Nov. 28, 2018

Denver Market Update - October 2018

 

 Downtown Denver.JPG

The Denver real estate market has experienced a slowdown in mid-summer and we usually see sales pick up after Labor Day, but sales did not pick up like it had in the last several years.  The sales were down 11% over last year's sales.   The inventory has increased significantly by 34.6%.   The days on market have slowly been creeping up too from 26 days in September to 30 days in October.  

  

Sales after the Labor Day Holiday have been very sluggish around the Denver metro area the last couple of months.   The following data is courtesy of Joan Cox - Metro Brokers - House to Home, Inc.

 

Denver has seen an increase in active listings and this month we have 34.6% more listings than we did this time in 2017.   The under contract listings saw a decrease over the month of September and sold properties saw a slight increase from last month.   With 30 days on market, this still indicates we are experiencing a Seller's market, but Seller's should remember to list a home properly, as those over priced homes will sit on the market.   (this includes land, attached properties, single family homes and up to the mega million dollar homes)  

See what homes are currently available - Active Homes for sale in Denver

 

New Listings - 8,502 - down from 8,628 last month  (in 2017 it was 4,744)

Under Contracts - 5,263 - up from 5,181 last month (in 2017 it was 6,062)

Sold Listings - 4,415 - down from 4,422 last month (in 2017 it was 4,960)

Days on Market - 30 days, up from 26 days last month (in 2017 it was 27 days)

Average Sold Prices - $470,371 - up from $457,653 last month (in 2017 it was $440,035)

Percent of Sold Price to List Price - 99.0%, down from 99.3%  last month

 

Buyers - inventory increased this month, giving Buyers more inventory now (finally) to view before making a final decision.    This time of year starts showing a bit of a slowdown, rarely seeing multiple offers on any given home.  The price range between $300,000 and $500,000 has been the “sweet spot” and these homes are the ones garnering the most showings and offers at list price. 

 

Sellers - Pricing your home is very important, and not start too high, or you will be sitting on the listing for a while.  If you don't have showings, you won't see an offer!   If you are thinking of selling, but worried you won’t find a replacement home, I can enter into MLS the fact you require a contingency of a replacement home.

 

Pricing a home is very important in this current market, and here is a chart showing how our median prices have shifted over the last few years.    

Here is a chart showing when the Sellers are getting closest to their list price.    Depending on what time of year you list, pricing is strategic.   

 

 

 

 

 

 

Denver’s unemployment rate is still very low - at 3.0% for September.   Still very low comparing to the national average of 3.7% in October.   Colorado’s population is 5.557 million, with the Denver metro area seeing 3.075 million and Denver proper is 683,096.   Denver has outpaced most large cities across the Country and expect to see by 2020 a population of over 3.3 million.   We are seeing many corporations relocating their headquarters or putting in a hub into the Denver metro area, creating job growth.   We were in the running for Amazon coming to Denver, but in the end, did not win the bid.   Our state government is working hard on affordable housing issues for both the elderly and first time home buyers, with so many relocating into the Denver metro area.  If our traffic issues would decrease, we could retain more of our residents.  It can be quite frustrating.

 

 

Homeowners - if you have thought about selling and like like a home evaluation, please let me know, I will contact you right away.  Relocating to Denver, and need some advice - see my Relocating to Denver information.

 

Nov. 6, 2018

Buying a Home in the Denver Metro Area

Whether you are a first time buyer, move-up buyer, or a buyer coming into the metro area, you need representation from a broker that has experience and knowledge of the area.    The rules do differ from state to state, and you need a Broker that is on top of these differences.   

 

Buying a home requires attention to detail with the contract, deadline dates and all the details it entails to get to the closing table.   When our market was in a frenzy, a Broker needed to know how to "win the bid" for the Buyers.     When a Seller received multiple offers, it felt good to come away with the contract for my clients.

 

Buyer's agency requires many duties to the Buyers, including staying on top of all communication and within a quick time-frame.    I get back to my clients right away, so it doesn't leave them hanging for information on what is happening with their home purchase.

 

In the inspection during a strong Seller's market and during a Buyer's market could be quite different.  In order to "win the bid" in a Seller's market, you may limit the inspection items to be just health & safety.   During a Buyer's market you may want to ask the Sellers to clean the home professionally, clean the carpets or the ducts, along with all health & safety items.  

 

When you write the offer for the Buyer a Broker needs to know what the appraised value could come in at and relay that information before entering an amount into the contract.   Also, let the Buyers know what the ramifications would be if the appraisal came in low.   Does the Buyer bring the extra dollars to match the contract price, or does/would the Seller reduce the sales price, or meet somewhere in the middle?

