Denver Real Estate News – June 2024

  Unlocking Opportunities Navigating Denver’s Summer Real Estate Landscape   With summer swiftly approaching, patience remains key in maneuvering the Denver metro real estate market. Denver’s real estate market is normalizing but continues to face persistent affordability challenges. This presents opportunities for serious buyers and sellers to negotiate favorable deals in the second half of the year. Following the long-standing trend, it’s crucial for sellers to thoroughly prepare their home for the market if they want to sell it quickly and for the highest possible price. Buyers should take their time selecting the right home, a process that should be easier now with more inventory available than in recent years.    As everyone waits for mortgage rates to adjust downward, we continue to manage the market at seven percent interest rates. Last month, new listings increased by 16.51 percent month-over-month and 33.88 percent year-over-year to 6,966. Pending sales saw a slight uptick of 1.94 percent month-over-month with 4,265 properties, while closed sales rose by 5.72 percent to 4,198. Median close prices fell marginally month-over-month by 0.41 percent.    The most notable gain in May was in active listings at month-end, which increased by 31.03 percent month-over-month (surpassing the previous record of 26.8 percent in 2019), 75.19 percent year-over-year, and an astonishing 150.79 percent compared to this time in 2022. For perspective, average active listings for May are 14,895 (1985-2023). The record-high for May was set in 2006 with 30,457 listings, while the record-low was set in 2021 with 2,075 listings. The historical average increase in active listings from April to May is 7.48 percent.    Many experts predicted inventory to remain steady throughout 2024, provided there wasn’t a significant drop in mortgage rates. They believed homeowners would opt to keep their low mortgage payments due to the sub-four percent interest rates available during the pandemic years, rather than selling their homes. Additionally, it was predicted that sellers entering the market would be driven by significant life changes, falling into the “need to move” category. However, recent trends have shown a departure from these predictions, as sellers are actively entering the market for various reasons. With Denver homeowners holding an average of $250,000 in tappable equity, many are seizing opportunities such as the 1031 Exchange. Overall, these savvy consumers recognize real estate as a stable investment.    Info For Sellers   As active inventory continues to grow, it remains imperative for sellers to take the time to prepare their homes for the market. Those who take their real estate agent’s advice have found themselves moving to the closing table more quickly than their neighbors who have not put the time and energy into getting their homes ready to list.   Info For Buyers   Opportunities are available in the Denver market for determined buyers. The months of inventory have expanded to 2.18 market-wide, marking a 16.58 percent increase month-over-month. This growth provides buyers with ample choices, offering a wider selection of properties to view before making an offer. Moreover, consumers have grown accustomed to quick real estate transactions in recent years. As a result, sellers are increasingly open to considering price adjustments or negotiating with buyers early on to expedite the sale process.   Are you prepared to confidently maneuver through the ever-changing Denver real estate market? Whether you’re buying, selling, or both, it’s time to team up with an experienced real estate agent! Don’t let market uncertainties deter you—seize the opportunity now and engage the knowledge of a reliable real estate professional to assist you at every stage of your home selling or buying process!   *We use reasonable efforts to include accurate and up-to-date information. The real estate market changes often. We make no guarantees of future real estate performance and assume no liability for any errors of omission in the content.      

