Monthly Roundup March: DMAR in the News
Our Association caught the attention of several major media outlets this month including The Denver Post, Denver Real Estate Watch, Denver 7, Denver Business Journal, and 9 News.
Check out these news headlines, which mentioned our Association and referenced our March Market Trends Report.
The Denver Post
"This spring is shaping up to replicate last year's market with high buyer demand significantly outweighing supply, which will inevitably lead to bidding wars and higher prices," said Anthony Rael, chairman of DMAR's market trends committee, in the report.
Denver Real Estate Watch
“Market activity is picking up, but home sellers appear to be holding out for the upcoming spring frenzy,” said Anthony Rael, Chairman of the DMAR Market Trends Committee and Denver real estate agent. “This spring is shaping up to replicate last year’s market with high buyer demand significantly outweighing supply which will inevitably lead to bidding wars and higher prices,” Rael said.
“The idea was that as the title companies and lenders were ramping up, they wanted to prepare consumers for a 45-day closings,” said Anthony Rael, chairman of the DMAR Market Trends Committee. “The thought was that 45 days would become the new normal for closings,” Rael said. The data shows that while home are spending an extra three or four days under contract, TRID hasn’t greatly delayed closings.
Denver 7
“It is a brutal market place right now,” said Anthony Rael, member of the Denver Metro REALTORS® Association. Rael said the six percent drop is all due to home sellers just staying put. “I think a lot of sellers realize if they sell now, they are going to have to compete in the market to buy something else too," said Rael. Houses that are just below the $350,000 range get several buyers at a time.
9 News
After months of double-digit home-price appreciation, the metro Denver area clocked average home-price growth of 9 percent year-over-year in February, according to the latest data from the Denver Metro Association of REALTORS®. The average price of a home, including both detached houses and attached homes like condominiums and townhomes, grew to $377,917 last month, compared with $346,572 a year ago.
“It shows you the level that some buyers will go to, to try to let it be known that look, I’d love to live in this neighborhood,” said Rael, who serves as chairman of the Market Trends Committee for the Denver Metro Association of REATLORS®. The latest DMAR Market Trends Report showed the metro area closed out February with a historically low 3,963 active listings. That’s a six percent decrease in inventory over January and a 2.8 percent decrease year over year.
Denver Business Journal
"Market activity is picking up, but sellers appear to be holding out for the upcoming spring frenzy in April (and) May - which is shaping up to replicate last year's market of high demand significantly outweighing supply," DMAR said in its report. Taken separately, detached single-family homes increased in price by 8 percent year-over-year on average to $417,734 and condos prices went up 16 percent to $287,703 in February.
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