 

Today with some SMART features in the home, also TVs that are attached to the wall, these are recognized as "fixtures" and should be addressed on the contract, not after the fact.   All parties need to know what to expect from Day One.    

 

There is a lot to know and to share with Buyers when you are representing a Buyer in a home purchase, and I have done so with many over the 20+ years in the industry in the Denver metro area.   I would be happy to help, just give me a call.

 

 

 

Posted in Buyer Tips
Oct. 23, 2018

Denver Market Update - September 2018

 

 Downtown Denver.JPG

The Denver real estate market has experienced a slowdown in mid-summer and we usually see a pick up after Labor Day.  Sales did not pick up like it had over the last several years.  The sales were down 15.3% over last year's sales.   The inventory has increased 13.5%.   The days on market have slowly been creeping up too from 23 days in August to 26 days in September.  

  

Usually right after Labor Day, we see an uptick in sales.   Still not as much as we see in early spring through June, but more than July and August.  The following data is courtesy of Joan Cox - Metro Brokers - House to Home, Inc.

 

Denver has seen an increase in active listings and this month we have 13.5% more listings than we did this time in 2017.   The under contract listings saw a decrease over the month of August and sold properties saw a decrease from last month.   With 26 days on market, this still indicates we are experiencing a strong Seller's market, but Seller's should remember to list a home properly, as those over priced homes will sit on the market.   (this includes land, attached properties, single family homes and up to the mega million dollar homes)  

See what homes are currently available - Active Homes for sale in Denver

 

New Listings - 5,953 - down from 6,636 last month  (in 2017 it was 5,851)

Under Contracts - 5,181 - down from 6,006 last month (in 2017 it was 5,784)

Sold Listings - 4,222 -  down from 5,423 last month (in 2017 it was 4,986)

Days on Market - 26 days, up from 23 days last month (in 2017 it was 24 days)

Average Sold Prices - $457,653 - down from $472,236 last month (in 2017 it was $426,984)

Percent of Sold Price to List Price - 99.3%, down from 99.6%  last month

 

Buyers - inventory increased this month, giving Buyers more inventory now (finally) to view before making a final decision.    This time of year starts showing a bit of a slowdown, rarely seeing multiple offers on any given home.  The price range between $300,000 and $500,000 has been the “sweet spot” and these homes are the ones garnering the most showings and offers at list price. 

 

Sellers - Pricing your home is very important, and not start too high, or you will be sitting on the listing for a while.  If you don't have showings, you won't see an offer!   If you are thinking of selling, but worried you won’t find a replacement home, I can enter into MLS the fact you require a contingency of a replacement home.

 

Pricing a home is very important in this current market, and here is a chart showing how our median prices have shifted over the last few years.    

Here is a chart showing when the Sellers are getting closest to their list price.    Depending on what time of year you list, pricing is strategic.   

 

 

 

 

 

 

Denver’s unemployment rate is still very low - at  2.9% for July.   Still very low comparing to the national average of 3.9% in August.   Colorado’s population is 5.557 million, with the Denver metro area seeing 3.075 million and Denver proper is 683,096.   Denver has outpaced most large cities across the Country and expect to see by 2020 a population of over 3.3 million.   We are seeing many corporations relocating their headquarters or putting in a hub into the Denver metro area, creating job growth.   Our state government is working hard on affordable housing issues for both the elderly and first time home buyers, with so many relocating into the Denver metro area.  If our traffic issues would decrease, we could retain more of our residents.  It can be quite frustrating.

 

 

Homeowners - if you have thought about selling and like like a home evaluation, please let me know, I will contact you right away.  Relocating to Denver, and need some advice - see my Relocating to Denver information.

 

Sept. 24, 2018

Denver Market Update - August 2018

 

 Downtown Denver.JPG

The Denver real estate market has experienced a slowdown in July and August.   The sales were down 5% over last year's sales.   The inventory has increased 9% both July & August over last year's inventory.   The days on market have slowly been creeping up too from 19 days in June to 23 days in August.   This may be the beginning of a slight shift in the market.

  

Being the end of the summer, we typically see a slowdown with potential buyers taking their vacations, as school has started and homeowners are less apt to move.   The following data is courtesy of Joan Cox - Metro Brokers - House to Home, Inc.

