With Colorado’s slow transition into autumn started, we will notice the housing market changing as well. We saw drops in most categories last month, including a 4.39% reduction in the average close price in the Denver Metro Area. As fall approaches, Buyers can be more patient and have more options, and Sellers will need to look at different pricing strategies when selling their homes. It’s difficult to predict how the housing market will look in a few months, but higher interest rates will continue to curb the housing demand as these rates directly correlate to monthly payments.
Market Insights by DMAR:
• Two Colorado cities made U.S. News & World Report’s list of Top 10 Best Places to Live in the U.S. for 2022-2023. Colorado Springs ranked second and Boulder came in fourth. • A new ballot measure that would generate $270 million annually for affordable housing is headed for Colorado voter review after qualifying for the November 2022 ballot. • “The Fed is getting what it wants,” said Matthew Walsh, an economist at Moody’s Analytics in West Chester, Pennsylvania. “The housing market needed to cool, and higher interest rates were the only thing that was going to accomplish that.” • Fannie Mae’s Economic & Strategic Research Group expects total home sales to decrease by 16.2 percent in 2022, a further downward revision from July’s projected drop of 15.6 percent. • According to the Chief Economist for the National Association of Realtors®, Lawrence Yun, we’re witnessing a housing recession in terms of declining home sales and home building. It’s not a recession in home prices. Inventory remains tight and prices continue to rise nationally with nearly 40 percent of homes still commanding the full list price. • The average active listings for August is 15,900 (1985-2021). • Record-high August was 2006 with 31,664 listings and the record-low was set last year with 3,582 listings. • The historical average decrease in active listings from July to August is 1.32 percent. A decrease of 5.73 percent this year represents a healthy decrease in housing inventory.
Local Events| Denver
Lumonics Immersed Art Experience! Lumonics Immersed is a multi-sensory art journey to refresh and energize your Body, Mind, and Spirit. There are several events for this unique experience coming, so get tickets now! Tickets are $15-$25 and includes complimentary non-alcoholic beverages and snacks. Find more information here!
Colorado Rapids Season Afoot! With only a few games left in the season, don’t miss a chance to see the Colorado Rapids this year! Tickets and information available at their official website here.
Featured Local Business| Denver
Featured this month is Solid Ground Flooring, LLC, locally owned and operated by LabanMatthews. Solid Ground Flooring specializes in all things flooring, from bathrooms to kitchens to everything in-between. You can reach out directly to Laban for a quote at 303-550-1996 or email@example.com.
If you’d like your business to be featured in a future Newsletter, give me a call or email!
Real estate questions? Wondering how the market looks at the moment? Just want to say hello? Don’t hesitate to call me – I’d love to chat! Don’t forget to follow me on social media – click on the links below!