DMAR Digest | Week of May 9
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Quote of the week
"Talent wins games, but teamwork and intelligence win championships."
Michael Jordan, American businessman and former professional basketball player
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Fraud Alert – Vacant Land Scam
Land Title Association of Colorado and the Colorado Association of Realtors® have become aware of a new fraudulent scam that has quickly become more prevalent in the last month. In most instances it includes VACANT LAND. A fraudster locates a property and impersonates the owner of the property. They list the property for sale (typically as a “FSBO”) on various real estate syndication websites, looking for a buyer who wants a quick close. Read More
'The Pandemic Boom in Home Sales Is Over': Mortgage Rates Soar to Highest Level Since 2009 as the Fed Pressures the Housing Market
Mortgage rates are skyrocketing thanks to the Fed, but buyers who can tough out this difficult, changing market will be rewarded. The 30-year fixed-rate mortgage averaged 5.27% for the week ending May 5, according to data released by Freddie Mac on Thursday. That’s up 17 basis points from the previous week—one basis point is equal to one hundredth of a percentage point, or 1% of 1%. Read More
Federal Reserve approves interest rate hike of half a percentage point
The Federal Reserve Wednesday approved a 50 basis point increase to its policy interest rate in an effort to reduce inflation, in conjunction with a plan to shrink its $9 trillion asset portfolio beginning next month, according to Chairman Jerome Powell. During a news conference following the Fed’s committee meeting, Powell announced the increase and outlined the Fed’s plan to begin “the process of significantly reducing the size of our balance sheet,” he said. Read More
Metro Denver has more homes for sale, but not enough to stave off sharp price gains
Higher interest rates, now solidly above 5% on a 30-year mortgage, likely helped slow home sales in metro Denver last month, and the number of listings available is surging. But when it comes to calming those gale-force gains in home prices, the windows are still rattling something fierce. Read More
Denver's housing market report: Prices high while inventory rose in April
According to the most recent report from the Denver Metro Association of Realtors®, the metro area’s housing market saw the average price of a single-family home in the metro area soar to $825,073 in April, a 3.93% increase from March. Read More
Appreciation is Dropping. Will Home Values Fall? | Guest Post
Did we peak in February? Both average and median price growth slowed in April. I’d like to breakdown our median closed prices. Average home sale prices can often be misleading due to extremes like Russell Wilson’s home purchase for $25 million this month, so, let’s stick with the median. Read More
DMAR Real Estate Market Trends Report | MAY '22
While inventory is on the rise, so are prices. The average price of a single-family detached home in Denver Metro is $825,073, representing a 3.93 percent increase from last month. With consecutive months of increased prices and interest rates, a buyer's monthly mortgage has increased as well. The average close-price-to-list-price ratio in April for the detached market was 107.29 percent. With the increase in supply, the close-price-to-list-price ratio is an example of how the market was reacting a month ago. Read More
[INFOGRAPHIC] Market Trends Overview | MAY '22
Download the May Market Trends Report infographic. This is a great resource to share with your clients and colleagues on social media, your website or via email or even print. Read More
Digging Deeper: April 2022 Records
April 2022 was yet another record-breaking month. In this report, the DMAR Market Trends Committee examined the various records broken in this month. Read More
Resources & services
FREE EVENT | Marketing Meeting + Rookie Rockstars (Take 2) | May 19
Last month we hosted a Rookie Rockstars panel that was such a big hit we are bringing it back again this month and this time we're making it a doubleheader! Join the North District for their weekly marketing meeting from 8:30 AM to 9:30 AM followed by a panel with three guests who all have something very special in common - they have each been awarded Rookie of the Year at DMAR's Excellence Awards. RSVP HERE
FREE EVENT | Meet + Mastermind: Social Media is Social Business | May 19
While social media can be a game-changing tool, it can be daunting trying to navigate all the platforms and know which features you should be taking advantage of. To take the guesswork out of your own social media journey, we're turning to social media strategist Teah Hopper who's joining us to share how you can simplify your social media through a strategic approach. Read More
FREE VIRTUAL EVENT | Simplify Your Social | May 20
Social media strategist Teah Hopper is here to share all of her social smarts including what platforms you should be putting your effort into, how to create a content map, the importance of engagement and more. Join us for this virtual workshop and learn how you can simplify your social media through a strategic approach. RSVP HERE
Blueprint for Homeownership [PDF]
Thanks for helping us make our first-ever Housapalooza a success! This was a great consumer-facing, educational event for first-time homebuyers in metro Denver. Attendees received a digital resource guide with great information and resources. Missed the event but want to view the resource guide or share it with your clients? View/Download the Resource Guide
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