colorado
2. Santa Cruz-Watsonville, California
3. Charlottesville, Virginia
4. Fort Collins, Colorado
5. San Luis Obispo-Paso Robles Arroyo Grande, California
6. San Jose-Sunnyvale-Santa Clara, California
7. Provo-Orem, Utah
8. Bridgeport-Stamford-Norwalk, Connecticut
9. Barnstable Town, Massachusetts
10. Anchorage, Alaska
11. Naples-Imokalee-Marco Island, Florida
12. Santa Maria-Santa Barbara, California
13. Salinas, California
14. North Port-Sarasota-Bradenton, Florida
15. Honolulu, Hawaii
16. Ann Arbor, Michigan
17. San Francisco-Oakland-Hayward, California
18. Colorado Springs, Colorado
19. Manchester-Nashua, New Hampshire
20. Oxnard-Thousand Oaks-Ventura, California
21. Washington, D.C.- Arlington and Alexandria, Virginia
22. Minneapolis-St. Paul-Bloomington, Minnesota-Wisconsin
23. San Diego-Carlsbad, California
24. Portland-South Portland, Maine
25. Austin-Round Rock, Texas
The findings are based on almost 250,000 interviews with adults in 190 metro areas in the U.S. conducted for the Gallup-Sharecare Well-Being Index.
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It looks like the Denver Housing Market may be starting to calm down. Whereas before, Denver stayed steady in the top three markets for homes selling quickly, now it is starting to trail behind. Denver came in one day behind the third place market, San Francisco which had 26 days on the market as an average. Until there are more homes in the mid-prices that are more affordable, however, the market will continue to lean towards a seller's market. Learn more in the Denver Business Journal below:
Is Denver housing market cooling a bit?By Ben Miller – Contributing Writer
Oct 18, 2017, 6:43am MDT Updated Oct 18, 2017, 7:14am Is Denver's housing market cooling a bit? A new study indicates that Denver's no longer a national leader in one key housing market indicator.
Denver used to be one of the nation's top three markets when it comes to homes selling quickly. Not anymore. According to the latest Re/Max National Housing Report, Denver homes are selling a tad more slowly than the three national leaders.
In the latest Re/Max report, the metro areas with the lowest Days on Market were Omaha at 23, Seattle at 25, and San Francisco at 26. Denver has barely fallen off the list of top leaders, coming in at 27 Days on Market for September. Nationally, the Days on Market for homes sold in September was 49. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed, Re/Max said.
CAREER & WORKPLACEHere are the 33 metro-Denver jobs that pay $125,000 or more
CAREER & WORKPLACEMile High Salaries: 25 metro-Denver jobs that pay $90,000 to $100,000
HIRING IN LEGALPublic Finance AssociateBond Schoeneck & King
In the past, Denver was always listed at or near the top: In the previous report, Omaha and Seattle led the country at 21 days and Denver followed at 24.
But Denver still ranks near the top nationally when it comes to not having a market balanced equally between buyers and sellers. Re/Max estimates that a balanced market has a 6 months supply of housing inventory; currently the national figure is 3.6 percent.
"The markets with the lowest Months Supply of Inventory continued to be in the west with San Francisco at 1.2, Seattle at 1.5, Denver at 1.6 and San Diego at 1.8," Re/Max said.
"Plain and simple, we need more homes, particularly at the entry-level price point. Until then, it will most likely continue to be a seller's market with homes going from listed to sold quickly," said Adam Contos, Re/Max co-CEO, in a statement.
The article posted in CNBC by Kayleigh Kulp answers the question, should seniors rent or buy? Learn more below:
The big decision when you retire: Should you rent or buy?
Published 11:01 AM ET Sun, 1 Oct 2017 Updated 1 Hour AgoCNBC.com
Robyn Mancell sold her Southern California, four bedroom home four years ago when her youngest child left. She moved to a cheaper, one bedroom apartment nearby.
"There was a lot of upkeep," the 58-year-old said of her former place.
