A Unique Time for Buyers and Sellers

Matt Hudson, CEO CHR WEEKLY, Market Trends

The supply v. demand balance in the Denver market appears to remain steady as (1) sold prices continue to edge higher (2) days-on-market for listings remains lower than the 3-year average and (3) the number of showings it takes for a home to go under contract is down by more than 84% (less than 5 showings), for the first time in our recorded data.

This is likely a combination of virtual showings for buyers facilitated by good agents and willing sellers, and indicates that the buyers engaged in this market are extremely serious.

Big Shift in Real Estate?

Matt Hudson, CEO Market Trends

We are seeing aspects of the market understandably respond to job loss, the shelter-in-place order and economic challenges.  At the same time, we are seeing signs of consumer adaptation and continued strong market activity fueled by positive aspects of the Denver economy and real estate market.  So has there been a BIG shift? 
No, not just yet.  

Navigating Denver Real Estate

Matt Hudson, CEO CHR WEEKLY, Market Trends

For the moment, Denver is still a strong sellers’ market as inventory remains low and interest rates continue to attract buyers. However, we remain circumspect arriving at conclusions about the direction of the market. So many factors are at play between the stimulus package, lost jobs, shelter-in-place order and direction of the US economy.

Real Estate In Turbulent Times (Through Weeks 12/13, 2020)

Matt Hudson, CEO CHR WEEKLY, Market Trends

Last week, we established a baseline for the Denver real estate market through Week 10 of 2020, or prior to any presumed market impact from COVID-19. Our intention is to write fact based and data driven analysis versus sensational reporting.  We maintain that commitment.  However, this week is more conjecture as we endeavor to provide interpretation of any patterns we see evolving.

Real Estate In Turbulent Times (Through Week 10, 2020)

Matt Hudson, CEO CHR WEEKLY, Market Trends

We expect the social and economic fallout of COVID-19 to impact the Denver real estate market. You’ll need reliable information. Not rumor or opinion, but fact-based, data-driven truth. Many homeowners have built substantial equity in their homes over the last few years and they are asking us for advice.

The Rear View Mirror and the Windshield

Nykki Gallegos Buying, Market Trends, Selling

Do you have a road trip that you take repeatedly? Heading over to Sturgis on the Harley? Trundling off to Lake Powell? If so, you are familiar with the waypoints. That place you stop for a milkshake. A noteworthy view from a mountain pass. The historical marker where someone famous did something noteworthy at some time in the distant past. The …

Understanding Market Shifts

Nykki Gallegos Buying, Market Trends, Selling

We’re seeing lots of news recently about a shift in the metro Denver residential real estate market. It’s true! The market IS shifting. However, the portrayal of this shift as reported in the popular media and even by many industry sources contains only a drop of truth in an ocean of misinformation. LET’S UNRAVEL TRUTH FROM FICTION. Most of the …

Smart Buying and Selling Strategies for the 2nd Half of 2018

Nykki Gallegos Buying, Market Trends, Selling

There is a seasonality to residential real estate sales and there are both myths and realities in connection with this phenomenon. One myth is that most resale home transactions occur during the first half of the year. That is dispelled by the chart shown here.   On average, the distribution of closings per quarter is 19%, 29%, 29% and 23% over the last …

Average House Payments Near Historic Norm

Nykki Gallegos Buying, Market Trends, Selling

There are many ways to look at housing affordability. A prior post evaluated affordability by comparing payment required to income available over a 43-year time frame. An alternative methodology is to look at monthly house payments after adjusting them for inflation. At Colorado Home Realty (CHR), we conducted an affordability analysis recently using this complementary approach. Since this analysis takes …

Housing Affordability Better Today Than During Most of the Last 43 Years

Nykki Gallegos Buying, Market Trends, Selling

Imagine it’s 1979. The average single-family home in metro Denver carries a price tag of $66,051. Don’t you wish we could go back to those days when housing was so affordable? A recent affordability study by Colorado Home Realty (CHR) came to a shocking conclusion: The average single-family home in 2016, selling at $441,172, is significantly more affordable than its 1979 counterpart! …

Market Predictable … and Affordable?

Nykki Gallegos Buying, Market Trends, Selling

Market Predictable … and Affordable? “Second verse … same as the first.” That iconic line from a 1910 British theatrical song, famously reprised by Herman’s Hermits in the 1960s, summarizes the metro Denver residential real estate market. It is keeping the same pattern year after year.   The 12-month moving average for single family home prices is 8.5% now versus …