A big rotation is taking place in metro Denver’s housing market this year, plunging some of last year’s hottest neighborhoods into the frigid depths while elevating overlooked mountain havens and starter-home hubs. Take Lowry, which dropped from the metro area’s second hottest market for price appreciation a year ago to dead last, according to a ranking of 90 metro ZIP codes from the Denver Metro Association of Realtors. “The flipping of the script is a clear demonstration of the affordability crisis that we are starting to face,” said Steve Danilyw, a member of DMAR’s market trends committee. “The properties and the areas that were very hot even last year got up to a price point where there was push back.” In Lowry, the median price of a home sold rose 58.8 percent in the first quarter of 2018 to $675,000, only to drop 23.7 percent in the same period this year. The sales volume went from a 33 percent gain last year to an 11 percent drop … [Read more...] about In Denver housing market, what was hot is now cold. See where your ZIP code ranks in home prices.
Denver housing market
Spring didn’t pass over the metro Denver housing market this year. Lower mortgage rates and a wider selection of properties trumped stormy weather, driving a rebound in sales in March, according to an update from the Denver Metro Association of Realtors. Buyers purchased 4,162 homes and condos in metro Denver in March, a 20 percent increase from February. Compared to March a year ago, sales remain off 11.7 percent. “Despite the bomb cyclone and cold spells, the market saw a seasonal simmer as spring picked up steam with real estate transactions in March,” said Jill Schafer, chairwoman of the DMAR market trends committee, in comments accompanying the report. The inventory of homes available for sale rose to 4,314 in March, up 5.2 percent from February and 26.3 percent from a year earlier. The inventory of condos available rose to 1,978, up 3.3 percent from February and up 64.4 percent from a year earlier. Listings took about a month, or 31 days on average, to sell … [Read more...] about Denver-metro housing market springs to life in March
Outside of California’s biggest cities, no other housing market is cooling as quickly this year as is metro Denver’s, according to an analysis from Zillow. “It is no surprise that the markets which pushed the bounds of affordability over the housing recovery are now experiencing significant cooling,” Skylar Olsen, Zillow’s director of economic research, said in the report. As prices rose, mortgage payments and down payments outstripped incomes, causing buyer demand to exhaust itself, Olsen said. Buyers who didn’t get priced out can now afford to take more time to decide what to do, as more inventory comes into play and listings take longer to move. Zillow determines how quickly a given market is cooling down or heating up by looking at the share of listings that adjust lower, the final sales price as a share of the listing price, and the change in the average number of days a home spends on the market. In metro Denver, it found that 18 percent of … [Read more...] about Metro Denver housing market among those facing a big chill
Nearly a quarter of Denver-area residents looking for a home on Redfin.com are conducting their searches outside the metro area, and Seattle continues to provoke the most yearning. In the fourth quarter, 24 percent of searchers based in metro Denver were looking at properties outside the region, according to a study from Redfin. A year ago, only 17 percent had a desire to go elsewhere. Redfin also looked at the number of searches from other areas into Denver versus Denver house shoppers looking elsewhere. That went from 20 net searches in metro Denver’s favor a year ago to 2,577 net searches against it last quarter. That’s the fifth highest outbound total in the country, ahead of even Chicago. That probably would be just another number, except that metro Denver’s housing market corrected sharply in the second half of the year. “We are going to shift into more of a buyer’s market,” predicted Martin Mata, a Redfin agent in Denver. Rapidly rising … [Read more...] about Denver housing market tipping toward buyers as more house hunters look elsewhere
Google avocado-toast restaurants, squeeze into some skinny jeans and be prepared to embrace any number of other clichés about millennials, home real estate pros. They’re going to be your prime customers in 2019. Speaking at the Denver Metro Association of Realtors economic summit a few weeks ago, Danielle Hale, chief economist for Realtor.com, said millennials are expected to make up 45 percent of all people who take out mortgages in the U.S. this year. Hale counts millennials as people between 15 and 35 years old. Gen-Xers will account for 37 percent of new mortgages and baby boomers 17 percent. Hale’s advice to real estate brokers when it comes to millennials: “You’re going to have to figure out how to talk to them and interact with them and get them over the hurdle of getting into the housing market.” What are those challenges? Jasmine Pulce, a 28-year-old doctoral student at the University of Denver who closed on her first home in October, … [Read more...] about Denver housing market: Millennials face major hurdles to becoming home buyers