Little Tidbits to Keep You Informed
The real estate market moves – learn about Douglas and Elbert Counties‘ residential market statistics this past August.
August 2021: In Douglas and Elbert County the Residential Inventory and Percent of Residental Sales by Price Range slides have some great information for those interested in buying or selling property. The entire pdf of statics is also here to review.
Victory on Eviction Moratorium
SCOTUS rules for housing providers, CDC’s latest extension is unlawful
The U.S. Supreme Court ended the Centers for Disease Control and Prevention (CDC’s) eviction moratorium Thursday night, giving much-needed relief to America’s small housing providers facing financial hardship for more than a year.
In a 6-3 ruling, a majority of justices agreed that the stay on the lower court’s order finding the CDC’s eviction moratorium to be unlawful was no longer justified.
In their order, the justices wrote, “The moratorium has put the applicants, along with millions of landlords across the country, at risk of irreparable harm by depriving them of rent payments with no guarantee of eventual recovery. Despite the CDC’s determination that landlords should bear a significant financial cost of the pandemic, many landlords have modest means.”
The case was brought by the Georgia and Alabama Associations of REALTORS® and other property providers, with NAR’s help.
In May of this year, U.S. District Judge Dabney Friedrich for the District of Columbia had struck down the ban as unlawful, but she stayed her ruling pending appeal. The case wound up twice before the D.C. Circuit Court of Appeals and Supreme Court.
In a statement, NAR said of the ruling:
“This decision is the correct one, from both a legal standpoint and a matter of fairness. It brings to an end an unlawful policy that places financial hardship solely on the shoulders of mom-and-pop housing providers, who provide nearly half of all rental housing in America, and it restores property rights in America.
“No housing provider wants to evict a tenant—it is always a last resort and reserved for the rarest cases. The best solution for all parties is rental assistance, and all energy should go toward its swift distribution. Nearly $50 billion of aid is now available to cover up to a year-and-a-half of combined back and future rent and utilities for struggling tenants—and every state has started a program to distribute the funds.
“With this rental assistance, now is the time to return the housing sector to its former, healthy function. NAR is thankful for the Biden administration’s new guidance to speed up rental assistance distribution, which includes many NAR recommendations. We will continue to work with all parties to make that assistance readily accessible to tenants and housing providers.”
NAR cautions housing providers that some state and local governments may still have their own eviction moratoria in place. (See more here: State Information on Eviction Moratoriums and Rent Relief(link is external))
Follow this link to the National Association of Realtors article
In a fast paced real market to be successful, you need to be kept informed by our real estate team.
July 2021 – When we look at our monthly stats – month over month and year over year, we see residential inventory slowly increasing, we also take note of year over year home price increases. Pay attention to the Residential Inventory and Percent of Residental Sales by Price Range slides. The entire pdf of statics is also here to review.
Denver Post Article: Metro Denver’s housing market hits the brakes in July (2021)
August 4, 2021 at 3:12 p.m.
Metro Denver’s housing market slowed in July, with closings down from June and the inventory of available homes remaining tight but rising at a record rate, according to the monthly Market Trends Report from the Denver Metro Association of Realtors.
Buyers closed on 5,820 homes and condos in metro Denver last month, down 12.3% from June’s count and 21.3% from July 2020. The inventory of residential properties available for sale at the end of July was 4,056, a nearly 30% increase from June.
“As the trends shift away from a hot summer market, the question at the forefront of everyone’s mind is ‘Are prices going to come crashing down?’” Andrew Abrams, chairman of the association’s market trends committee, said in comments accompanying the report.
The median price of a single-family home sold in July was $600,000, which matched June’s median price and reflects a 20% gain from last July. The average closing price was $699,795, down 3.5% from June but up 17.2% from a year earlier.
The median price of a condo or townhome sold in July was $381,250, which was up 0.8% from June and 14.5% from a year earlier. The average sale price for condos and townhomes last month was $442,949 — 1.6% more than in June and 15.2% on the year.
Single-family home listings spent an average of eight days on the market last month, while condos and townhome listings spent 12 days. A tenth of closings last month saw sellers lower the price, compared with a quarter of closings in July 2020.
A typical year in metro Denver sees a 3.1% gain in active listings between June and July. But this year’s monthly increase of 29.9% is the largest ever recorded for July, according to the report. That said, July’s average was 16,302 active listings, so the supply remains at only a quarter of historic levels.
Tight supply should hold at bay a dramatic drop in prices, Abrams and others argue.
“At a broad level, home prices are in no danger of decline due to tight inventory conditions, but I do expect prices to appreciate at a slower pace by the end of the year,” Lawrence Yun, chief economist of the National Association of Realtors, predicted last month.
Yun said he expects home price gains to start rising in line with income gains next year as more listings and newly constructed homes hit the market.
Hard to believe it’s the middle of July 2021 already!
Mid-Year Real Estate Update: Where we are & where we are headed
The market has been on a holy tear since January. Average home across the Denver Metro ( Denver MLS) area have topped the $650,000 mark for the first time in history, and inventory still remains the challenge.
- Interest rates remain steady. No major change predicted.
- Lumber prices are stabilizing.
- Materials, labor shortages still abound so new builds are very slow. 1+ year.
- Sellers still rule and Buyers must hustle. We have developed several great tactics to get homes bought!
- Inventory is very low, but slightly improving.
If you are in Douglas County, we are even more challenged with 422 single family homes on the market at the end of June less than half of what we had last year, which was 60% of what we had in 2019. So it’s still a Sellers’ market and Buyers have to hustle! Despite the constraints, our team closed more sales than ever before to date and continues to assist Sellers and Buyers get to the closing table for the highest amount within the shortest time. Historically our market slows from July till December, however that may not be the case this year as there is still so much pent up demand. However we are seeing a slight uptick in inventory, so we hope we see fewer bidding wars and longer days on market should extend slightly allowing buyers more than 1 hour to make a decision!!!
We are always here to help! Although I am your main contact, I am backed by a terrific team- whatever your needs are, we can help. I look forward to hearing from you. If you’d like to discuss the market, or need specifics on your neighborhood, please call. I am now licensed in Arizona also, so if that is your destination, we can assist you.
Return To Normalcy
What goes down, must come up. At least that’s true in real estate gravity. Whether we are talking about long-term appreciation or the return to seasonal increased inventory, the return to normalcy is here. Month-end active inventory increased 50.46 percent compared to last month, which is the highest percentage of month-over-month increase in our records. Big percentage changes can happen when you start with the low inventory we have been seeing. The impact of this increase will be felt by both buyers and sellers alike. July Denver Metro Real Estate Market Trends Report
June 2021: FHA announced they are changing their minimum imputed student loan payment from 1% to 0.5%.
Loan Limits Going Up
Renter?- Become an Owner
Inventory Slim in Douglas and Elbert Counties, Colorado
Low Invetory Remains a Challenge!
February 2020 Real Estate Stats Douglas County, CO-Detached
December 2019 Denver Metro MLS Stats Tell a New Story
January 28, 2020 As you can see the median price in general has stablized, giving buyers a much needed breather. Our challenge going…