 

Denver has seen an increase in active listings and this month we have 9% more listings than we did this time in 2017.   The under contract listings saw a decrease over the month of July and sold properties saw a decrease from last month.   With 23 days on market, this still indicates we are experiencing a strong Seller's market.   (this includes land, attached properties, single family homes and up to the mega million dollar homes)  

See what homes are currently available - Active Homes for sale in Denver

 

New Listings - 6,636 - up from 6,456 last month  (in 2017 it was 6,423)

Under Contracts - 6,006 - up from 6,419 last month (in 2017 it was 6,584)

Sold Listings - 5,423 -  up from 5,323 last month (in 2017 it was 5,725)

Days on Market - 23 days, down from 20 days last month (in 2017 it was 21 days)

Average Sold Prices - $472,236 - up from $478,323 last month (in 2017 it was $431,380)

Percent of Sold Price to List Price - 99.6%, down from 100.0%  last month

 

Buyers - inventory increased this month, giving Buyers more inventory now (finally) to view before making a final decision.    This time of year starts showing a bit of a slowdown, seeing less multiple offers on any given home.  The price range between $300,000 and $500,000 has been the “sweet spot” and these homes are the ones garnering the most showings and offers. 

 

Sellers - Pricing your home is very important, and not start too high, or you will be sitting on the listing for a while.  If you don't have showings, you won't see an offer!   If you are thinking of selling, but worried you won’t find a replacement home, I put into MLS the fact you require a contingency of a replacement home.

 

Pricing a home is very important in this current market, and here is a chart showing how our median prices have shifted over the last few years.    

Here is a chart showing when the Sellers are getting closest to their list price.    Depending on what time of year you list, pricing is strategic.   

 

 

 

 

 

 

Denver’s unemployment rate is still very low - at  2.9% for July.   Still very low comparing to the national average of 3.9% in August.   Colorado’s population is 5.557 million, with the Denver metro area seeing 3.075 million and Denver proper is 683,096.   Denver has outpaced most large cities across the Country and expect to see by 2020 a population of over 3.3 million.   We are seeing many corporations relocating their headquarters or putting in a hub into the Denver metro area, creating job growth.   Our state government is working hard on affordable housing issues for both the elderly and first time home buyers, with so many relocating into the Denver metro area.  If our traffic issues would decrease, we could retain more of our residents.  It can be quite frustrating.

 

 

Homeowners - if you have thought about selling and like like a home evaluation, please let me know, I will contact you right away.  Relocating to Denver, and need some advice - see my Relocating to Denver information.

 

Sept. 19, 2018

Remodeled Home for Sale - Cenntennial Acres, Englewood 80110

 

 

This gorgeous remodeled Ranch home shows beautifully, and shows a definite pride of ownership!    The kitchen and baths are completely remodeled, newer windows and  hardwood flooring on the main floor.

 

 

2944 W. Chenango Avenue

Englewood, CO  80110

Priced at $410,000

 

 

Two other secondary rooms along with the master bedroom are on the main floor, and the master features a gorgeous master bath with stunning tile.

 

The basement features a media room, another non-conforming bedroom and another gorgeous bathroom, along with a storage room.     

 

The yard is meticulous, and has flowers, lilac bushes and raised garden beds.  Great location near retail, entertainment, and lots of dining.    School-age children will attend Littleton schools - Centennial Elementary, Goddard Middle School and Littleton High School.

 

This home shows very well, and would be a great starter home, everything is all remodeled for you, just move in!   Get your showings set now!

 

 

 

 

 

If you would like more information about this home, please give me a call.   720-231-6373

 

Posted in New Listings
Aug. 4, 2018

Neighborhood of Pioneer Hills Townhomes - Centennial CO Market Update August 2018

 

Pioneer Hills is conveniently located off Parker Road & Chambers Road in Centennial 80015.   There are two sections - one that has single family homes and one that has townhomes and paired homes.   This community was originally built by Lennar, then Cal-Atlantic Homes and Lennar merged.  This community is exceptional views of Cherry Creek State Park, the reservoir, a Dog park, Cherry Creek Schools and many nearby shopping venues, entertainment and dining options.    So close to the Park, residents can hike, bike, swim and waterski within minutes.

 

Homes in Pioneer Hills were built in this community in 2006, some in 2010 and now have been building since 2016, and nearing completion.   There are two stories and ranch homes, all with basements.   The above ground square footage ranges from 1,842 to 2,876.    They all have two car attached garages.   The community has a tot lot plus a community pool.

