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Inventory Continues to Climb 44% | May 2022

5/10/2022
The 2022 Real Estate Market continued to outperform with some increasing signs of approaching moderation primarily due to increased inventory of homes for sale and rising mortgage interest rates. Despite rising inventory, from an historically low level, April established an all-time, record high average sale price for a detached single-family home of $825,073.  The number of available homes for sale jumped 44.26% from March and 23.52% from one year-ago as sellers took advantage of record high prices. The number of closed (2.98%) sales and pending sales (15.96%) increased from March as buyers continued to snap up new available inventory of homes for sale.  Bidding wars remained commonplace, however the number of showings and competitive bids moderated.   Homes in April sold on average for 107% of the list price.  The impact of rising mortgage interest rates may be surfacing as the frenzied competition for new homes moderates a bit in some neighborhoods. However, for now the market remains a seller’s market.  Market demand continues to exceed the available inventory of homes for sale.  With only 3,204 homes (detached and attached) available for sale at the end of April there is no indication of a balanced (balanced market between buyers and sellers) number of homes (15,000+) for sale in the immediate future.  Consequently, more homes for sale may give buyers a few more options.  Some of the extreme offer terms in competitive bidding situations may moderate.  However, in the short run (60 days) it will result in strong sales and continued moderate price appreciation in many neighborhoods.  Typical seasonal factors as well as the continued impact of higher interest rates may result in a more typical market slow down later in the summer. For the immediate future, we remain in a strong seller’s market. 

  • Number of available listings (detached and attached) at the end of April rose 44.26% from March and 23.52% from one year ago to 3,204 homes for sale
  • Number of homes Sold (closed) decreased 11.91% in a year over year comparison
  • Number of homes Sold (closed) increased 2.98% from March
  • Number of homes placed under contract (pending sale) increased 15.96% from March and 2.07% in a year over year comparison
  • Average Sold Price for all homes increased 3.46% from March and increased 17.11% in a year over year comparison. The average sale price for a detached single-family home increased 3.93% from March to a record high of $825,073
  • Less than a two-week supply of homes for sale exists in our market (more than five months of inventory is considered a buyer’s market.)
  • Average days on market for detached homes (9) decreased 18.18% from March
  • The average detached home sold in April for 107.29% of the list price – a new record
  • Mortgage rates rose to a range of 4.85% to 5.25%
  • Forward looking data suggests a continued seller’s market with more pronounced moderation later in the summer. The market will remain favorable for sellers who properly adjust to a moderating market. If a move is in your plans for the 2022 now is the time to discuss a timeline for selling. Market conditions vary from neighborhood to neighborhood. Contact me today for an update on the value of your home.

Below is a Denver real estate market snapshot based on April 2022 Statistics from DMAR Market Trends 

This information is for the Denver Metro real estate market. Real estate market activity varies from neighborhood to neighborhood.  If you would like an instant real estate activity report for your neighborhood, click Market Report or call Tom Gross for more information. 

May 2022  Market Update Infographic (1).jpg

Questions? Let’s talk – contact us anytime to discuss your questions, plans, or the current value of your home. If a move is in your future now is an excellent time to discuss home preparations and a timeline for your move.
*Stats & Trends provided by Denver Metro Association of Realtors for 11 counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson & Park All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Kentwood Real Estate shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. SOURCE: DMAR Market Trends | APRIL 2022

Inventory Jumps 81% | April 2022

4/6/2022
The 2022 Real Estate Market continued to outperform with some faint signs of potential mild moderation later this year primarily due to increased inventory of homes for sale and rising mortgage interest rates. Despite some indications of future mild moderation, March established an all-time, record high average sale price for a detached single-family home of $797,700.  The number of available homes for sale jumped 15.62% from one year-ago as sellers took advantage of record high prices. The number of closed (+26.89%) and pending sales (+25.53%) rose as buyers snapped up new available inventory of homes for sale before future increases in mortgage interest rates.  Bidding wars remained commonplace as listing prices often serve only as a starting point in the frenzied competition for homes.  Homes continued to routinely sell for 8% to 12% over the list price.  Rising mortgage interest rates will ultimately impact buying power.  However, for now the market remains on track for a very strong Spring Market.  Market demand continues to far exceed the available inventory of homes for sale.  With only 2,221 homes (detached and attached) available for sale at the end of March there is no indication of a balanced number of homes (15,000+) for sale in the immediate future.  Consequently, a few more homes for sale may give buyers a few more options.  However, in the short run it will result in an increased number of sales and at record high prices resulting in a potentially recording breaking Spring Market. The one factor on the horizon that could moderate the market later this year would be potential rising mortgage interest rates above 5%.  For the immediate future, we remain in a strong seller’s market.

