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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

Hints of Early Seasonal Moderation | July 2021

7/7/2021

The Denver Metro Housing Market has experienced an historical record-breaking year.  Record low number of homes for sale and a record high average sale price for detached single- family homes.  As we enter Summer there are some signs of early seasonal moderation.  For the first time this year, the month end inventory homes for sale jumped significantly (50.46%) in June from record lows in May.  Homes continued to sell at a brisk pace.  However, the intensity of the buyers to compete for homes showed some signs of moderation.  Market statistics reflected a dramatic increase in the number of active listings at the end of June, an increase of 59.96% in the number of active detached single-family listings at the end of June compared to the record low in May.  However, the 3,122 homes (detached and attached) available for sale at the end of June was still 51.09% below the number in June 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.  Continued low mortgage rates combined with high migration of home buyers to the Denver Metro Area continue to fuel this established trend.  The primary market influence remains the limited number of available homes. 

  • Number of available listings (detached and attached) at the end of June decreased by 51.09% in a year over year comparison.
  • Number of homes Sold (closed) decreased .88% in a year over year comparison.
  • Number of homes placed under contract (pending sale) increased 2.35% from May
  • Average Sold price increased 26.76% in a year over year comparison. The average sale price for a detached single-family home was a record $728,385.
  • Barely a two-week supply of detached homes for sale exists in our market (more than five months of inventory is considered a buyer’s market.)
  • Median days on market (4) declined 42.86% in a year over year comparison for detached homes. Bidding wars continue to be the norm in many neighborhoods.
  • The average detached home sold in June for 105.96% of the list price.
  • The statistics for attached homes (townhomes, condos) continued to improve in June with an increase of 4.18% in closed sales from May.
  • Mortgage rates remained very favorable in a range of 2.75 to 3.15%
  • Forward looking data suggests some moderation in a very robust seller’s market which will be welcomed by weary home buyers.
  • The continued strong demand for homes, limited supply of homes for sale and the projection for continued low mortgage rates indicates a likely continuation of the strong market conditions in 2021. However, seasonal factors 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 June 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.

July 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 | JUNE 2021

Extreme Conditions Continue | June 2021

6/11/2021
The Denver Metro Housing Market has experienced an historical record-breaking Spring Market.  Record low number of homes for sale and a record high average sale price for detached single- family homes.  As we enter Summer there are few signs of the market slowing down anytime soon.  Despite the record low number of homes for sale total sales in May decreased only 3.87% from a recording shattering April.  Available homes sold fast and for record high prices!  Pending sales in May increased 16.97% from April.  With barely two weeks inventory of available homes for sale the market continues to be close to sold-out.  Market statistics reflected the lowest number of active listings on record for May, a decrease of 18.54% in the number of active detached single-family listings at the end of May compared to the record low in April.  The 2,075 homes (detached and attached) available for sale at the end of May was 71.06% below the number in May of 2020.  An estimated 15,000 homes for sale is required for the market to even approach a balanced market.  Continued low mortgage rates combined with high migration of home buyers to the Denver Metro Area continue to fuel this record-breaking market.  The only thing restraining this market is the limited number of homes for sale.
 
  • Number of available listings (detached and attached) at the end of May decreased by 71.06% in a year over year comparison. 
  • Number of homes Sold (closed) increased 48.74% in a year over year comparison.
  • Number of homes placed under contract (pending sale) increased 16.97% from April 
  • Average Sold price increased 26.13% in a year over year comparison. The average sale price for a detached single-family home was a record $700,559.
  • Less than a two-week supply of detached homes for sale exists in our market (more than five months of inventory is considered a buyer’s market.)
  • Median days on market (4) declined 50% in a year over year comparison for detached homes. Bidding wars continue to be the norm in most neighborhoods.
  • The average detached home sold in May for 105.92% of the list price.
  • The statistics for attached homes (townhomes, condos) continued to improve in May with an increase of 6.72% in pending sales from April.
  • Mortgage rates settled a bit in a range of 2.85 to 3.15%
  • Forward looking data suggests a continued robust market constrained only by the limited supply of homes for sale. A very robust market with bidding wars is now a reality.
  • The continued strong demand for homes, limited supply of homes for sale and the projection for continued low mortgage rates indicates a likely continuation of the strong market conditions in 2021. 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. Although record low interest rates are projected to continue for some time, the rates are artificially low due to government intervention and consequently could rise more quickly than expected as was evident in the increase in rates in February. 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 May2021 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. 

