Monthly Roundup December: DMAR in the News
Our Association caught the attention of several major media outlets this month including the Denver Post, Denver Business Journal, Denver7 and the Aurora Sentinel.
Denver Post
More Coloradans moving out as population growth brings traffic headaches, higher home prices
Still, professionals in real estate and moving businesses say they aren’t yet seeing a slack in the number of people moving here. “I suppose if we had negative or slowing migration numbers, then, yes, it could help the constrained market. But I have not experienced that yet and would be surprised to see a slower market in 2018,” said Steve Thayer, chairman of the Denver Metro Association of REALTORS® and owner of the Keller Williams Action Realty office in Castle Rock. Read more...
Number of homes for sale in Denver in November was a record low for the month
A thin supply of homes available for sale in November left house hunters hungry, according to an update released Tuesday by the Denver Metro Association of REALTORS®. Since 1985, the number of homes available for sale at the end of November has dropped an average of 8.8 percent from October’s inventory. But last month, the inventory dropped 18.7 percent to 5,131, a record low for November. Read more...
Some sellers may not realize their obligations until they sit down to prepare taxes the following year, long after they rolled any proceeds into the next home, Barnes said. That means owners, to the degree they can do so, will need to stay in their homes a minimum of five years. That creates another complication for the market. The larger metro Denver area, with a population of 2.8 million people, had just over 5,000 homes available for sale at the end of November, according to the Denver Metro Association or REALTORS®. Read more...
Metro-area housing costs have been rising for years, and well beyond Denver’s boundaries. October figures from the Denver Metro Association of REALTORS® showed that the average price of a home sold was $490,525, up 11.6 percent year-over-year. Many details of the Elevation program, including financial restrictions, remain to be worked out. But its targets for help are families making 55 percent to 80 percent of the metro area’s annual median income, or AMI. Read more...
Denver Business Journal
Metro Denver home prices rise in November, inventory remains low
Average home prices in metro Denver increased 8.31 percent year-over-year in November to $443,848, according to new data from Denver Metro Association of REALTORS®. That figure includes single family homes and condos. Single family homes alone averaged a $479,192 sale price. November set a record-low inventory with 5,131 active listings, according to Steve Danyliw, chairman of the DMAR Market Trends Committee. “History tells us that inventory will continue to decrease until sometime around February,” Danyliw said. “We may be looking at more record lows.” Read more...
Denver housing costs considered 'severely unaffordable' in new report
To be considered in the "severely unaffordable" category, Point2 Homes said the median multiple needed to be above 5.1, and 25 North American markets were in that category. Last week, the Denver Business Journal reported that average home prices in metro Denver increased 8.31 percent year-over-year in November to $443,848, according to the Denver Metro Association of REALTORS®. Read more...
Denver 7
Denver-area home prices drop slightly in November amid seasonal cool-down
The seasonal slowdown in the real estate market led to slightly lower home prices in metro Denver last month, according to the latest numbers from the Denver Metro Association of REALTORS®. The median price of all homes that sold in the area in November was $375,000, down from $380,000 in October, according to DMAR. Single-family homes saw the biggest drop, falling to $405,000. The median condo price was $272,000. Read more...
If you've been waiting to buy a home, now might be a good time to do it
The median sale price of homes in metro Denver dipped slightly to $375,000 in November, down from a high of nearly $390,000 in June, and that downward trend will likely continue going into the new year. That’s pretty typical, according to Libby Levinson, a Denver-area REALTORS®and a member of the Denver Metro Association of REALTORS®’ Market Trends Committee. Levinson said buying and selling alike aren’t often on people’s minds during the winter months, and that affects the real estate market. “A lot of people take their homes off the market for the holidays,” Levinson said. “It’s also colder and I think that people aren’t as excited about going out and trudging through the snow looking at properties.” Read more...
Aurora Sentinel
Residents moving out of Colorado in record numbers
But slower population growth could help housing markets along the Front Range rebalance after years of strong gains in home prices and rents and allow builders to catch up on supply shortages, especially for single-family homes. Still, professionals in real estate and moving businesses say they aren't yet seeing a slack in the number of people moving here. "I suppose if we had negative or slowing migration numbers, then, yes, it could help the constrained market. But I have not experienced that yet and would be surprised to see a slower market in 2018," said Steve Thayer, chairman of the Denver Metro Association of REALTORS® and owner of the Keller Williams Action Realty office in Castle Rock. Read more...