  • Number of available listings (detached and attached) at the end of March rose 81.16% from February and 15.62% from one year ago to 2,221 homes for sale 
  • Number of homes Sold (closed) decreased 15.72% in a year over year comparison
  • Number of homes Sold (closed) increased 26.89% from February
  • Number of homes placed under contract (pending sale) increased 25.53% from February but decreased 7.38% in a year over year comparison.
  • Average Sold Price for all homes increased 9.02% from February and increased 19.88% in a year over year comparison. The average sale price for a detached single-family home increased 8.02% from February to a record high of $797,700
  • Less than a one-week supply of homes for sale exists in our market (more than five months of inventory is considered a buyer’s market.)
  • Average days on market for detached homes (11) decreased 21.43% from February
  • The average detached home sold in March for 106.73% of the list price
  • Mortgage rates rose to a range of 4.25% to 4.75%
  • Forward looking data suggests a continued robust seller’s market and a busy Spring Market with continued appreciation in the first six months of the year. The market will remain very favorable for sellers. 
  • The continued robust demand for homes, limited supply of homes for sale and the projection for continued historically favorable mortgage rates indicates a likely continuation of strong market conditions for early 2022.   An initial increase in mortgage rates contributed to an early Spring Market as buyers rush to find a home before rising mortgage rates decrease their buying power. As the inventory of available listings increases modestly from record low levels and mortgage interest rates approach 5% the buying frenzy may moderate this summer in some price ranges.   If a move is in your plans for the first half of 2022 now is the time to discuss a timeline for selling. Market conditions vary from neighborhood to neighborhood. Contact me today for an update on the value of your home.

Below is a Denver real estate market snapshot based on March 2022 Statistics from DMAR Market Trends *

This information is for the Denver Metro real estate market. Real estate market activity varies from neighborhood to neighborhood.  If you would like an instant real estate activity report for your neighborhood, click Market Report or call Tom Gross for more information.

April 2022  Market Update Infographic.jpg

Questions? Let’s talk – contact us anytime to discuss your questions, plans, or the current value of your home. If a move is in your future now is an excellent time to discuss home preparations and a timeline for your move.
*Stats & Trends provided by Denver Metro Association of Realtors for 11 counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson & Park All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Kentwood Real Estate shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. SOURCE: DMAR Market Trends | MARCH 2022

Continued Strong Start | March 2022

3/4/2022

The 2022 Real Estate Market continued a strong start to the year with more broken records and an all-time record high average sale price for a detached single-family home of $739,950, beating June 2021's average price of $725,278.  The number of available homes for sale fell 39.43% from one year ago as buyers scrambled to find a home. The number of closed and pending sales rose as buyers rushed to buy homes despite the limited inventory of homes available for sale.  Bidding wars intensified as listing prices serve only as a starting point in the frenzied competition for homes.  Homes are routinely selling for $50,000 to 100,000+ over the list price.  Rising interest rates are adding to buyer motivation to buy now.  The market remains on track for an extremely robust Spring Market.  Market demand continues to far exceed the available inventory of homes for sale.  With only 1226 homes (detached and attached) available for sale at the end of February there is no indication of a significant increase in the number of homes for sale in the immediate future.  If this trend continues into the Spring, the Spring 2022 market promises to be another record-breaking, historic market.  The only factor on the horizon that could slow the market would be rising mortgage interest rates.  For the immediate future, we remain in a strong seller’s market.  

