Local Pulse – November 2021

mark@5280core.com • 720.257.1541 • 5280core.com

  Market Update | NOVEMBER 2021
It finally feels like Fall here in Denver! While I think we all enjoyed the extended Summer the past few weeks, it’s been nice to feel a cooler breeze each day. As I’ve mentioned many times before, this cool down affects the housing market each year as well. Inventory and closings all dropped between September and October, an expected change that will continue into Winter, and we also saw average closing prices level. With prices remaining relatively consistent and days on market rising, this is an excellent time for buyers to hop back into the market and feel less pressure to find their dream home. Finding the right REALTOR® in your search for a home can lessen the stress of the process tremendously – call me directly at 720-257-1541 and see if I’m a good fit for your house hunting endeavors!
Market Insights by DMAR:

Purchasing a home is a way to curb inflation for many. In a conventional 15, 20, or 30-year loan, your monthly payment is a fixed cost protecting you from inflation, which causes rent costs to increase.
Zillow announced it is exiting its business that buys and flips homes and is eliminating 25 percent of its workforce. Zillow CEO told investors, “We’ve determined the unpredictability in forecasting home prices far exceeds what we anticipated and continuing to scale Zillow Offers would result in too much earnings and balance-sheet volatility.”
Smaller houses, desired by aging seniors and young couples alike, are among the toughest to find. The supply of homes up to 1,400 square feet is near a five-decade low, according to data from Freddie Mac.
In Q3 2021, rents rose to an average of $1,726 per month, increasing nearly $2 per square foot. Six metro Denver counties marked a four and a half percent increase in average rent from Q2 to $1,651. Year-over-year average rents rose 13.5 percent. The Denver Gazette notes the vacancy rate is below four percent for the second quarter in a row.
The average active listings for October is 15,279 (1985-2020).
Record-high October was 2006 with 29,722 listings and the record-low was set this year with 3,376 listings.
The Office of the State Treasurer in Colorado operates an Unclaimed Property Website, responsible for reuniting Coloradans with their lost or forgotten assets. Through an easily searchable form, discover if you have any unclaimed assets and initiate a claim online. The office has returned over $500 million in unclaimed property. Head to their website and search not only for individual claims, but business as well!
  Local Events | Denver
Monarch Magic at the Butterfly Pavilion!
All November long,the Butterfly Pavilion invites you to walk among hundreds of monarch butterflies in their indoor tropical conservatory, Wings of the Tropics. Enjoy their beauty while learning about their incredible 3000-mile journey each year, their life cycle, and their role in pollination! More information and tickets (including a monarch butterfly plushie) HERE!
Seeing the Invisible at the Botanic Gardens
Experience an innovative exhibition of contemporary artworks existing in only AR (Augmented Reality). These 3D sculptures are only visible through your phone or tablet with an app available in both the Android and Apple app stores. More information and tickets available HERE! Be sure to download the app at home before you arrive!
  Featured Local Business | Denver
Featured this month is Decade Gifts, a Denver staple since 1998. Boasting a 3,600 square foot store on South Broadway, Decade Gifts has everything you could need to help find gifts for your loved ones. They carry Men’s and Women’s fashion, vintage and antique furniture, jewelry, baby, cards, and more. With Christmas coming up quick, get ahead of the game at Decade Gifts, located at 56 S. Broadway Denver, CO 80209.
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!
mark@5280core.com • 720.257.1541 • 5280core.com
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