As some empty nesters and retirees decide to downsize, giving up a mortgage for a rental may be attractive, depending on where they live and their other income streams, financial and real estate experts say.
About half of seniors surveyed by Credit Sesame, a credit and loan management site, said affordability is the top reason they aren't buying homes.
Retirees 65 and over in markets like Providence, Rhode Island, Kahului and Honolulu, Hawaii, Lancaster, Pennsylvania, New Haven, Springfield, Massachussetts and Reno rent at a rate 1.2 times more than the national average, according to data compiled by realtor.com.
On the other hand, retirees own at 1.1 times the national average in markets like The Villages, Punta Gorda, Sarasota and Vero Beach, Florida, Prescott, Arizona, and Santa Fe, despite it being also cheaper to rent there, according to the realtor.com data.
A good time to transition to becoming a tenant may be when you move your retirement accounts from growth funds to safer, income generating funds, often around age 65, said William Flood, a real estate investor analyst with FitSmallBusiness.com.
"That's when buildup of real estate equity is no longer as much of a concern as how monthly carrying costs fit into a fixed budget," he said.
Before signing a lease, however, consider the following:
Tenants still have responsibilities"When people are tenants they think the landlord is going to take care of everything," said Jason Shepherd, co-founder of Denver-based Atlas Real Estate Group. Yet things like plowing the driveway, mowing the lawn and changing light bulbs still may be the tenant's responsibility.
Owners can control housing costsBeing a tenant can offer less stability if the owner decides to sell the property or boosts the rent every year, Shepherd said.
When Mancell began renting her apartment, she was spending about $600 less on rent than her mortgage. But she was also subject to 10 percent annual rent increases that eventually caught up to the mortgage.
A fixed mortgage payment can be a hedge against inflation, said Alexis Hongamen, founder of FederalRetirementAdvice.com.
Consider the value of home equityIn areas that are appreciating steadily, it may be advisable to buy.
"It generally means that the neighborhood is increasing in popularity and quality, which means rents will eventually rise [also]," said Allen Shayanfekr, cofounder and CEO of Sharestates, a real estate investment company.
Shepherd said the ability to tap your equity in a home later in life can be valuable. But be aware it could take months to sell or many weeks to refinance and tap those funds, Hongamen said.
Owning outright may stretch your dollar furtherThe tax benefits of a mortgage, insurance and property tax write-off may not be as valuable, particularly if the home is owned free and clear or has a low mortgage balance, said Flood. (And tax-reform being debated in Congress could change that.)
Selling a debt-free home and using the proceeds to pay rent also doesn't make financial sense, said Michael Alexenko, a certified financial advisor and president with St. Charles, Illinois-based Royal Asset Managers.
Assuming you netted $250,000 from a home sale, you should draw about $10,000 a year (based on a 4 percent withdrawal), which may not let you to rent a home comparable to the old one, Alexenko said.
Think about renting locally and investing remotelyIf retirees are located in a major housing market where monthly mortgage payments exceed median area rent and are in a position to invest, they should consider renting a home locally and buying another somewhere else to rent out, said Steve Hovland of HomeUnion, a real estate investment planning company.
"The mortgage on an investment property will likely be cheaper than their monthly rental payments," Hovland said.
Consider your lifestyle For some, the psychological benefit of owning and the ability to decorate and change the premises is important, said Hongamen.
Others want to move around. Four in 10 older Americans rent because it gives them more flexibility, according to the Credit Sesame survey.
Mancell, who co-owns an online trading business called Girls Gone Forex, is one of them. She is planning to join a network of live-work, short-term housing for $500 a week so she can see the world.
"Saving money wasn't really the point. I just want to be free," she said. "I don't know if I'll ever buy a house."
I am a real estate professional, serving Boulder and Denver, Colorado. My extensive knowledge of the market, coupled with my commitment to provide extraordinary service, has resulted in hundreds of successful transactions. Let me help you buy or sell your home.