  • The number of available listings (detached and attached) at the end of February rose 3.55% from January and fell 39.43% from one year ago to 1226 homes for sale.
  • Number of homes Sold (closed) decreased 19.32% from February 2021. 
  • Number of homes Sold (closed) increased 5.36% from January 2022.
  • Number of homes placed under contract (pending sale) increased 12.13% from January but decreased 9.29% from February 2021.
  • Average Sold Price for all homes increased 6.58% from January and increased 16.99% in a year over year comparison. The average sale price for a detached single-family home increased 7.53% from January to a record high of $739,950.
  • Less than a one-week supply of homes for sale exists in our market (more than five months of inventory is considered a buyer’s market.) 
  • Average days on market for detached homes (14) decreased 26.32% from January.
  • The average detached home sold in February for 105.20% of the list price.
  • Mortgage rates rose to a range of 3.50% to 4.00% 
  • Forward looking data suggests a continued robust seller’s market and a strong Spring Market with significant appreciation in the first six months of the year. The market will remain very favorable for sellers.
  • The continued robust demand for homes, limited supply of homes for sale and the projection for continued favorable mortgage rates indicates a likely continuation of strong market conditions for early 2022. An increase in mortgage rates has contributed to an early Spring Market as buyers rush to find a home before rising mortgage rates decrease their buying power. If a move is in your plans for Spring 2022 now is the time to discuss a timeline for selling. Market conditions vary from neighborhood to neighborhood. Contact me today for an update on the value of your home.

Below is a Denver real estate market snapshot based on February 2022 Statistics from DMAR Market Trends *

This information is for the Denver Metro real estate market. Real estate market activity varies from neighborhood to neighborhood.  If you would like an instant real estate activity report for your neighborhood, click Market Report or call Tom Gross for more information.

March 2022  Market Update Infographic.jpg

Questions? Let’s talk – contact us anytime to discuss your questions, plans, or the current value of your home. If a move is in your future now is an excellent time to discuss home preparations and a timeline for your move.
*Stats & Trends provided by Denver Metro Association of Realtors for 11 counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson & Park All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Kentwood Real Estate shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. SOURCE: DMAR Market Trends | FEBRUARY 2022

NEW YEAR – NEW BROKEN RECORDS | February 2022

2/8/2022
The 2022 Real Estate Market started the year with more broken records and an all-time record low inventory of active listings.  The number of available homes for sale fell 48.88% from one year-ago as buyers scrambled to purchase a home.  The number of closed and pending sales fell due to the extremely low inventory of homes for sale.  Bidding wars intensified as listing prices serve only as a starting point in the frenzied competition for homes.  Homes are routinely selling for $50,000 to 100,000+ over the list price.  Rising interest rates are adding to buyer motivation to buy now.  The market remains on track for an extremely robust Spring Market.  Market demand continues to far exceed the available inventory of homes for sale.  With only 1184 homes (detached and attached) available for sale at the end of January there is no indication of a significant increase in the number of homes for sale in the immediate future.  If this trend continues into the Spring, the Spring 2022 market promises to be another record breaking, historic market.  The only factor on the horizon that could slow the market would be rising mortgage interest rates.  For the immediate future, we remain in a strong seller’s market.
 
  • Number of available listings (detached and attached) at the end of January fell 19.84% from December and 48.88% from one year ago to 1184 homes for sale 
  • Number of homes Sold (closed) decreased 11.80% in a year over year comparison.
  • Number of homes Sold (closed) decreased 40.08% from December. 
  • Number of homes placed under contract (pending sale) increased 19.87% from December but decreased 11.74% in a year over year comparison. 
  • Average Sold price decreased 2.73% from December and increased 11.20% in a year over year comparison. The average sale price for a detached single-family home decreased to $689,711.
  • Less than a one-week supply of homes for sale exists in our market (more than five months of inventory is considered a buyer’s market.)
  • Average days on market for detached homes (19) decreased 13.64% in a year over year comparison (22).  
  • The average detached home sold in January for 102.15% of the list price.
  • Mortgage rates rose to a range of 3.00% to 3.50%
  • Forward looking data suggests a continued robust seller’s market and an early Spring Market with potentially significant appreciation in the first six months of the year. The market will remain very favorable for sellers. 
  • The continued robust demand for homes, limited supply of homes for sale and the projection for continued favorable mortgage rates indicates a likely continuation of strong market conditions for early 2022.   A potential increase in mortgage rates may result in an early Spring Market as buyers rush to find a home before rising mortgage rates decrease their buying power. If a move is in your plans for early 2022 now is the time to discuss a timeline for selling. Market conditions vary from neighborhood to neighborhood. Contact me today for an update on the value of your home.