What to do in Denver in June 2024

June & Early July Events Around Town!       Present – August 4th: City Park Jazz “City Park Jazz is a “celebration of community” that began in 1986 featuring only local musicians. Sunday evenings throughout the summer sees anywhere from 8,000 to 12,000 neighbors from City Park neighborhoods — and all over Colorado —enjoying the amazing talent that calls the Centennial State home, all free of charge. A handful of carefully selected vendors and food trucks round out this family-friendly festival atmosphere!” More Info!           June 15th – 16th: Juneteenth Parade & Music Festival “The Juneteenth Parade kicks off the Juneteenth Music Celebration on the street in Five Points on Saturday June 15, 2024. Juneteenth Music Festival is the nation’s signature Juneteenth event. The Historic Five Points Neighborhood of Denver, Colorado hosts the celebration which has expanded immensely, from a very little known piece of American history to now a nationally celebrated holiday. Juneteenth in Denver Colorado is a week long celebration including state-wide activations, concerts and the popular Parade + 2-day Street Festival based in the Historic Five Points Neighborhood of Denver, Colorado.” More Info!           June 19th – July 3rd: Disney’s Frozen “Heralded by The New Yorker as “thrilling” and “genuinely moving,” Frozen features the songs you know and love from the original Oscar®-winning film, plus an expanded score with a dozen new numbers by the film’s songwriters, Oscar winner Kristen Anderson-Lopez and EGOT winner Robert Lopez. Oscar winner Jennifer Lee (book), Tony and Olivier Award winner Michael Grandage (director), and Tony winner Rob Ashford (choreographer) round out the creative team that has won a cumulative 16 Tony Awards. An unforgettable theatrical experience filled with sensational special effects, stunning sets and costumes, and powerhouse performances, Frozen is everything you want in a musical: It’s moving. It’s spectacular. And above all, it’s pure Broadway joy.” Get Tickets!           June 22nd-23rd: Denver PrideFest “The weekend kicks off with the Pride 5K on Saturday, June 22, 2024, followed by the two-day Denver PrideFest at Civic Center Park. The Fest includes over 250 exhibitors, 30 food & beverage vendors, and live performances all weekend long. Sunday begins at 9:30 am with colorful floats, marchers, music, and much more at the annual Coors Light PrideFest Parade. Over 100,000 cheering guests will line 14 blocks of Colfax Avenue from Cheesman Park to Civic Center, where the celebrations continue at day two of Denver PrideFest.” More Info!           July 4th Weekend:  “Denver is the place to be for the long holiday weekend. You’ll be treated to blockbuster museum exhibitions, delicious cuisine from farm-to-table restaurants on expanded patios and outdoor activities galore. On July 3, a reimagined Independence Eve celebration with live music, great food and a drone show will take place in Civic Center Park. Also, Elitch Gardens Theme & Water Park will be featuring fireworks at 9 p.m. (as the park closes for the day) on July 5, 2024.” More Info!           July 5th-7th: Cherry Creek Arts Festival “The Cherry Creek Arts Festival offers a perfect opportunity to find inspiration, connect with others through art, and expand your worldview. Our annual Cherry Creek Arts Festival fills the streets of Cherry Creek North with over 250 juried artists ready to share their talent with the world. Expect plenty of live music, kids’ activities, art, information about art education, food, and more.” More Info!           July 8th: Film on the Rocks – The Wizard of Oz “Denver Film Presents – Film On The Rocks: The Wizard of Oz. Including a pre-show event with National Geographic Live.” Get Tickets & More Info!               July 12th-14th: Colorado Black Arts Festival “Colorado Black Arts Festival proudly presents its 38th annual celebration of African American art and culture. A Colorado experience like no other takes place July 12 – 14, 2024 in historic Denver City Park West.” More Info!       Have an amazing June and July!    