June 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 | MAY 2021

Extreme Market Conditions | May 2021

5/5/2021
The Denver Metro Housing Market is experiencing an historical record-breaking Spring Market.  Record low number of homes for sale and a record high average sale price for a detached single- family home.  Despite the record low number of homes for sale total sales in April increased 2.90% from a recording shattering March.  Available homes sold fast and for record high prices!  Pending sales in April increased 5.9% from March.  With barely two weeks inventory of available homes for sale the market continues to be close to sold-out.  Market statistics reflected the lowest number of active listings on record for April, a decrease of 64.16% in the number of active detached single-family listings at the end of April compared to one year ago.  The 2,594 homes (detached and attached) available for sale at the end of April was 48% below the previous all-time record.  An estimated 15,000 homes for sale is required for the market to even approach a balanced market.  Continued low mortgage rates combined with high migration of home buyers to the Denver Metro Area continue to fuel this record-breaking market.  The only thing restraining this market is the limited number of homes for sale.

  • Number of available listings (detached and attached) at the end of April decreased by 62.16% in a year over year comparison. 
  • Number of homes Sold (closed) increased 28.45% in a year over year comparison. 
  • Number of homes placed under contract (pending sale) increased 89.2% from a year ago at the height of the pandemic. 
  • Average Sold price increased 24.20% in a year over year comparison. The average sale price for a detached single-family home was a record $699,039. 
  • Less than a two-week supply of detached homes for sale exists in our market (more than five months of inventory is considered a buyer’s market.) 
  • Median days on market (4) declined 20% in a year over year comparison for detached homes. Bidding wars continue to be the norm in most neighborhoods. 
  • The average detached home sold in April for 105.39% of the list price. 
  • The statistics for attached homes (townhomes, condos) continued to improve in April with an increase of 12.8% in pending sales from March. 
  • Mortgage rates settled a bit in a range of 2.95 to 3.25% 
  • Forward looking data suggests a continued robust market constrained only by the limited supply of homes for sale. A very robust market with bidding wars is now a reality. 
  • The continued strong demand for homes, limited supply of homes for sale and the projection for continued low mortgage rates indicates a likely continuation of the strong market conditions in 2021. 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. Although record low interest rates are projected to continue for some time, the rates are artificially low due to government intervention and consequently could rise more quickly than expected as was evident in the increase in rates in February. 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 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.

May 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 | APRIL 2021

Extreme Seller's Market | April 2021

4/7/2021
The Denver Metro Housing Market is heading into the Spring Market in record breaking fashion.  Record low number of homes for sale and a record high average sale price for a detached single- family home.  Despite the record low number of homes for sale total sales in March increased 23.99% from February.  Available homes sold fast and for record high prices!  Pending sales in March increased 24.84% from February.  With barely two weeks inventory of available homes for sale the market continues to be close to sold-out.  Market statistics reflected a decrease of 70.70% in the number of active detached single-family listings at the end of March compared to one year ago.  The 1,921 homes (detached and attached) available for sale at the end of March was, as an example, a fraction of the approximately 28,000 homes for sale at the end of 2007 and the estimated 15,000 homes for sale required for the market to even approach a balanced market.  Continued low mortgage rates combined with high migration of home buyers to the Denver Metro Area continue to fuel this record-breaking market.  The only thing restraining this market is the limited number of homes for sale.