Below is a Denver real estate market snapshot based on January 2022 Statistics from DMAR Market Trends *

This information is for the Denver Metro real estate market. Real estate market activity varies from neighborhood to neighborhood.  If you would like an instant real estate activity report for your neighborhood click Market Report or call Tom Gross for more information.

February 2022  Market Update Infographic.jpg

Questions? Let’s talk – contact us anytime to discuss your questions, plans, or the current value of your home. If a move is in your future now is an excellent time to discuss home preparations and a timeline for your move.
*Stats & Trends provided by Denver Metro Association of Realtors for 11 counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson & Park All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Kentwood Real Estate shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. SOURCE: DMAR Market Trends | JANUARY 2022

Amazing Historic Market | January 2022

1/5/2022
The 2021 Real Estate Market ended the year with more broken records and an all-time record low inventory of active listings.  The number of available homes for sale fell 41.87% from one year ago as buyers scrambled to purchase a home.  Although, the market moderated a bit in the past 90 days due to typical seasonal influences the recording breaking market trends remain solidly intact. The market remains on track for a robust Spring Market.   Although, the frenzied competition for homes has moderated a bit in some neighborhoods, bidding wars are still very common in many neighborhoods. Market demand continues to far exceed the available inventory of homes for sale.  With only 1477 homes (detached and attached) available for sale at the end of December there is no indication of a significant increase in the number of homes for sale in the immediate future.  If this trend continues through the winter, the Spring 2022 market promises to be another robust seller’s market.  The only factor on the horizon that could slow the market would be rising mortgage interest rates.  For the immediate future, we remain in a strong seller’s market.

  • Number of available listings (detached and attached) at the end of December fell 34.30% from November and 41.87% from one year ago to 1477 homes for sale 
  • Number of homes Sold (closed) decreased 13.88% in a year over year comparison.
  • Number of homes Sold (closed) decreased 15.13% from November. 
  • Number of homes placed under contract (pending sale) decreased 3.29% in a year over year comparison.
  • Average Sold price decreased .35% from November and increased 15.82% in year over year comparison. The average sale price for a detached single-family home increased to $705,753.
  • Less than a one-week supply of homes for sale exists in our market (more than five months of inventory is considered a buyer’s market.)
  • Average days on market (18) increased three days from November (15). 
  • The average detached home sold in December for 101.66% of the list price.
  • Mortgage rates remained historically favorable in a range of 2.95% to 3.25% 
  • Forward looking data for the New Year suggests a continued robust seller’s market and a potential early Spring Market with potentially significant appreciation in the first six months of the year. The market will remain very favorable for sellers.
  • The continued robust demand for homes, limited supply of homes for sale and the projection for continued low mortgage rates indicates a likely continuation of favorable market conditions for early 2022.   A potential increase in mortgage rates may result in an early Spring Market as buyers rush to find a home before rising mortgage rates decrease their buying power. If a move is in your plans for early 2022 now is the time to discuss a timeline for selling. Market conditions vary from neighborhood to neighborhood. Contact me today for an update on the value of your home.

Below is a Denver real estate market snapshot based on December 2021 Statistics from DMAR Market Trends *

This information is for the Denver Metro real estate market. Real estate market activity varies from neighborhood to neighborhood.  If you would like an instant real estate activity report for your neighborhood click Market Report or call Tom Gross for more information.

January 2022  Market Update Infographic.jpg

Questions? Let’s talk – contact us anytime to discuss your questions, plans, or the current value of your home. If a move is in your future now is an excellent time to discuss home preparations and a timeline for your move.
*Stats & Trends provided by Denver Metro Association of Realtors for 11 counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson & Park All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Kentwood Real Estate shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. SOURCE: DMAR Market Trends | DECEMBER 2021

More Broken Records | December 2021

12/7/2021
Records continued to fall for the month of November. All-time record low inventory of active listings, All-time record high average sale prices and All-time record low number of days on market.  Although, the market moderated a bit in the past 60 days due to seasonal influences the recording breaking market trends remain solidly intact. The market remains on track to close out the year with a stunning record shattering performance.   Although, the frenzied competition for homes has moderated a bit in some neighborhoods, bidding wars are still common in many neighborhoods. Market demand continues to far exceed the available inventory of homes for sale.  With only 2,248 homes (detached and attached) available for sale at the end of November there is no indication of a significant increase in the number of homes for sale in the immediate future.  If this trend continues through the winter, the Spring 2022 market promises to be another robust seller’s market.  The only factor on the horizon that could slow the market would be rising mortgage interest rates.  For the immediate future, we remain in a strong seller’s market.

