2020 Sales and Appreciation – To The Moon!

Team CHR Market Trends

Record sales and skyrocketing appreciation along the front range in 2020 were driven by high demand from an increasing Colorado population, low interest rates and lifestyle changes for many. Will we get the virus under control? Will politics settle down? Will the U.S. economy continue its recovery? These are macro questions that will influence our local market and factors we continue to analyze.

Low Inventory Isn’t a Lack of Sellers, Just More Buyers

Matt Hudson, CEO CHR WEEKLY, Market Trends

With 30-year fixed interest rates at 2.5% and households demanding more from their at-home work and school environments, buyer activity continues to be unseasonably strong. In this market, sellers have tremendous negotiating power and depending on the situation, can work in extra time to find a replacement home if needed.

Ways to Help the Colorado Wildfires

Team CHR Life at CHR

We have been hit with “with the three largest fires in state history and all occurring in 2020.” Now is the time to come together and help our beautiful state. Below are different resources to how you can help. Boulder County 2020 Fires Relief Fund COVID-19 Response Fund Boulder County Grand County Grand County Wildfire Emergency Fund Grand County Outbreak …

Inventory, Price and Sales All Up

Matt Hudson, CEO CHR WEEKLY, Market Trends

UP, UP, and UP! Last week new homes for sale was 14% higher and there were 44.6% more homes under contract compared to the last 3-year average. The average weekly sales price of a single-family home is also still going up hitting $628,236 last week.

Massive Equity Gains

Matt Hudson, CEO CHR WEEKLY, Market Trends

The average sales price of a single-family home in the Denver Metro real estate market hit $624,048 last week. That is up $116,000 from just 18 weeks ago.

What should homeowners do with that equity, if anything at all? Some will say sell and capitalize, some will say pull the equity out. The answer is always the same, IT DEPENDS. PM me or comment below to discuss further!

Denver Real Estate: THE GAP WIDENS

Matt Hudson, CEO CHR WEEKLY, Market Trends

Fall season typically marks a slowing of the real estate market. We see a slight decline in home values and reduction in market activity every year. EXCEPT THIS YEAR. While an unusually high 1,534 homes hit the market last week, 1,631 homes went under contract, further widening the supply and demand gap.

Breaking Records, Yet Again

Matt Hudson, CEO CHR WEEKLY, Market Trends

Another week of records! 1,658 homes under contract last week is 45% higher than the last 3-year average. The average weekly sales price of all property types has also risen 22.5% in the last 14 weeks, from $476,861 in week 19, now at $584,035. PM me if you want to know more about your specific area.

We Were Wrong

Matt Hudson, CEO CHR WEEKLY, Market Trends

We thought prices might increase by 6% over the last 6 week period. The Average Weekly Sales Price has SKYROCKETED from a low of $483,563 to an all time high of $575,025, two weeks ago. That’s an 18.9% increase in 10 weeks. The number of homes being listed for sale has remained at, or only slightly above the seasonal weekly average, creating a serious supply issue.