 

 

 

Sales from 1/1 through July 31, 2018 - 

 

Total sales - 27 units ranging in price from $373,935 to $474,492

Day on Market - 52 days

Sellers saw 98.75% to list price

 

Homes for Sale in Pioneer Hills

 

There are currently only two units available at $404,500 and $525,000, with an average of 71 days on market.   There are 10 under contract ranging from $379,710 to $499,900 with 27 days on market.

 


 

The HOA differs for different style units and by square footage and year.    The fees do cover common area ground maintenance, community pool, exterior maintenance with roof, recycling, trash and snow removal.

 

 

 

 

 

If you would like to know more about this community, please give me a call at 720-231-6373.

 

 

 

 

July 26, 2018

NEW LISTING - Pioneer Hills Ranch Townhome - Centennial, CO 80015

 

This one year old ranch townhome should be the model home - it is GORGEOUS!    The homeowner did so many nice upgrades throughout, buyers will definitely not be disappointed.

 

15034 E. Crestridge Drive

Centennial, CO  80015

Pioneer Hills

Priced at $525,000

 


 

This end unit townhome is conveniently located off Parker Road & Chambers Road in Centennial.    The homeowner moved in March 2017, but the permit was filed in 2016, but only a bit over one year old.    Here is more about this property - 

~ 4 bedrooms plus an office/den

~ 3 baths (full and two 3/4 baths)

~ 2 car attached garage that has been drywalled

~ 1,694 above ground square feet and 1,685 in the basement with 41% finished

~ Kitchen features upgraded cabinetry with pull-outs, pantry, all stainless steel appliances are included, 5-burner gas stove and double ovens, island and pantry.   

~ large living room with 3-sided fireplace, and wired for surround sound

    (Den and master bedroom are wired for surround sound also)

~ Master suite is spacious, has a master bathroom with a super-large shower and beautiful tile, and a walk-in closet

~ Laundry is on main floor, has cabinets and a wine rack

~ Basement features a family room with a wet bar, two additional bedrooms and a luxurious bathroom.    Lots of room for storage in the unfinished area.

50 gallon water heater, humidifier and sump pump

Trex deck is wonderful for outdoor entertaining.

 


 

 

 

Pioneer Hills is a pool community and has a tot lot for the kiddos.    It is conveniently located to lots of shopping, entertainment and many dining options.   Cherry Creek State Park is down the street, and so is the dog park.

 

This property is located within Cherry Creek School District, and the school age children will attend Sagebrush Elementary, Laredo Middle School and Smoky Hill High School.

 

 

 

 

 

 

Posted in New Listings
May 21, 2018

Denver Market Update - April 2018

 Downtown Denver.JPG

The Denver real estate market saw an uptick in everything this past month!   Luckily we saw an increase in new listings (it gets better every month) along with the sold properties!

Personally I saw very brisk activity on every listing I put on the market in the first weekend, if the home was priced under $500,000, most seeing multiple offers and over list price.  As more homes come on the market, we are seeing less multiple offers.   The following data is courtesy of Joan Cox - Metro Brokers - House to Home, Inc.



Denver saw a nice increase in new listings for the month of April.  The under contract listings saw an increase over the month of March and sold properties saw an increase from last month.  The Days on Market saw another decrease, which we see this time of year to only 20 days, remaining a strong Seller's Market.   (this includes land, attached properties, single family homes and up to the mega million dollar homes)  

See what homes are currently available - Active Homes for sale in Denver

 

New Listings - 6,915 - up from 6,334 last month  (in 2017 it was 6,597)

Under Contracts - 6,656 - up from 6,207 last month (in 2017 it was 6,542)

Sold Listings - 4,778 -  up from 4,497 last month (in 2017 it was 4,816)

Days on Market - 20 days, down from 26 days last month (in 2017 it was 22 days)

Average Sold Prices - $486,587 - up from $469,517 last month (in 2017 it was $437,331)

Percent of Sold Price to List Price - 100.9%, up from 100.6%  last month

 

Buyers - inventory increased this month, although still could use more for all the Buyers out looking for their new home.    Every year I hear from Sellers ready in January as long as there is not three feet of snow on the ground, and this year is no exception.   The price range between $300,000 and $500,000 has been the “sweet spot” and these homes are the ones garnering the most showings and offers. 

 

Sellers -    We need more listings priced below $500,000.    Pricing your home is very important, even with low inventory.    If you don't have showings, you won't see an offer!   If you are thinking of selling, but worried you won’t find a replacement home,  put into MLS the fact you require a contingency of a replacement home.

 

Pricing a home is very important in this current market, and here is a chart showing how our median prices have shifted over the last few years.    