  • Number of available listings (detached and attached) at the end of November fell to a recording breaking low of 2,248
  • Number of homes Sold (closed) decreased 8.73% in a year over year comparison. 
  • Number of homes Sold (closed) decreased 10.39% from October.
  • Number of homes placed under contract (pending sale) increased 3.27% in a year over year comparison.
  • Average Sold price increased 2.91% from October and increased 15.49% in year over year comparison. The average sale price for a detached single-family home increased to $703,847
  • Less than two-week supply of homes for sale exists in our market (more than five months of inventory is considered a buyer’s market.) 
  • Average days on market (15) increased one day from October (14).
  • The average detached home sold in November for 101.70% of the list price. 
  • Mortgage rates remained historically favorable in a range of 2.95% to 3.25% 
  • Forward looking data for the remainder of the year suggests a strong finish to the year as market conditions continue to remain very favorable for sellers.
  • The continued robust demand for homes, limited supply of homes for sale and the projection for continued historically low mortgage rates indicates a likely continuation of favorable market conditions for the remainder of 2021 and early 2022.   However, normal seasonal factors, affordability challenges, moderation in mortgage interest rates from record lows and some buyer resistance may be more evident as we progress through the winter. If a move is in your plans for early 2022 now is the time to discuss a timeline for selling. Market conditions vary from neighborhood to neighborhood. Contact me today for an update on the value of your home.

Below is a Denver real estate market snapshot based on November 2021 Statistics from DMAR Market Trends *

This information is for the Denver Metro real estate market. Real estate market activity varies from neighborhood to neighborhood.  If you would like an instant real estate activity report for your neighborhood click Market Report or call Tom Gross for more information.

December 2021  Market Update Infographic.jpg

Questions? Let’s talk – contact us anytime to discuss your questions, plans, or the current value of your home. If a move is in your future now is an excellent time to discuss home preparations and a timeline for your move.
*Stats & Trends provided by Denver Metro Association of Realtors for 11 counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson & Park All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Kentwood Real Estate shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. SOURCE: DMAR Market Trends | NOVEMBER 2021

Mild Fall Moderation | November 2021

11/4/2021
The Denver Metro Housing Market continued to moderate a bit for the fourth consecutive month after experiencing an historical record-breaking performance during the first six months of the year.  As we progress through the Fall market, normal seasonal influences are impacting the market.  Buyers who had to buy prior to the start of the school year have settled into their new homes.  Many buyers in the Fall market have the flexibility to buy now or next year.   In some cases, the buyers are tired of feeling bullied in this market and they are pushing back a bit.  Consequently, the frenzied competition for homes has moderated in some neighborhoods although bidding wars are still common in many neighborhoods.   As a result, the mild retracement trend from the June market highs remains in place.  Although market demand continues to exceed the available inventory of homes for sale, the urgency of the buyers has moderated a bit.  Market statistics generally reflected moderation in most data points in October. The trend in slightly increasing number of homes for sale reversed with 14.98% drop in active listings at month end compared to September.  Part of the drop can certainly be attributed to seasonal influences.  The 3,376 homes (detached and attached) available for sale at the end of October was 29.97% below the number in October of 2020.  The estimated 15,000 homes for sale required for the market to even approach a balanced market is no-where on the horizon.  We remain in a strong seller’s market.  However, bidding wars are no longer automatic.  The number of downward price adjustments is increasing.  Sellers who are too aggressive on their list price may find themselves forced to reduce their list price.  Continued historically low mortgage rates combined with high migration of home buyers to the Denver Metro Area will continue to fuel a strong market.  However, affordability limitations, seasonal influences and decreased buyer urgency will continue to be moderating factors for the remainder of the year. 