  • Number of available listings (detached and attached) at the end of March decreased by 66.74% in a year over year comparison. 
  • Number of homes Sold (closed) increased 1.20% in a year over year comparison. 
  • Number of homes placed under contract (pending sale) increased 28.10% in a year over year comparison. 
  • Average Sold price increased 15.26% in a year over year comparison. The average sale price for a detached single-family home was a record $674,990. 
  • Less than a two-week supply of detached homes for sale exists in our market (more than five months of inventory is considered a buyer’s market.) 
  • Median days on market (4) declined 33.33% in a year over year comparison for detached homes. Bidding wars continue to be the norm in most neighborhoods. 
  • The average detached home sold in March for 104.12% of the list price. 
  • The statistics for attached homes (townhomes, condos) improved dramatically in March with an increase of 38.47% in pending sales in a year over year comparison. 
  • Mortgage rates normalized a bit in a range of 2.95 to 3.25% 
  • Forward looking data suggests a continued robust market constrained only by the limited supply of homes for sale. A very robust early Spring market is now a reality. 
  • The continued strong demand for homes, limited supply of homes for sale and the projection for continued low mortgage rates indicates a likely continuation of the strong market conditions in 2021. 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. Although record low interest rates are projected to continue for some time, the rates are artificially low due to government intervention and consequently could rise more quickly than expected as was evident in the increase in rates in February. 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 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.

April 2021 | Market Update Infographic.png

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 2021

New Highs - New Records | March 2021

3/10/2021

The Denver Metro Housing Market continued the start of the year in record breaking fashion.  Record low number of homes for sale and a record high average sale price for a detached single- family home.  Despite the record low number of homes for sale total sales in February increased 13.43% from January.  Available homes sold fast and for record high prices!  Pending sales in February increased 7.17% from January.  With barely two weeks inventory of available homes for sale the market continues to be close to sold-out.  Market statistics reflected a decrease of 65.01% in the number of active detached single-family listings at the end of February compared to one year ago.  The 2,024 homes (detached and attached) available for sale at the end of February was, as an example, a fraction of the approximately 28,000 homes for sale at the end of 2007 and the estimated 25,000 homes for sale required for the market to return to a potential buyer’s market.  Record low mortgage rates combined with high migration of home buyers to the Denver Metro Area continue to fuel this record-breaking market.  The only thing restraining this market is the limited number of homes for sale.

  • Number of available listings (detached and attached) at the end of February decreased by 58.14% in a year over year comparison.
  • Number of homes Sold (closed) increased 3.70% in a year over year comparison.
  • Number of homes placed under contract (pending sale) increased 7.03% in a year over year comparison.
  • Average Sold price increased 19.44% in a year over year comparison. The average sale price for a detached single-family home was a record $632,581.
  • Less than a two-week supply of detached homes for sale exists in our market (more than five months of inventory is considered a buyer’s market.)
  • Median days on market (4) declined 75% in a year over year comparison for detached homes. Bidding wars are now the norm in most neighborhoods.
  • The average detached home sold in February for 102.54% of the list price.
  • The statistics for attached homes (townhomes, condos) improved in February but are not as strong as detached homes due to the impact of Covid-19 and desire/ability (work at home) of some homeowners to buy homes with more land and space.
  • Mortgage rates normalized a bit in a range of 2.75%% to 3.25%
  • Forward looking data suggests a continued robust market constrained only by the limited supply of homes for sale. A very robust early Spring market is now emerging.
  • The continued strong demand for homes, limited supply of homes for sale and the projection for continued low mortgage rates indicates a likely continuation of the strong market conditions in 2021. 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. Although record low interest rates are projected to continue for some time, the rates are artificially low due to government intervention and consequently could rise more quickly than expected as was evident in the increase in rates in February. 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 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.

dmar infographic_mar-21.png

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.

Fast Start! | February 2021

2/10/2021
The Denver Metro Housing Market started the year in record breaking fashion.  Record low number of homes for sale and a record high average sale price for a detached single-family home.  Despite the record low number of homes for sale total sales in January declined only 10.29%.  Available homes sold fast and for record high prices!  Pending sales in January increased 28.32% from December.  With barely two weeks inventory of available homes for sale the market was close to sold-out.  Market statistics reflected a decrease of 61.69% in the number of active detached single-family listings at the end of January compared to one year ago.  The 2,316 homes (detached and attached) available for sale at the end of January was, as an example, a fraction of the approximately 28,000 homes for sale at the end of 2007 and the estimated 25,000 homes for sale required for the market to return to a potential buyer’s market.  Record low mortgage rates combined with high migration of home buyers to the Denver Metro Area continue to fuel this record-breaking market.  The only thing restraining this market back is the limited number of homes for sale. 

