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After July’s historically high home sales, August slowed down by 19% (yet it was the best August we’ve ever had). The lack of listings was the culprit, “If there were more, we would’ve sold more,” said Jill Schafer, Chair of the DMAR Market Trends Committee.” – Wow!
We ended the month with a very light selection (11% fewer listings went on the market than in July / 41% less than Aug. 2019). But regardless, buyers are eagerly making moves. Almost 8% more homes went under contract in August than July (nearly 33% more deals than Aug. 2019). Market analyst, Megan Aller at First American Title, believes our super-low interest rates are a bigger influence on the market’s demand than the pandemic.
Sellers received even higher returns at closing time. Home prices went up again – the average cost for a single-family home is $606,330 (a 5.5% boost). Interestingly, condos’ avg. sales price dipped by 2.5%.
It’s a remarkable and critical time for people to buy or sell. So who are you in the home you’re living in right now? Does the space and location fully support your needs and lifestyle? What’s important to you today….and tomorrow?
We’d love to hear about your needs, goals, and explore options. Home has become life. Your physical, emotional, and financial security matter to us. Contact us at 720-738-1080, email@example.com.
Sources: Denver Metro Realtor Association and Megan Aller with First
Denver Is On. The. Move!
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Thank you Carla Siegel Bartell at Perry & Co Realtors for your thankfulness and thoughtfulness! We are all so crazy busy right now, but you still took the time to brighten my day with these!! Working on tough deals pays off for everyone!⚘🌺
Surreal…How COVID-19 Impacted Our Denver Real Estate Market
Describing our real estate market’s last month is a little challenging. In April, activity certainly slowed down as clients’ health was our number one priority. Protecting our community from the spread of COVID-19 was critical. Yet even in a pandemic, people need to move, so Colorado permitted real estate services to continue. So our whole industry adapted to safely help people refinance and purchase homes using video conferencing, virtual tours, electronic file processing, and even curbside closings. All in all, it paid off (source: DMAR’s May Monthly Market Trends Report):
- 4,679 new listings still came on the market (about -30% month-over-month / -38% year-over-year)
- 3,280 homes went under contract (-29% month-over-month / -46% year-over-year)
- 3,603 properties successfully closed (-24% month-over-month / -31% year-over-year)
When the pandemic started in March, a surge of sellers took their homes off the market. It is encouraging to see more homes remained available April, as we finished the month with 6,855 listings (4,576 single-family homes, 2,279 condos/townhomes). After all, our Denver metro area remains a high-demand market. When showings were allowed again on April 27th, buyers scheduled roughly 3,500 appointments (a record-high for a Monday so far this year).
As Denver metro counties slowly lift restrictions and people settle into this “new norm,” we’ll likely see more activity and opportunities. If you are thinking about buying, I am ready to help you expertly navigate every step of the process.
If you have any questions or want to start discussing your plans, I’m available by text, phone, email, and video conferencing. Take care of yourself.
Real Estate Remains An Essential Service
What a surreal month it’s been for our market. As we geared up for another spring frenzy, our real estate industry contended with rapid changes and increased uncertainty.
If you haven’t heard, Governor Polis’ Stay-at-Home Order deemed real estate an ‘Essential Service.’ It was a massive relief for many of our buyers and homeowners wanting to refinance. Our clients’ health and safety is a primary focus, so we’ve adjusted our operations according to CDC’s guidelines:
- No-Contact Transactions – closings are being done by mail or curbside.
- Virtual tours, Zoom, and FaceTime are part of our everyday tools.
So across the metro area, real estate continued (source: DMAR Real Estate Market Trends Report):
- New Listings: 30% more homes came on the market than in February. While a portion of sellers withdrew their listings towards the end of the month, our inventory remained solid.
- Sold Homes: 8% more homes went under contract and 12% more homes sold.
- Average Days on Market: Sellers accepted buyers’ offers 24% faster (29 days vs. 38 in February).