  • Number of available listings (detached and attached) at the end of October decreased by 29.97% in a year over year comparison. 
  • Number of homes Sold (closed) decreased 20.76% in a year over year comparison.
  • Number of homes Sold (closed) decreased 8.29% from September
  • Number of homes placed under contract (pending sale) decreased .26% in a year over year comparison.
  • Average Sold price decreased .96% from September and increased 9.53% in year over year comparison. The average sale price for a detached single-family home decreased to $684,700.
  • Essentially a two-week supply of homes for sale exists in our market (more than five months of inventory is considered a buyer’s market.)
  • Average days on market (14) increased 7.69% from September. Bidding wars remain a possibility but are no longer automatic in some neighborhoods.
  • The average detached home sold in October for 101.70% of the list price.
  • Mortgage rates remained historically favorable in a range of 2.95% to 3.25%
  • Forward looking data for the remainder of the year suggests continued moderation from extreme market conditions. However, market conditions continue to remain very favorable for sellers.
  • The continued healthy demand for homes, limited supply of homes for sale and the projection for continued low mortgage rates indicates a likely continuation of favorable market conditions for the remainder of 2021. However, normal seasonal factors, affordability challenges, moderation in mortgage interest rates from record lows and some buyer resistance may be more evident as we progress into the Holiday season. A moderate shift in market dynamics is possible as we head into winter. If a move is in your plans for 2021 now is the time to discuss a timeline for selling in 2021. Market conditions vary from neighborhood to neighborhood. Contact me today for an update on the value of your home.
Below is a Denver real estate market snapshot based on October 2021 Statistics from DMAR Market Trends *

This information is for the Denver Metro real estate market. Real estate market activity varies from neighborhood to neighborhood.  If you would like an instant real estate activity report for your neighborhood click Market Report or call Tom Gross for more information.

November 2021  Market Update Infographic Template.jpg

Questions? Let’s talk – contact us anytime to discuss your questions, plans, or the current value of your home. If a move is in your future now is an excellent time to discuss home preparations and a timeline for your move.
*Stats & Trends provided by Denver Metro Association of Realtors for 11 counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson & Park All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Kentwood Real Estate shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. SOURCE: DMAR Market Trends | OCTOBER 2021

Moderate Market Moderation | October 2021

10/6/2021
The Denver Metro Housing Market continued to moderate for the third consecutive month after experiencing an historical record-breaking performance during the first six months of the year.  As we progress through the Fall market, normal seasonal influences are impacting the market.  Buyers who had to buy prior to the start of the school year have settled into their new homes.  Many buyers in the Fall market have the flexibility to buy now or next year.  Consequently, the frenzied competition for homes has moderated although bidding wars are still common in many neighborhoods.  As a result, the mild retracement trend from the June market highs remains in place.  Although market demand continues to exceed the available inventory of homes for sale, the urgency of the buyers has moderated a bit.  Market statistics generally reflected moderation in all data points in September. Buyers cheered an increase of 13.53% in the number active listings at the end of the month.  The 3,971 homes (detached and attached) available for sale at the end of August was 25.09% below the number in September of 2020.  The estimated 15,000 homes for sale required for the market to even approach a balanced market is no-where on the horizon.  We remain in a strong seller’s market.  However, bidding wars are no longer automatic.  The number of downward price adjustments is increasing.  Sellers who are too aggressive on their list price may find themselves forced to reduce their list price.  Continued historically low mortgage rates combined with high migration of home buyers to the Denver Metro Area will continue to fuel a strong market.  However, affordability limitations, seasonal influences and decreased buyer urgency will continue to be moderating factors for the remainder of the year.  