Denver Real Estate News – May 2024

  More homes for sale and opportunities abound!   As we welcome rising temperatures, buyers in the Denver market continue to welcome rising inventory. Having options to choose from is a great reprieve from high interest rates paired with high home prices. Active listings increased over 19% month-over-month and over 51% year-over-year to 6,990 listings! While this is a significant increase, perspective is important – average active listings for April are 14,048 (1985-2023). Record-high April was 2006 with 29,045 listings and the record-low was set in 2021 with 2,594 listings. Still, the historical average increase in active listings from March to April is 10.32 percent, so an increase of 19.51 percent from this March to April is certainly a healthy increase.    New listings also saw a healthy uptick, rising by 21.22 percent month-over-month and 25.42 percent year-over-year, totaling 5,980 listings. Pending sales experienced a modest increase of 8.32 percent month-over-month and 5.53 percent year-over-year, with 4,468 properties pending. However, the most noteworthy metric, closed sales, saw a marginal uptick of 1.66 percent month-over-month but a 4.79 percent decline year-over-year. This suggests a slower absorption rate of inventory compared to previous periods.   As inventory expanded, buyers seized the opportunity, resulting in a 27.27 percent reduction in median days on market to a mere eight days. Median prices edged up by 1.27 percent to $602,550, while the average price reached a new record of $727,700!   It’s clear that opportunity abounds for both buyers and sellers alike, making the Denver Metro area stand as a leader in the national real estate landscape. According to a recent analysis from U.S. News & World Report, the Denver Metro area ranks as the hottest housing market in the country for a second year in a row, The report notes that the Denver Metro area “retains a mix of strengths including low unemployment, few mortgage delinquencies, low rental vacancy rates for investors and a positive ratio of building permits to job growth.”       Info for Sellers   Inventory is expected to continue climbing through May, emphasizing the importance of conservative pricing. Move-in ready homes priced correctly are selling notably faster and attracting multiple offers, while homes that are not turnkey are struggling to find buyers.  Buyers will likely continue to gravitate towards properties priced at fair market value, requiring minimal additional work. Now is not the time to overprice or test the market; rather, it’s about aligning prices with realistic expectations to facilitate successful transactions.       Info for Buyers   The surge in inventory comes as a much-needed respite for buyers contending with historically low supply levels. This uptick is a pleasant surprise, considering many sellers have been hesitant to list their homes, opting instead to hold onto their properties due to the allure of low two to five percent interest rates. Despite financial constraints, determined buyers have injected optimism into the Denver market by swiftly securing desirable properties. To counter the impact of high interest rates, temporary buydowns have emerged as the prevailing strategy.  Ready to navigate the dynamic Denver real estate market with confidence? Whether you’re a buyer or seller (or both), now’s the time to partner with a seasoned real estate agent! If the timing is right for your unique situation, don’t let market uncertainties hold you back—act today and enlist the expertise of a trusted real estate professional to guide you through every step of your home selling or home buying journey!       *We use reasonable efforts to include accurate and up-to-date information. The real estate market changes often. We make no guarantees of future real estate performance and assume no liability for any errors of omission in the content.      

What to do in Denver in May 2024

May Events around the city!       May 11th – 12th: Sloan’s Lake Spring Bazaar “Spring is in the air and Denver BAZAAR is excited to return to Sloan’s Lake on May 11 + 12 for Spring BAZAAR! This outdoor market will feature 80+ carefully curated vendors (including home goods, jewelry, sweet treats, clothing, and self-care products), a live DJ, festive springtime sips and local craft beer, food trucks and street food, and more! We’re popping up one block from Sloan’s Lake, taking over the streets between 17th Ave & W Conejos Pl! 1611 Raleigh St Denver, CO 80204 Admission? FREE entry, all ages! Upgrade your shop & sip experience with Bottomless Mimosas or a Drink Token Package!” More Info!           May 11th-19th: Denver Spring Fashion Week “Denver Fashion Week, one of America’s fastest-growing fashion platforms, will be back again for Spring 2024 on May 11-19. Collections from local, national, and international designers will range from streetwear, activewear, lifestyle, kids, and sustainability to high fashion. The nationally acclaimed show occurs twice a year in the fall and spring seasons. As Colorado’s most prominent fashion show, thousands of attendees show up each year to support Denver’s growing and diverse fashion community.” Tickets & More Info!           May 18th-19th: Denver Colfax Marathon “The Colfax Marathon weekend is the largest marathon weekend in the Rocky Mountains, with 20,000 runners in 2019.  Races include a marathon, half marathon, urban 10 miler, and a 5K.  In addition, the marathon relay has over 1,330 teams in Corporate, Government or Open divisions and is the second largest Marathon Relay in the US. As Denver’s largest running event, the Colfax Marathon includes seven races over two days and a two-day Health & Fitness Expo. Runner’s World has selected Colfax Marathon in its top 10 lists in multiple years! Each year, the Colfax Marathon is held the third Sunday in May, with the Expo and races making a fun three-day weekend.” Events & Info!           May 25th-26th: Denver Arts Festival “The summer arts festival season officially opens with the 25th Annual Denver Arts Festival, Memorial weekend May 25 & 26 at Conservatory Green in the Northfield neighborhoods of Central Park. Experience fine art and fine crafts from over 140 Colorado and national Artists. You can make a day of it with plenty of art to experience, food trucks, wine, beer and spirits plus free live music both days. There is the Kids Art Zone where kids of all ages can create their own painting to take home with them. And for the adults we have Odell beer, the Family Jones Spirits and wine.  While you’re enjoying your beverages, you can listen to our live music. Come see why this festival has been one of the top ranked shows in the country. We know you will find some amazing art to take home with you.” More Info!           June 1st: Denver Chalk Arts Festival “The popular street painting festival in the cultural center of the Golden Triangle features more than 150 artists using the streets as a unique canvas, and then using chalk to create fantastic and colorful paintings at the viewer’s feet. These street paintings range from original artwork to reproductions of classics. A longtime favorite of many locals and visitors to Denver, the Chalk Art Festival’s new home in the Golden Triangle Creative District is perfectly situated near museums, galleries, and other creative organizations, notably adjacent to anchors Denver Art, Clyfford Still and Kirkland Museums.” More Info!           June 8th: Five Points Jazz Festival “Five Points Jazz festival is a free, all-day event held annually in Denver’s historic Five Points neighborhood. Once known as the Harlem of the West, Five Points was home to several jazz clubs which played host to many of jazz music’s legends including Miles Davis, Thelonious Monk and many more!” More Info!                   June 10th: Film on the Rocks – The Matrix “Denver Film Presents Film On The Rocks: The Matrix Featuring a pre-show performance by DARKARTS.” Get Tickets!           Have a marvelous May!    