  • Number of available listings (detached and attached) at the end of January decreased by 53.13% in a year over year comparison
  • Number of homes Sold (closed) decreased 10.29% in a year over year comparison. 
  • Number of homes placed under contract (pending sale) decreased 1.09% in a year over year comparison. 
  • Average Sold price increased 18.69% in a year over year comparison. The average sale price for a detached single-family home was a record $629,159
  • Less than a two-week supply of detached homes for sale exists in our market (more than five months of inventory is considered a buyer’s market.)  
  • Median days on market (5) declined 79.17% in a year over year comparison for detached homes.  Bidding wars are now the norm in most neighborhoods.
  • The average detached home sold in December for 101.03% of the list price
  • The statistics for attached homes (townhomes, condos) is strong but not as strong as detached homes due to the impact of Covid-19 and desire/ability (work at home) of some homeowners to buy homes with more land and space.
  • Mortgage rates remained at record lows in a range of 2.35%% to 2.85%  
  • Forward looking data suggests a continued robust market constrained only by the limited supply of homes for sale. A very robust early Spring market appears likely.
  • The continued strong demand for homes, limited supply of homes for sale and the projection for continued low mortgage rates indicates a likely continuation of the strong market conditions in 2021.  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. Although record low interest rates are projected to continue for some time, the rates are artificially low due to government intervention and consequently could rise more quickly than expected.  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 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.

mtr infographic 2-21_r1.png


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.

Record Breaking Year! | January 2021

1/12/2021
The Denver Metro Housing Market wrapped up the year in record breaking fashion.  Although seasonal factors contributed to a month over month decline in activity, the number of closed sales in December hit a new all-time high despite record low inventory of homes available for sale.  With less than two weeks inventory of available homes for sale the market was close to sold-out.  Market statistics reflected a decrease of 60.83% in the number of active single-family listings at the end of December compared to one year ago.  The 2,541 homes (detached and attached) available for sale at the end of December was, as an example, a fraction of the 28,000 homes for sale at the end of 2007 and the estimated 25,000 homes for sale required for the market to return to a balanced market.  The record low inventory of homes for sale was largely the result of a record number of closed sales in December and for all of 2020 driven in large part by record low interest rates. 
 
  • Number of available listings (detached and attached) at the end of December decreased by 51.13% in a year over year comparison.
  • Number of homes Sold (closed) increased 11.91% in a year over year comparison.
  • Number of homes placed under contract (pending sale) increased 9.38% in a year over year comparison.
  • Average Sold price increased 13.12% in a year over year comparison. The average sale price for a detached single-family home was $616,895.
  • Less than a two-week supply of detached homes for sale exists in our market (more than five months of inventory is considered a buyer’s market.)
  • Average days on market (20) declined 52.38% in a year over year comparison for detached homes. Bidding wars are commonplace in many neighborhoods.
  • The average detached home sold in December for 100.68% of the list price.
  • The statistics for attached homes (townhomes, condos) is strong but not as strong as detached homes due to the impact of COVID-19 and desire/ability (work at home) of some homeowners to buy homes with more land and space.
  • Mortgage rates remained at record lows in a range of 2.35%% to 2.75%
  • Forward looking data suggests a continued robust market constrained only by the limited supply of homes for sale. Typical seasonal influences may continue during the next 30-45 days.  However, a robust early spring market appears likely.
  • The continued strong demand for homes, limited supply of homes for sale and the projection for continued low mortgage rates indicates a likely continuation of the strong market conditions in 2021. 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. Although record low interest rates are projected to continue for some time, the rates are artificially low due to government intervention and consequently could rise more quickly than expected.  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 2020 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.

dmar infographic_jan-21.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.
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