Here is a chart showing when the Sellers are getting closest to their list price.    Depending on what time of year you list, pricing is strategic.   

 

 

 

 

Denver’s unemployment rate is still very low - at  2.8%.   Still very low comparing to the national average of 3.9% in April.   Colorado’s population is 5.557 million, with the Denver metro area seeing 3.075 million and Denver proper is 683,096.   Denver has outpaced most large cities across the Country and expect to see by 2020 a population of over 3.3 million.   We are seeing many corporations relocating their headquarters or putting in a hub into the Denver metro area, creating job growth.   Our state government is working hard on affordable housing issues for both the elderly and first time home buyers, with so many relocating into the Denver metro area.  If our traffic issues would decrease, we could retain more of our residents.  It can be quite frustrating.

 

 

Homeowners - if you have thought about selling and like like a home evaluation, please let me know, I will contact you right away.  Relocating to Denver, and need some advice - see my Relocating to Denver information.

 

May 14, 2018

Greenfield Market Update - Centennial CO 80016 April 2018

 

 

Greenfield and Greenfield Estates  are neighborhoods located in Centennial, and some homes are in Aurora (right on the border between cities).  In this popular neighborhood you will find a few housing options - single family, townhomes and patio homes.  These homes were built by Village Homes from 1994 to 2016.  Village Homes is now known as William Lyon Homes.  This is a pool community and has tennis courts, along with many trails throughout for walking and biking.  There is a cute pond for the kiddos to fish and the pool was remodeled recently.   There are currently 735 homes expected once the builders are complete with the new construction.

 

 

Here are the stats for Greenfield & Greenfield Estates for April 2018:

~ 4 homes sold ranging in price from $487,500 to $545,000

~ Average days on market was 31 days

~ Sellers saw 99.53% list to sales price

 

 

 

 

 

 

 

 

 

 

 

There are currently is only one active listing priced at $530,000 and has been on the market for 52 days.  This home was built in 1999.

 

Here are the active Homes for Sale in Greenfield

 

There are currently 4 listings under contract priced from $412,900 to $549,000 with 14 days on market.  These homes were built from 1996 to 2003.

 

Here is what happened in all of 2017 - 

~ 39 total homes sold ranging from $360,000 to $585,000

~ Average days on market were 15 days

~ Average price sold was $466,500

~ Sellers saw 100% for list to sales price

 

Residents with school-age children will attend Cherry Creek Schools 

Rolling Hills Elementary

Falcon Creek Middle School

Grandview High School

 

 

 

If you have thought about selling or buying a home in Greenfield or Greenfield Estates, please give me a call.   Joan Cox - 720-231-6373

 

 

May 5, 2018

Are there Upgrades we can do our Home to bring Value?

 

So glad you asked before doing upgrades that do not necessarily bring value to your home.

Kitchens and bathrooms are always good rooms for upgrades.   One question I get A LOT is - we don't use the bath tub, and prefer to have a giant shower with multiple shower heads.    When you change a master bath from a five piece to a four piece, this may turn away some buyers.   If you have another tub in the home, that could work still.   AND, if you make that shower a masterpiece, it could off-set the tub.

 

Kitchens are seeing different counter tops now - laminate is going by the wayside, and granite, quartz and concrete are making their way into many homes.    Farm or apron sinks are popular along with stainless steel sinks.    Be careful not to go too trendy with the back splash, as some trends come in and move out quickly.  Tile or wood flooring in the kitchen is most popular in Denver.   Stainless steel appliances are still in, and thank goodness there are those that don't leave fingerprints!

 

Finishing basements is another area to be careful not to overspend.   Typically you see $10/square foot in the basement.  If you have a walk-out and backing to open space brings value, and a bathroom in the basement will add $8-10,000.  Adding wet bars and fireplaces add value also.   Have had someone spend $200,000 in their in-ground basement and thought they would get every penny back.   

 

Windows, furnaces, air conditioners, new water heaters and new roofs are always good value.

 

The other area that a homeowner will not see much of their recouped dollars is the yard.   Definitely sprinklers, fencing, and decks/patios will add value.    Adding expensive trees, bushes, lazy river, etc. will only add desire for the buyer, not value in the eyes of the appraiser.

 

If you have questions, and wonder if your latest remodel will reap extra dollars, give me a call.    Also, if you do the remodel and get to enjoy these upgrades, is best.   I see many do these upgrades, just in time to sell, and only enjoy them for a month, and wish they had done it long ago!  

 

Posted in Homeownership Tips