In Denver, home sales last month rose only 16.3%, but likely because buyers couldn’t find enough to buy. The number of homes listed for sale at the end of October was down nearly 44% over the past year and the median price for a single-family home sold is up 14.3% over the year to $519,900, according to a report from the Denver Metro Association of Realtors.
Read MoreAre you tired of renting? Are you considering purchasing your first home? Do you dream of owning a house that can provide both you and your family a sense of stability and community?
For many Americans, home ownership is an important part of the American dream. Being a homeowner means having a space to call your own and a place where you belong. It also means being a part of a community. Owning a home may provide other financial benefits, such as the ability to build wealth through home equity, and potentially lower housing costs and savings over the cost of renting.
Read MoreBuyers want to be closer to the family, want to relocate closer to kids and grandkids—and to create more space and comfort in the places where they spend the most time. “We’ve had more calls over the last year from clients wanting to really change their lifestyle than any time in our company’s history,” says Conrad Steller, managing broker of The Steller Group, agents specializing in senior moves.
“Usually a move is prompted by a job relocation or a need to change schools or to upsize or downsize. This year, people just want to find peace and a more practical living situation,” he adds.
There are now numbers behind the mass exodus of New York City residents to the suburbs and beyond amid the COVID-19 pandemic.
From March 1 through Oct. 31 this year, a total of 295,103 NYC residents have made change-of-address requests.
Read MoreThe pandemic is fueling a rush to the suburbs as New Yorkers leave tight quarters in the city and hunt for more space to quarantine as coronavirus cases climb. The city’s employers now mostly operate with remote workforces, allowing people to telecommute from anywhere.
Read MoreFacing a slim inventory of existing homes for sale, Denver buyers are snapping up new homes at the fastest pace in the country, a rebound so strong that it has caught local builders off guard.
Read More“While seemingly defying the odds, home price growth nationwide has persisted throughout the pandemic and showed little sign of slowing down even though the nation is facing a potentially bigger contraction than the Great Recession.”
Read MoreAccording to the Denver Metro Association of Realtors (DMAR) Market Trends Report, the average single-family home sold for $625,100 in October—breaking July’s record when the price exceeded $600,000 for the first time. The average price for a single-family home jumped 18 percent year-over-year from $529,554 in October 2019.
Read MoreFor homebuyers, consistently low rates over the past several months, and the almost weekly prospect of rates falling even lower, have only fueled already strong demand. After a very brief pause at the start of the pandemic, buyers came rushing back, looking for a safe haven as well as larger spaces for working and schooling from home.
Read MoreIt's no secret that the coronavirus pandemic has led many New York City residents to leave the city — the New York Times has been reporting on the phenomenon for months.
And while the Hudson Valley economy has taken a hit, the real estate markets in Westchester, Putnam, Rockland, and Orange counties recovered from the spring shutdown and were thriving by the third quarter of 2020.
Read MoreDenver Metro, which was recently named the second-best city to live in the country by U.S. News and World Report, saw a 2.4% increase in the number of homes sold through Q3. The Boulder area also had an increase in homes sold, rising by 1.9%. But with more buyers looking to make their dreams of mountain living a reality, the state’s resort markets saw the most dramatic increases throughout the year.
Read More"Home prices and seller profits across the nation continue racking up new highs as the housing market remains relatively immune from the economic havoc caused by the Coronavirus pandemic. It's almost as if the housing market and the overall economy are operating in different worlds," said Todd Teta, chief product officer at ATTOM Data Solutions.
Read MoreThe overall housing market has been hot for much of 2020, but some cities are seeing a higher surge in demand than others. Take Denver. Earlier this year, median sale prices for single-family homes and condos in Denver hit record highs of $510,000 and $334,752, respectively. In fact, Denver now has one of the most competitive housing markets in the country, and several factors are contributing to that. Take a look to see if this recipe for a competitive housing market applies to your next investment.
Read MoreWith autumn here it is time to get your house in shape for the cooler months ahead. Fall is a great time to take care of the little things that can make a big difference for you and your home. Getting ready for colder weather means checking, repairing, and prepping your home to withstand the upcoming rain, wind, and snow.
Read MoreNYC buyers leaving the city have re-written the rules of what today’s buyers want and need. As entire families work from the same home, additional space is a necessity, and the safety of lower density communities during the pandemic has driven demand to historic levels in Westchester, Putnam, and Dutchess counties.
Read MoreAnother month of 2020 has come and gone, yet the real estate market in Denver Metro has not slowed down. This year, the concept of a “selling season” does not exist. No matter the time of year, rain or shine, consumers are heading out to find their dream homes in Denver Metro.
Read MoreThe real estate market in Norwalk is looking good, thanks to renewed interest in the suburbs, according to the panelists on The Greater Norwalk Chamber of Commerce’s 4th annual “Real Estate Outlook” discussion.
Read More“The Metro Denver housing market has broken all the records despite the ongoing pandemic. There was a record number of homes sold in the month of August as compared to this month in previous years.”
