How is the Market?

It's a question we get all of the time - how is the market in the Denver Metro area?

Found 110 blog entries about How is the Market?.

Colorado was a leader when it came to missed mortgage payments and foreclosures in the years before the 2008 financial crisis.

Now, no state can compare when it comes to borrowers who are timely on their mortgage payments and hanging onto their homes.

The share of mortgage loans in the state past due 30 days or more stood at 1.78 percent in April, according to Black Knight, a mortgage technology firm. That is only slightly above the record low of 1.76 percent reached in the state last August.

Colorado has had the lowest rate of mortgage delinquencies of any state for 26 consecutive months and has ranked in the bottom five states for the past 94 months, said Mitch Cohen, a spokesman for Black Knight.

When it comes to the share of mortgage

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The month of May recorded highest housing inventory in Metro Denver since 2013 and record-breaking average single-family home price.

In May, there were 8,789 new listings, up 16.97 and 38.12 percent from the previous month and year, respectively. At month’s end, 6,470 homes went under contract, up 5.65 and 10.5 percent from April and last year, respectively. Notably, the average single-family home price reached a record-breaking $555,482.

“Even with all of those offers written and accepted, we still ended the month with 8,891 homes for sale,” said Jill Schafer, Chair of the DMAR Market Trends Committee and Metro Denver Realtor®. “That’s an important number to note. It’s the highest end-of-month number of active listings since November

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Sales of existing homes fell for a second straight month in April, but the market should rev up soon, the National Association of Realtors (NAR) said on Tuesday.

Home sales dipped 0.4% from March to a seasonally adjusted annual rate of 5.19 million . Sales were down 4.4% from a year ago.

Student debt is still holding back many millennial buyers, says Lawrence Yun, NAR's chief economist. And prices for the entry-level homes that age group targets have risen sharply because of low supplies.

Meanwhile, a big drop in mortgage rates didn’t boost home sales. The average rate for a 30-year, fixed-rate mortgage dropped to 4.14% in April from 4.27% in March, according to Freddie Mac, the mortgage loan company. The average rate in 2018 was 4.54%.

Yun

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After piling in when the market was hot, investors are facing losses from homes that take too long to sell.

Sean Pan wanted to be rich, and his day job as an aeronautical engineer wasn’t cutting it. So at 27 he started a side gig flipping houses in the booming San Francisco Bay Area. He was hooked after making $300,000 on his first deal. That was two years ago. Now home sales are plunging. One property in Sunnyvale, near Apple Inc.’s headquarters, left Pan and his partners with a $400,000 loss. “I ate it so hard,” he says.

A new crop of flippers, inspired by HGTV reality shows, real estate meetup groups, and get-rich gurus, piled into the market in recent years as rapid price gains helped the last property crash fade from memory. Many newbie

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Where is housing headed in the Denver Metro Area?

Although of course she doesn't claim to have a magic crystal ball, Megan Aller of First American Title and A Girl and Her Graphs dug deep into the data this month to make some predictions:

Based on previous years in this cycle (2013-2018) the values in these Housing Heat Maps represent the best times to be in the market in 2019. 

(Yellow represents a Seller's Opportunity, and Blue represents a Buyer's Opportunity.)

The market is likely to favor those sellers who are ready to take advantage of early buyer activity. 

Sellers late to the market in the summer months are more likely to spend longer on the market, make price reductions and sell at lower prices than spring sellers.

Buyers are most

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A growing number of Americans who lost their homes to foreclosure or a short sale during the housing crisis are re-emerging in the housing market and buying a home again, USA Today reports. 

“Boomerang buyers,” as they’re nicknamed, are coming back, and some economists contend they are a critical component to driving a big uptick in the housing market over the next few years.

“I think the next phase of the housing recovery will be partly driven by people in the primary age group” of 35 to 64 who have been hesitant to buy again after losing their home during the housing crisis, Kwame Donaldson, an economist with Moody’s Analytics, told USA Today.

Lately, first-time home buyers and millennials have been driving the bulk of sales. First-time home

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In April, the average single-family sold home price in metro Denver hit a record high of $553,371, and reached a year-to-date high of $527,244. The average condo sold price in April was $368,565, up 2.62 percent from March and up 2.17 percent year to date.

“Spring is a great time to take in the smell of the blooming bushes and put things into perspective because this month is all about perspective,” said Jill Schafer, Chair of the DMAR Market Trends Committee and Metro Denver REALTOR®. “Some housing market stats look like the sky is falling, but when put into perspective you can see why prices continue to go up in the Denver Metro area.”

It took twice as long to sell a house so far this year compared to this point in 2018. Schafer comments,

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Metro Denver’s apartment market got off to a strong start this year, as tenants absorbed all the units that hit the market and then some, pushing up rents and driving down vacancies.

According to the Denver Post, Developers delivered a robust 3,959 new units in the first quarter and tenants absorbed an “impressive” 5,552 net units, according to the Denver Metro Apartment Vacancy and Rent from the University of Denver and the Apartment Association of Metro Denver.

That strong demand pushed the vacancy rate down to 5.4 percent from 5.8 percent in the fourth quarter. It also pushed the average rent up to $1,480.74 a month, which is $24.65 higher than the average in the fourth quarter and $60.44 higher a month than the average rent a year ago.

“I am

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Nearly 60 percent of all spring home shoppers are considering a home that needs renovating.

As rising home prices and limited entry-level inventory continue to be a hurdle, according to realtor.com®’s spring home buyer survey,  just over half of home buyers considering a home that needs some TLC are willing to spend more than $20,000 on the renovation, while the vast majority – 95 percent of them – are optimistic they will get a positive return on their renovation investment.

Realtor.com® conducted the online survey through Toluna Research in March, consisting of 1,015 respondents planning to purchase a home in the next 12 months.

“The combination of rising home prices and limited entry-level homes for sale is prompting many home shoppers to

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In March, the number of new residential listings (single-family and condos) was up 21.75 percent from February, and buyers liked what they saw, with the number of homes going under contract increasing 27.39 percent from the month prior, an increase of 4.27 percent year over year.

“When more homes go under contract than come on the market, it begins to chip away at the surplus inventory that built up in the last half of 2018,” said Jill Schafer, Chair of the DMAR Market Trends Committee and Metro Denver REALTOR®. “While buyers are starting to push back on sellers’ list prices, they still have to put their best foot forward because, comparatively speaking, there’s not a lot of inventory to choose from.”

According to Schafer, while it’s not likely that

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