Denver Real Estate News – April 2024

  Savvy Buyers and Sellers Shine Amidst Distracting Headlines!   The real estate world has been abuzz with news surrounding the National Association of Realtors’ proposed settlement in the Sitzer-Burnett case. Despite media projections of doom and gloom for real estate professionals, the Denver market remains resilient. The spring market has exceeded expectations, with metrics such as pending and closed transactions, as well as sales prices, all showing month-over-month increases. Another positive indicator of a bustling market is the Days on Market metric, which saw its percentage cut in half month over month – indicating that buyers are placing homes under contract twice as fast in March as they did in February.         While the price increases both month-over-month and year-over-year represent a more normalized pattern compared to the chaotic double-digit increases seen during the Covid years, certain aspects of the current market, such as multiple offers, appraisal and inspection limitations or waivers, and homes going under contract within days of listing, evoke memories of those turbulent times.   The most active and thus competitive price segment for detached properties continues to be the $500,000 to $749,000 range, with 1,277 closed sales and 1,573 active listings. Similarly, the most active and thus competitive price segment for attached properties remains the $300,000 to $499,999 range, with 364 closed sales and 765 active listings.       Info For Sellers   The increase in closed prices coupled with the significant decrease in Days on Market demonstrates that buyers are eager, placing properties under contract twice as fast as they did in February. While the spring market continues to heat up, it’s worth noting a seasonal trend observed in normal (non-Covid) years. According to the Denver Metro Association of Realtors, “In Denver, peak price premiums were observed in the second half of May, with sales commanding a 2.9 percent premium over the rest of the year.” This suggests that homes closing in late May likely went under contract in late April, as the under-contract process typically lasts about 30 days. After June, prices historically tend to decline until December. Therefore, if you’ve been contemplating selling, you may maximize profits by acting sooner rather than later.     Info For Buyers   Sellers seem to be responding to the Federal Reserve’s announcement of three rate cuts this year by slowly increasing inventory. Buyers are pleased to see additional options entering the market. However, it’s essential to remember that as sellers release their properties, they become your competition.    In a bustling real estate market like Denver’s, staying competitive as a buyer requires a strategic approach. First, getting pre-approved for a mortgage is key—it shows sellers you’re serious and ready to make a move. Working closely with a knowledgeable real estate agent who knows the ins and outs of the local scene can be a game-changer. It’s also important to keep an open mind about your preferences and be willing to act fast when you find a property you love. Making strong offers off the bat can help you stand out from the crowd. And above all, staying positive and persistent, even in the face of competition, can ultimately lead you to your dream home.   *We use reasonable efforts to include accurate and up-to-date information. The real estate market changes often. We make no guarantees of future real estate performance and assume no liability for any errors of omission in the content.    

