We saw a sharp decrease in month-end active inventory from October to November, dropping to 2,248 (including both attached and single-family homes). Despite the low inventory, we are still seeing a large amount of homes close as we transition from Fall to Winter, so while inventory is low, there are still plenty of houses listed each day and many opportunities to find yourself the home you’ve been looking for. November broke more than a few records, including Average Close Price (Residential: $629,479 – November 2020 was $545,031), Median Days in MLS (5 days, previous record low November was in 2020 at 6 days), and Months of Inventory (Residential: 0.46 months, compared to November 2020 at 0.71 months).
Purchasing or selling a home can be complicated this time of year, but it doesn’t have to be. Give me a call or send me an email and say hello! I would love to wish you and your families a Happy Holidays this year!
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Market Insights by DMAR:
• Lumber prices continue their roller coaster ride up 39.1 percent from October but down 51.2 percent from May’s record of $1,686/board foot.
• The world’s wealthiest dog just listed his Miami mansion (once owned by Madonna) for nearly $32 million. Gunther VI inherited his vast fortune, including the eight-bedroom waterfront home, from his grandfather Gunther IV. The Tuscan-style villa with views of Biscayne Bay went on sale Wednesday for $31.75 million. And you thought your dog was spoiled!
• Consumer confidence, which places a greater emphasis on employment and labor market conditions, is up with 10 million jobs available, “quits” at an all-time high and initial jobless claims at a post-pandemic low. On the other hand, Consumer Sentiment, which emphasizes individual household finances, is down due to the fear of high inflation. The fear is not stopping spending as retail sales are up 1.7 percent!
• New 2022 conventional loan limits were released. Perfect timing with the highest median and average /November price increases. The new conforming loan limit is $647,200, up from $548,250. Denver metro counties will see a new high balance loan limit of $684,250, up from $596,850.
• The average active listings for November is 14,180 (1985-2020).
• Record-high November was 2006 with 27,530 listings and the record-low was set this year with 2,248 listings.
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Cherry Creek North Winter Wanderland!
Featuring nearly a million twinkling lights wrapping more than 600 trees, view Cherry Creek North in a new, brilliant, magical way! With light displays choreographed to music, a fun domino art installation, a holiday market, and Saturday night lights events complete with acrobats, jugglers, fire performers, and more! More information available HERE.
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A Hudson Christmas – Extravaganza of Lights
Certain nights only from Nov 26th to December 31st, view Hudson Gardens in a brand new light! Bring your family and enjoy a dazzling display of lights as Hudson Gardens is transformed into a brilliant wonderland! A grove of dancing Christmas trees inhabited by giant snowmen and the holiday light tunnel will truly bring the holiday spirit. Tickets are required and available HERE!
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Featured Local Business | Denver
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Featured this month is Pickett Consulting Services, operated by Jason Pickett, a Property Damage Consultant. With years of experience, Pickett Consulting Services can assist with your professional umpire & appraisal service needs, any insurance claims you need expertise for, or any consulting or planning needs. Don’t settle for lesser quality and reach out to Pickett Consulting Services – tell them Mark sent you!
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If you’d like your business to be featured in a future Newsletter, give me a call or email!
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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!
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