Real Estate Analysis and Commentary in Littleton

May 14th, 2021 1:22 PM
The 2021 selling and buying season is off to a very active start in the Denver Metro area. Fueled by strong demand and low inventory, the Average Closed Price for homes is at an all-time high. Sellers have picked up the pace, bringing more homes to the market for buyers. Still, inventory levels remain very low with homes spending a median of only four days on the market. The housing market across Colorado showed incredible year-over-year growth. This time last year, home buyers and sellers were adapting to strict physical-distancing measures to slow the spread of the coronavirus, which greatly impacted the housing market. 

*This data was gathered from RE Colorado and the Denver Metro Association of Realtors (DMAR)

Posted by Michael Manley on May 14th, 2021 1:22 PMLeave a Comment

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April 12th, 2021 11:23 AM
Demand remains strong across the Denver Metro Area this March with more homes closed than any other March on record. The number of New Listings picked up from last month, with sellers are bringing more homes for sale to the Denver Metro market, but inventory remains scare. March ended with only one week of inventory and fewer than 2,000 Active listings. Throughout the month, we saw 5,169 closings and 5,783 contracts written on listings. Strong demand pushed home prices higher once again, with the average price of a single-family home up 15% from last year to $588,009.

Posted by Michael Manley on April 12th, 2021 11:23 AMLeave a Comment

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March 1st, 2021 2:05 PM

Monthly Market Report - January, 2021

The strong seller’s market of the past few years only continues to tilt toward sellers. New listings were down 12% from the prior year same month, but pending listings were up 1%. The number of closed sales has decreased by 6% (this is being driven down by a lack of inventory).  Meanwhile average days in MLS has decreased by 19 days, down to a mere 26 days currently. Inventory has dropped from 6 weeks to 5. The result on average home price is staggering at an increase of 16% over the year.

Posted by Michael Manley on March 1st, 2021 2:05 PMLeave a Comment

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December 3rd, 2018 8:26 AM
Monthly Market Report - December, 2018

Is the market slowing, or is this just a seasonal slowdown? 

The above chart shows that the number of listings is growing significantly. Overall, listings have steadily increased in Denver metro, up 18.1% in November, 2018 from the prior year (currently at 9,188, remember not too long ago when we were in the 4000's?). Further, supply continues to grow, meaning sales are not keeping pace with the increasing numbers of listings: 

Alright, but how is this affecting median price? Currently, median price continues to increase as the chart below shows. However, the rate of increase is slowing slightly. Single family detached housing median price increased by 6.8% from November, 2017 to $425,000 (after increasing 7.6% the prior year). 

So, what does this mean for the future? Most market experts are predicting a further slowing in Denver metro as interest rates are expected to continue to increase eroding affordability in the market (a $1200 monthly mortgage payment would get you a $234,000 loan when interest rates are 4%, but if they increase to 4.5% you could only get a $221,000 loan, and at 5% a $209,000 loan). The good news is more availability for buyers and a more balanced market between buyers and sellers. Check back every couple of weeks as we keep our eye on the market.

Posted by Michael Manley on December 3rd, 2018 8:26 AMLeave a Comment

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