Read More
By WastonBuys.com | Published October 15, 2020
What happened in September?
Lets discuss.
Denver housing market has set new records again. This is despite Corona-virus. Many pros thought the headwinds of slowing economy and then COVID would cause a pullback for Denver homes but this has not been the case.
Across the board, indicators show gains year on year. The main reasons for continued appreciation are:
1. Housing demand remains very high. Denver still has a net migration increase despite rising house prices. Great companies are still moving to Denver bringing even better jobs.
2. Interest rates are still historically low. This allows more buyers into the market and allows buyers to pay more as mortgage payments are lower relatively.
3. Housing Inventory is unbelievably low. This is due to new homes not being built fast enough and existing homeowners not choosing to list. New home builder and local expert in Denver had this to say. "Raw material prices are increasing dramatically and we have had a labor shortage for years. These two factors are key in pushing up the cost of building. So we either can't afford to build or have to charge a lot more." This is also reflected in the Colorado Rockies resort communities where the, ‘we buy houses’ business in Avon had this comment. "We have noticed people selling homes in Avon are pushing the boundaries and ceiling of the upper limit of what potential buyers are willing to pay causing a slight pause. However, I feel this is the pause we saw in Denver about 8 months ago so I expect yet another strong upward movement in house prices over the next 12 months in Vail, Avon, and other Colorado Rockies resort communities.
For the second time now we have seen Denver house prices surpass $600,000. Last month and now. Properties in the $300,000 to $399,999 are flying off the shelf. New listings remain down when compared to this time last year.
The numbers that have been released continue to show that now is a good time to sell your house in Denver. Denver's strong economy allows potential buyers to bid higher for any given property.
Denver house buying experts we spoke to expect home price records are the result of low rates, strong job market, low unemployment rates, and a steady economy. One concern, which is not a new one, is the affordability of houses for people in Denver.
Denver House prices, trends, and other news.
Let’s take a quick look at the local economy.
Right now let's discuss home prices and the economic growth in neighborhoods in and around Denver so you can understand the way the Denver real estate market is moving. Denver is one of the hottest real estate markets currently in the entire nation and over the last decade or so the annual appreciation for houses has been around 7%.
Denver has some public transportation including buses and rail systems. The light rail system is going through a metamorphosis currently with many new lines being built in the last 5 years and more in the works. Denver is also a very bikeable city. The downtown area in September is extremely walkable. In fact, a walk score is currently at 93 out of 100.
Impact of covid-19 on the Denver real estate market.
Despite the current pandemic the prices of houses have continued to go out. As previously mentioned, the average price tipped $600,000 in the last month. Many experts believe that COVID has caused inventory to lower more than ever before. This is because people do not want to move right now. This puts increased pressure on the real estate market. People that do list their homes are easily able to sell them for a fair price.
Let’s do a quick final summary.
The month of August saw a record number of properties get sold compared to previous years.
6381 houses closed.
Single-family homes sold for a record high. This high was $602,191. This is a 13% increase - year over year.
The average days for the time a house was listed was at 23 days.
By Mike Massaro | Published September 23, 2020
Booming. That’s how real estate experts describe Connecticut’s housing market right now.
According to data provided by the Greater Hartford Association of Realtors (GHAR), there were 832 single-family homes sold in the Hartford area last month, an increase over last August by nearly 24%.
“It’s at an all-time high,” said Holly Callanan, Greater Hartford Association of Realtors CEO.
Callanan explained that with more people working from home they’re looking for a change.
“They are excited to get into new homes. They’re looking for more space so anything that is on the market right now is going like crazy,” she said.
While sales have spiked, listings remained relatively flat, only increasing by 1.1% in August.
“We have a very low supply and a huge demand,” said realtor Julie Corrado.
Corrado has been selling homes for 17 years and said she’s never seen the market like this. With limited inventory, she said there has been strong competition among those looking for a new home.
“It is a challenge for buyers. A lot of buyers make offers and they aren’t getting their offers accepted,” she said.
That was the case for one family who recently bought a house in South Windsor. After a three-month search, they finally settled on a property but to avoid losing it, they said they had to decide within an hour of seeing it.
“It was pretty stressful,” said Lavanya Nangunoori. “We were stressed that entire night and in the morning, to realize, did we actually make that decision?”
With competition being what it is, this family said it also made a max bid on their home.
“There was no negotiation back and forth we said we’re gonna match this offer and moved on,” said Swamy Munukoti.
Corrado said this is typical for buyers around the state. A combination of factors including low-interest rates along with more people working from home has helped drive the market. For those looking to buy she suggested appealing to the seller by:
Telling them what you love about the house.
Get pre-approved from a reputable local lender.
Make a strong deposit
Consider waiving contingencies.
With the demand, prices have soared. The GHAR said the average sales price in August was $290,000, up 14% from a year ago. While it has become a seller’s market, Callanan said buyers need to be on their game and make decisions quickly.
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