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Local Pulse – June 2022

mark@5280core.com • 720.257.1541 • 5280core.com
  Local Events | Denver
Live Theater in Denver this Summer!
This Summer is full of fantastic theater and musical opportunities for Denverites. Moulin Rouge! The Musical, Pretty Woman: The Musical, Hadestown, and many others will make their way through Denver throughout the next few months. Don’t hesitate to pick up tickets for your family as these events are always competitive. Find more information here!

 
The Colorado Rockies are Back!
Civic Center Eats, is the annual food truck event brings a variety of Denver’s best mobile restaurants together for lunch throughout the summer. Come down to Civic Center Park any Thursdays from 11am – 2pm. The 2022 season is set to launch on May 19 and will run through the summer. Full lineup here!
  Market Update | June 2022
Last month we saw active inventory shoot up 13.98%, a welcome sight for many weary buyers. Due to increasing mortgage rates, the Denver Metro Area saw an average and median close price reduction, if only slightly. Unfortunately, it’s still a very tough market for buyers – not only in terms of competition, but in the actual cost of housing here in Colorado. According to NAR’s Chief Economist Lawrence Yun, purchasing a home now is 55% more expensive than it was a year ago.
Market Insights by DMAR:

With interest rates going up, the velocity of bidding wars is slowing down on many homes in the Denver metro market.
The “suburbs” appear to be cooling off where we see single-family homes in the $600,000 to $700,000 price range. Showings are noticeably decreased and open houses are on the rise.
People are staying in their homes longer post-2008. Housing tenure ran at five to seven years from 1985-2007 and now is 11-13 years from 2008-2022. The Baby Boomers are not selling their homes en masse, and we have more investors providing shelter for renters than before.
Any slowdown caused by higher mortgage rates will make the market a little easier for patient buyers. The market could be in for a shift this year as it copes with higher mortgage rates.
The average active listings for May are 15,199 (1985-2021).
Record-high May was 2006 with 30,457 listings and the record-low was set last year with 2,075 listings.
  Featured Local Business | Denver
Our featured business this month is Single Track Construction Services LLC, a Commercial General Contractor company run by James O’Toole. Single Track Construction specializes in Commercial Construction, School Construction and Renovation, Group Up Construction, and TI Construction. If you are in need of any of these services, contact owner James O’Toole directly at 303.828.6376.
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!
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