What to do in Denver in April 2024

  April Events around town!       April 8th-10th: Colorado Rockies vs. Arizona Diamondbacks “Come cheer on the Rockies!” Get Tickets!             April 11th-14th: Women + Film Festival “Women+Film Festival is a four-day live event screening over a dozen of outstanding features, shorts, and documentaries celebrating female filmmakers behind the camera and stories of women on the screen. Produced by Denver Film, our programming team promises a lineup of the best new films to inspire and transform paired with exciting events supporting local talent.” Schedule & More Info!           April 13th: Future Fest “Bring your friends to this free event that’s all about YOUth! Make new friends! Try an activity! Meet your Mayor! Enter a creative competition! Watch a performance! Check out future careers! Take part in a sports clinic! HAVE FUN! YOUth belong at Future Fest 2024! Brought to you by the City and County of Denver.” More Info!             April 20th: 420 on the Rocks “AEG Presents: Wiz Khalifa & Flatbush Zombies – 420 ON THE ROCKS with Earthgang, Chevy Woods and DJ Bonics live at Red Rocks Amphitheatre.” Tickets & More Info!             April 25th-28th: A Midsummer Night’s Dream “Deep in the forest, Oberon and Tytania, the fairy king and queen, are quarreling. Oberon enlists his henchman Puck to find a magic plant and cast a spell on Tytania. Meanwhile, four Athenian lovers run away to the forest, and they are quickly entwined in Puck’s trickery. Join Lamont Opera Theatre and Lamont Symphony Orchestra performers for magic, mischief, romance, and sheer enchantment in Benjamin Britten’s setting of Shakespeare’s classic comedy.” Tickets & More Info!           May 3rd: First Friday  “The First Friday Art Walks are the signature event of Denver’s Art District on Santa Fe. All year round, rain or shine, the District comes alive on the first Friday of each month as thousands descend upon Santa Fe Drive for the First Friday Art Walks from 5:30-9:30 p.m. View art from hundreds of artists in galleries, studios, co-ops, upstairs, downstairs, in alleys, on the street—everywhere!” More Info!           May 4th: Denver Derby Day “Celebrate the excitement of the Kentucky Derby with a luxurious viewing party on the Terrace and delicious brunch at The Ritz-Carlton. Get ready to experience the thrill of the Kentucky Derby like never before at our party with multiple 10 ft video screens and live entertainment all day long! Don’t miss out on the ultimate Derby celebration with two dance floors, giant interior event spaces, and a chance to show off your best outfit on our runway. Come rain or shine, our Derby Party offers ample indoor space to ensure the party continues uninterrupted or for those looking to seek refuge from the sun. Get ready to strut your stuff in our Best Dressed Contest and compete for amazing prizes while enjoying the sounds of our live band and multiple DJs. From interactive photo opportunities to amazing performers, our Derby Party has something for everyone, so gather your friends and come party with us! No need to wait for your drinks at our fast-serve bars with plenty of drink specials all day long, including the classic Mint Julep, so come thirsty and ready to celebrate. With a 21+ age requirement, our Derby Party is the perfect place to let loose and have fun with friends while experiencing the magic of the Kentucky Derby.” Get Tickets!           May 4-5th: Cinco de Mayo Festival “A weekend filled with food, fun and culture, Denver’s Cinco de Mayo ‘Celebrate Culture’ Festival puts the spotlight on The Mile High City’s vibrant Latino population. With more than 400,000 attendees expected, it’s one of Denver’s most fun and family-friendly events.” More Info!           Have an amazing April!    