  • Number of available listings (detached and attached) at the end of September decreased by 25.09% in a year over year comparison. 
  • Number of homes Sold (closed) decreased 19.27% in a year over year comparison.
  • Number of homes Sold (closed) decreased 12.81% from August. 
  • Number of homes placed under contract (pending sale) decreased 4.45% in a year over year comparison. 
  • Average Sold price increased .77% from August and increased 15.11% in year over year comparison. The average sale price for a detached single-family home increased to $688,629.
  • Essentially a two-week supply of homes for sale exists in our market (more than five months of inventory is considered a buyer’s market.)
  • Average days on market (13) increased 18.18% from August. Bidding wars remain a possibility but are no longer automatic in some neighborhoods.
  • The average detached home sold in September for 101.95% of the list price.
  • Mortgage rates remained historically favorable in a range of 2.95% to 3.25%
  • Forward looking data for the remainder of the year suggests continued moderation from  extreme market conditions. However, market conditions continue to remain very favorable for sellers. 
  • The continued healthy demand for homes, limited supply of homes for sale and the projection for continued low mortgage rates indicates a likely continuation of favorable market conditions for the remainder of 2021. However, normal seasonal factors, affordability challenges, moderation in mortgage interest rates from record lows and some buyer fatigue may be more evident as we progress through the Fall season. A moderate shift in market dynamics is possible as we head towards winter.   If a move is in your plans for 2021 now is the time to discuss a timeline for selling in 2021. Market conditions vary from neighborhood to neighborhood. Contact me today for an update on the value of your home.
Below is a Denver real estate market snapshot based on September 2021 Statistics from DMAR Market Trends *
This information is for the Denver Metro real estate market. Real estate market activity varies from neighborhood to neighborhood. If you would like an instant real estate activity report for your neighborhood click Market Report or call Tom Gross for more information.

October 2021  Market Update Infographic Template.jpg

Questions? Let’s talk – contact us anytime to discuss your questions, plans, or the current value of your home. If a move is in your future now is an excellent time to discuss home preparations and a timeline for your move.
*Stats & Trends provided by Denver Metro Association of Realtors for 11 counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson & Park All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Kentwood Real Estate shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. SOURCE: DMAR Market Trends | SEPTEMBER 2021

Seasonal Market Slowdown | September 2021

9/7/2021

The Denver Metro Housing Market continued to moderate for the second consecutive month after experiencing an historical record-breaking performance during the first six months of the year.   As we progressed through Summer, normal season influences impacted the market.  Final family vacations and back to school activities appeared to temper the frenzied buying activity from earlier in the year.  Consequently, the mild retracement trend from the June market highs remains in place.  Although market demand continues to exceed the available inventory of homes for sale, the intensity of the buyers to compete for homes showed signs of moderation in some areas.  Market statistics reflected a moderate decrease in all data points in August.  The only exception was average days on market which increased 25% to 10 days.  Supporting the market was a decrease of 11.69% in the number active listings at the end of the month.  The 3,582 homes (detached and attached) available for sale at the end of August was 34.83% below the number in August of 2020.  The estimated 15,000 homes for sale required for the market to even approach a balanced market is nowhere on the horizon.  We remain in a strong seller’s market.  However, bidding wars are no longer automatic.  Sellers who are too aggressive on their list price may find themselves forced to reduce their list price.  September activity may determine if this is strictly a seasonal slowdown or a start of a shift in market dynamics.  Continued low mortgage rates combined with high migration of home buyers to the Denver Metro Area will continue to fuel a strong market.  Nevertheless, affordability limitations, seasonal influences and buyer fatigue may be moderating factors for the remainder of the year.  

  • Number of available listings (detached and attached) at the end of August decreased by 34.83% in a year over year comparison.
  • Number of homes Sold (closed) decreased 15.07% in a year over year comparison.
  • Number of homes Sold (closed) decreased 9.58% from July.
  • Number of homes placed under contract (pending sale) decreased 8.28% in a year over year comparison.
  • Average Sold price decreased 1.29% from July and increased 14.26% in year over year comparison. The average sale price for a detached single-family home decreased to $687,768.
  • Essentially a two-week supply of homes for sale exists in our market (more than five months of inventory is considered a buyer’s market.)
  • Average days on market (10) increased from July. Bidding wars remain a possibility but are no longer automatic in some neighborhoods.
  • The average detached home sold in August for 102.78% of the list price.
  • Mortgage rates remained very favorable in a range of 2.65 to 3.15%
  • Forward looking data for the remainder of the year suggests continued moderation from an extreme seller’s market. However, historically market conditions remain very favorable for sellers.
  • The continued healthy demand for homes, limited supply of homes for sale and the projection for continued low mortgage rates indicates a likely continuation of favorable market conditions for the remainder of 2021. However, normal seasonal factors, affordability challenges and some buyer fatigue may be more evident as we enter the Fall season. A short to intermediate shift in market dynamics is possible as we head towards winter. If a move is in your plans for 2021 now is an ideal time to discuss home preparations and a timeline for selling in 2021. Market conditions vary from neighborhood to neighborhood. Contact me today for an update on the value of your home.