- Sales Price was a record-breaking $513,526.
The demand for listings remains high and interest rates remain low. We in the industry are adjusting our processes to provide you the best care. After all, as real estate professionals, adaptability is one of our biggest strengths.
During this time of Coronavirus, if you are interested in buying a home but just want to do a virtual tour of a home and make an offer, we are making a special offer to you. We will pay for your appraisal ($610). It’s a new era and we have to adapt! View our coupon here.
Call the Oddo Group at LeaderOne Financial in Littleton, CO.
You’re invited to join us for brunch and learn 10 Ways to Get More Listings in a Low Inventory Market!
Hosted by Michelle Oddo at LeaderOne Financial and Pam Giarratano, Sr. Account Manager at First Integrity Title Company.
View event brochure by clicking here: BrunchandLearn
Our Denver Market Was Immune!
Well…we certainly are fortunate to live in the Metro Denver area, aren’t we? Amid the stock market’s performance, coronavirus fears, and February’s nearly record-breaking snowfall, buyers and sellers were determined to get moving:
– Homes flew off the market twice as fast as January (12 Days on the Market – wow)!
– More transactions closed thanks to early-bird buyers and sellers.
– On average, sellers got a slightly better return as the Sold Price increased (single-family homes bumped up to $544,054 – that’s +2.5%).
We had 5.5% more listings enter the market (over 5,000 homes) in February than January, but with so many buyers ready to purchase, homes were quickly snatched up. We actually finished the month with slightly fewer properties for sale.
These market trends + spring’s arrival = a strong, steady real estate market. The demand for homes will continue giving sellers the advantage (except in the $1 million+ market, which is quite balanced in supply and need). And with our record-low mortgage rates right now, buyers have an opportunity to save more money.
I’d love to answer your questions about the market and chat about your goals, plans, and needs. Feel free to shoot me a text, email, or call me anytime.
Going, going, GONE!
Both sellers and buyers were ready for January! We had over 4,800 new listings come on the market (that’s 89% more than in December). However, you wouldn’t know this by our end-of-month stat: 4,900 homes went under contract by the end of the month, so we had slightly less inventory at the beginning of February.
With that big dip in transactions over the holidays, 34% fewer closings happened in January. No doubt that stat will see a big boost next month thanks to the surge of activity. Yet we were still short on inventory, so the average sales price remained steady for single-family homes and condos.
- Most of the single-family home sales in January were in the price range of $500k – $749,999 (our premier market).
- The largest selection of condos was priced between the $300k to $400k.
- Buyers with the most negotiation power were purchasing properties over $1 million (our luxury market).
- It remained a strong seller’s market for all of the price ranges under $1 million.
But buyers are hoping the early bird gets the worm. With such low mortgage interest rates and our occasionally warm days, the Denver-area housing market has heated up well before spring. So homeowners can prepare to list their homes as soon as possible. We are more than ready for you!
Please contact me with all of your real estate questions. It’s my pleasure to strategize plans for my clients. I’d love to hear about your needs so we can craft the best real estate experience for you!
Senior Mortgage Banker & Branch Manager
M (303) 961-6906
O (720) 738-1081
*Source: DMAR monthly market trends report.
Divorce, Real Estate & Mortgage Financing is an issue when you are separating or getting a divorce. Whether refinancing your home after a divorce, or you are going to to purchase a new home, involving a Certified Divorce Lending Professional is important.
As a Certified Divorce Lending Professional in Littleton Colorado, I specialize in working with clients that are separating or going through a divorce situation as well as family law attorneys and financial planners.
I bring expertise of the connection between Law, Tax, and Mortgage Financing Strategies as they all relate to real estate and divorce.
If you have questions about alimony, child support, divorce buyouts or any other divorce or legal separation concerns, please give me a call.
Michelle Oddo is a top mortgage producer at LeaderOne Financial in Littleton Colorado with a proven track record. She’s like to help you in this time of transition.
Michelle Oddo: 303-961-6906