Denver Real Estate News – March 2024

  Will Buyers or Sellers Strike Luck This March?   Billy Zane famously said in Titanic, “A real man makes his own luck.” What better way for buyers and sellers to step into the Denver real estate market this month than by crafting their own luck with a strategic approach tailored to capitalize on current market conditions.      As interest rates fluctuate between 6-7%, the delicate balance of market advantage shifts between buyers and sellers. Sellers are capitalizing on the bustling spring season by presenting their homes in the best light possible. Well-maintained, staged, and appropriately priced properties are garnering multiple offers and going under contract within days of hitting the market. Meanwhile, buyers are facing substantial house payments, maintaining high expectations. While some are willing to invest heavily in their dream homes, others are strategically seeking deals on properties that have lingered due to issues like deferred maintenance or overpricing.   The month-over-month metrics prove that the spring market is heating up just as anticipated. With a jump in inventory, more homes going under contract and closing, rising sales prices, and a decrease in days on the market, it’s clear that the spring real estate market is charging full steam ahead. Whether you’re searching for your dream home or looking to capitalize on your property’s value, it’s essential to have a knowledgeable real estate agent by your side to help you navigate the process with ease.   Info for Sellers: Make Sure Your Home is Show-Ready for Success   As new listings increased 29.12 percent, paired with a 12.70 percent increase in pending sales, it’s clear that buyers are taking their time to choose the right home for their needs.   Despite buyers’ knowledge of growing inventory making them more discerning, it’s evident sellers are still receiving strong offers with overall increases in Average & Median Close Prices as well as Close-Price-to-List-Price ratios, thus proving the unique vantage for both buyers and sellers in the same market. Sellers can maximize their profits by pricing their homes strategically and staging them to showcase their best features to attract qualified buyers and hopefully multiple offers.       Info for Buyers: More Listings, More Luck     The best nugget of gold for buyers this month is that inventory is up significantly with 5,511 Active Listings at Month’s End, a 13.14 percent jump month-over-month and a whopping 45.87 percent increase year-over-year! As more inventory comes to the market, there are options. With options comes more room for negotiation upfront on price and terms. In addition, we are still seeing plenty of negotiation under contract on inspection items. With a little luck and a lot of perseverance, you just might find your own pot of gold in Denver’s housing market!   (Info Source: D.M.A.R. (The Denver Metro Association of Realtors, YCRE Analysis)   *We use reasonable efforts to include accurate and up-to-date information. The real estate market changes often. We make no guarantees of future real estate performance and assume no liability for any errors of omission in the content.          

What to do in Denver in March 2024

  Fun Things Going on in March!       March 9th-17th: Denver Jewish Film Festival “Tickets are on sale now for the 28th Annual Denver Jewish Film Festival which runs from March 9-17, 2024 at the Mizel Arts and Culture Center at the JCC. The festival features 20 entertaining and educational films including documentaries, narratives and shorts, and highlights work by Jewish or Israeli filmmakers or actors and themes. The Denver Jewish Film Festival includes a curated selection of thought-provoking stories, heartfelt drama, and inspiring documentaries that bring to life the unique perspectives of Jewish and Israeli filmmakers.” Tickets & More Info!           March 13th-17th: Cirque du Soleil: Crystal “Cirque du Soleil Crystal™ is more than an ice show. For the first time, Cirque du Soleil® pushes the boundaries of performance, redefining the artistic possibilities of ice. Watch as world-class ice skaters and acrobats claim their frozen playground with speed and grace, challenging the laws of gravity with daring acrobatics. Feel the thrill of poetry in motion as our protagonist Crystal’s journey towards empowerment is brought to life on ice. Enter a dreamlike world fueled by her imagination, where boundless creativity transforms the everyday into something extraordinary. Crystal invites you to suspend reality and glide into a world that springs to colorful life with astounding visual projections and a soundtrack that seamlessly blends popular music with the quintessential sound of Cirque du Soleil.” Get Tickets!           March 14th-17th: Shrek the Musical “And thus begins the tale of an unlikely hero who finds himself on a life-changing journey alongside a wisecracking Donkey and a feisty princess who resists her rescue. Yes, your favorite ogre is back in the hilarious stage spectacle based on the Oscar®-winning, smash hit, DreamWorks animated film. This Tony Award®-winning fairy tale musical adventure features songs from Jeanine Tesori (Kimberly Akimbo; Caroline, or Change), a sidesplitting book by Pulitzer Prize winner David Lindsay-Abaire (Kimberly Akimbo) and brings all the beloved characters you know from the film to life. USA Today raves, “Altogether irresistible!” You’ll be a “believer” too as there’s more to the story than meets the ears.” Get Tickets!           March 14th-17th: 2024 Colorado Dragon Boat Film Festival “We are Colorado’s only all-Asian & Asian American film festival! This Film Festival is organized by 501(c)3 non-profit organization Colorado Dragon Boat. We highlight and promote the culture, contributions, and accomplishments of Asian and Asian Pacific American communities through film.” Tickets & More Info!               March 15th-17th: Denver March Powwow “Since 1984, the heritage of American Indians has been celebrated in Denver every year at the Denver March Powwow, one of the largest events of its kind in the country. The Powwow features more than 1,600 dancers from close to 100 tribes from 38 states and three Canadian provinces. The three-day event in the Denver Coliseum is packed with singing, dancing, storytelling, food, art and more, ensuring a wonderful experience for everyone.” More Info!           March 16th: Denver St. Patrick’s Day Parade “2024 Denver St. Patrick’s Day Parade – March 16, 2024. Presented by Bellco Credit Union. Be part of one of the greatest and longest-running Denver traditions…” More Info!               March 22nd-24th: Denver Home Show “The Denver Home Show is a vibrant marketplace where you can shop for home-related products and services, experience stunning displays to help inspire your next home project, connect with industry experts, and enjoy informative presentations from renowned local and international home professionals. Whether you’re joining us at the National Western Complex with a specific project in mind or just looking for some inspiration, our local home professionals have you covered. With 400+ booths to explore and several unique feature displays to enjoy, this is a valuable event for all Denver homeowners.” Tickets & More Info!           March 23rd: 5280 Brunch Event “The hugely popular 5280 Brunch event returns in March! Treat yourself to an afternoon of ALL THINGS BRUNCH featuring bites from our city’s best brunch spots.” Tickets & More Info!           Have a marvelous March!      

