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…