Greetings once again, my Friends! I hope you’re reveling in the delightful August weather here in Colorado. As we embrace the peak of summer, an abundance of exciting activities awaits both within the city and its surrounding areas. Rest assured, I’ve meticulously handpicked a couple of noteworthy events for you to enjoy during this month.
Now, let’s shift our focus to the housing market. As August arrives, we’ve witnessed a remarkable surge of 3.77% in active homes, signifying a substantial increase in available properties. However, home sales have experienced a dip of -16.34%, which is a common seasonal trend during the summer months in Colorado. As we approach the end of summer and with what is hopefully the last of the interest rate hikes, and as more people head back from there vacations, showings and demand will start to increase. “Cream Puff” properties as I like to call them and properties that are priced right still are going under contract quickly and some with multiple offers.
Local Events| Denver
The Shake + Brake Showdown
Get ready for The Shake + Brake Showdown! Enjoy tasty cocktails and delicious bites from Denver’s best food trucks. Sip on all-you-can-drink creations by top Denver bartenders, and savor mouthwatering appetizers from Shake + Brake’s food truck all-stars. Vote for your favorites and dance to awesome DJs! Don’t miss this fun night of food, drinks, and excitement. Get your tickets now! Click HERE for Tickets! *Must be 21 & over. No children or pets allowed.
Denver Food + Wine Festival Grand Tasting
Come to the Denver Food + Wine Festival Grand Tasting! Try yummy food from top chefs and drinks from wine pros. Over 40 local restaurants and 700 drinks to enjoy! There’s a VIP Lounge with special wines, live music, and more fun. Your ticket helps support worker education and wellness. Don’t miss this tasty event! Get tickets now! Click HERE for Tickets! *Must be 21 & over. No children or pets allowed.
Market Insights by DMAR:
The Colorado average homeowners insurance premium jumped 23 percent in 2023 as Colorado ranks #2 for hail claims and #3 for risk of wildfire.
In an effort to combat fraud, 11 Colorado County Assessor Offices currently offer complimentary online resources that enable property owners to register for notifications when a document is recorded concerning their property.
The number of protests filed with Colorado’s 64 county assessors increased 300 percent in 2023 compared to the average number of protests from the previous three assessment cycles.
According to Lawrence Yun, Chief Economist for the National Association of Realtors®, “The recovery has not taken place, but the housing recession is over. The presence of multiple offers implies that housing demand is not being satisfied due to a lack of supply. Homebuilders are ramping up production and hiring workers.”
The Federal Reserve raised the Fed rate by 0.25 percent from 5.25 percent to 5.50 percent, and raised the prime rate to 8.50 percent.
30-year fixed mortgage rates started and ended July at 7.04 per-cent, despite wild mid-month volatility.
Denver ranked as the third most competitive rental market in the west, behind Salt Lake City and Tucson.
The average number of active listings for July is 15,745 (1985-2022).
The record high July was 2006 with 31,989 listings and the record-low was set in 2021 with 4,056 listings.
Featured Local Business| Denver
Our featured business this month is Optimum Restoration, your one-stop shop for HOA, Commercial, and Multi-Family restoration and construction. With a wide array of specialties, including roofing, fencing, water mitigation, concrete, snow maintenance, fire restoration and cleanup, asphalt, decks, remodeling, siding – Optimum Restoration has the ability and expertise to complete the project you are looking for quickly and within budget. To find out more about Optimum Restoration give them a call directly at 303-903-2958.
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!