Denver Real Estate News – February 2024

  Shadow or No Shadow, Real Estate Shines Bright as Spring Approaches   An early spring isn’t just limited to the anticipation of warmer weather — as we’ve been predicting, a busy real estate season is beginning to bloom! Buyers have started to turn up to the market in droves, thanks to mortgage rates that have dropped a full percentage point since October. Due to this decline in rates, homebuyers with a $3,000 monthly budget have gained nearly $40,000 in purchasing power. That paired with a welcome increase in inventory is providing them more choices than they’ve had in a long time.   New listings increased almost 15% year-over-year to 3,280 and pending home sales increased 6.5% to 3,294. Although buyer activity has increased, many buyers still seem to be choosier than they have in years past. Prices are still at all-time highs and buyers want more bang for their buck, desiring move-in ready homes to help alleviate the sticker shock of current home prices. Median days in MLS has increased by almost 6% to 36 days. Closed sales have declined by about 6.25%, although that shouldn’t be surprising as these homes likely went under contract in December which is our traditionally lowest inventory month of the year.    The Fed did not adjust interest rates this past month and likely won’t make an adjustment for a few more months. Many buyers are sitting on the fence in anticipation of the coming rate drops, which is increasing pent-up demand. When rates do start declining, we may see inventory tighten up, creating competitive scenarios once again. Our local real estate market feels like it continues to hover near balance, with delicate ebbs and flows of buyers or sellers having more favor based on our current most influential driver – the pesky and ever-changing interest rate!    Info for Sellers Buyers’ Budgets Bloom, Yet Hunger for Added Value! With the onset of an early spring real estate season ahead, sellers have an opportunity to capitalize on current market dynamics. The significant drop in mortgage rates since October has fueled a surge in buyer interest, with buyers gaining substantial purchasing power as mentioned above. As these buyers are more discerning than those in years past, it’s still wise to put your best foot forward when listing your home.    Consider enhancing your property’s curb appeal, addressing any necessary repairs, and showcasing its unique features. Additionally, as the median days on the market have increased, strategic pricing and effective marketing can help maintain buyer interest and expedite the selling process. It’s crucial to stay informed about local market trends and consult with a knowledgeable real estate professional to make informed decisions that align with the current ebb and flow of buyer demands and market conditions.   Info for Buyers As Borrowing Power Grows, Competition Flowers With rates down, purchasing power is up and more rate drops are on the horizon. As borrowing power increases, buyers should be prepared for competition, especially for more desirable homes. We are already seeing new listings with multiple offers going under contract in a matter of days. If a home is priced correctly, is in good condition, and is in a desirable location, it’s unlikely that you’ll be its only suitor. Keeping a close eye on the market is also essential, as these potential rate declines bring increased demand that will lead to a subsequent tightening of inventory. Collaborating with a knowledgeable real estate professional can provide valuable insights and guidance, helping buyers navigate the delicate dance of Denver real estate! (Info Source: D.M.A.R. (The Denver Metro Association of Realtors, YCRE Analysis)   *We use reasonable efforts to include accurate and up-to-date information. The real estate market changes often. We make no guarantees of future real estate performance and assume no liability for any errors of omission in the content.