Below is a Denver real estate market snapshot based on August 2021 Statistics from DMAR Market Trends *

This information is for the Denver Metro real estate market. Real estate market activity varies from neighborhood to neighborhood. If you would like an instant real estate activity report for your neighborhood click Market Report or call Tom Gross for more information.

September 2021  Market Update Infographic Template.jpg

Questions? Let’s talk – contact us anytime to discuss your questions, plans, or the current value of your home. If a move is in your future now is an excellent time to discuss home preparations and a timeline for your move.

*Stats & Trends provided by Denver Metro Association of Realtors for 11 counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson & Park All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Kentwood Real Estate shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. SOURCE: DMAR Market Trends | AUGUST 2021

Market Moderation – Mild Retracement | August 2021

8/5/2021

The Denver Metro Housing Market experienced an historical record-breaking performance during the first six months of the year.  Record low number of homes for sale and a record high average sale price for detached single- family homes.  As we progress through Summer, there are signs of moderation and a mild retracement from the June market highs.  For the second month in a row the inventory homes for sale jumped significantly from record lows in May.  Homes continued to sell at a brisk pace.  However, the intensity of the buyers to compete for homes showed significant signs of moderation in some areas.  Market statistics reflected a significant increase in the number of active listings at the end of July, an increase of 34.67% in the number of active detached single-family listings at the end of July compared to June.  However, the 4,056 homes (detached and attached) available for sale at the end of July was still 37.11% below the number in July of 2020.  The estimated 15,000 homes for sale required for the market to even approach a balanced market is no-where on the horizon.  We remain in a strong seller’s market.  However, bidding wars are no longer automatic.  Sellers who are too aggressive on their list price may find themselves forced to reduce their list price.  Continued low mortgage rates combined with high migration of home buyers to the Denver Metro Area will continue to fuel a strong market.  However, affordability limitations and buyer fatigue may be moderating factors for the remainder of the year.  

  • Number of available listings (detached and attached) at the end of June decreased by 37.11% in a year over year comparison.
  • Number of homes Sold (closed) decreased 21.33% in a year over year comparison.
  • Number of homes Sold (closed) decreased 12.30% from June.
  • Number of homes placed under contract (pending sale) decreased 4.88% from June
  • Average Sold price decreased 2.43% from June and increased 16.40% in year over year comparison. The average sale price for a detached single-family home decreased to $699,795.
  • Essentially a three-week supply of homes for sale exists in our market (more than five months of inventory is considered a buyer’s market.)
  • Median days on market (4) remained unchanged from June. Bidding wars remain a strong possibility but are no longer automatic in some neighborhoods.
  • The average detached home sold in June for 104.56% of the list price.
  • Mortgage rates remained very favorable in a range of 2.75 to 3.15%
  • Forward looking data for the remainder of the year suggests some moderation from a very robust seller’s market. However, historically market conditions remain very favorable for sellers.
  • The continued healthy demand for homes, limited supply of homes for sale and the projection for continued low mortgage rates indicates a likely continuation of favorable market conditions for the remainder of 2021. However, normal seasonal factors and some buyer fatigue may be more evident as we approach Fall than in recent years. As demonstrated by the dramatic increase in homes for sale from a record low, market conditions can change quickly. If a move is in your plans for 2021 now is an ideal time to discuss home preparations and a timeline for selling in 2021. Market conditions vary from neighborhood to neighborhood. Contact me today for an update on the value of your home.

Below is a Denver real estate market snapshot based on July 2021 Statistics from DMAR Market Trends *

This information is for the Denver Metro real estate market. Real estate market activity varies from neighborhood to neighborhood. If you would like an instant real estate activity report for your neighborhood click Market Report or call Tom Gross for more information.

August 2021  Market Update Infographic Template.jpg

Questions? Let’s talk – contact us anytime to discuss your questions, plans, or the current value of your home. If a move is in your future now is an excellent time to discuss home preparations and a timeline for your move.

*Stats & Trends provided by Denver Metro Association of Realtors for 11 counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson & Park All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Kentwood Real Estate shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. SOURCE: DMAR Market Trends | JULY 2021

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