Sept. 18, 2019

How is the Real Estate Market in Denver Colorado?

 

 

The journalists sure do sensationalize our industry!    The sky IS NOT falling, and our market is still very strong.    The journalists like to create headlines and cause the public to panic, and there is no reason to, at least not yet.

 

Colorado's unemployment for July was 2.9%, compared to the national average of 3.7%.   We have been lower than the national average for quite some time.  The GDP in 2016 was 2.4, and in 2019 is 3.5, which is the largest increase in several years.   

 

Colorado relies on several industries for our good economy - 

1.  High technology

2.  Food processing

3.  Transportation equipment

4.  Machinery

5.  Chemical production

6.  Tourism

7.  Aerospace

 

Our ski areas do pray for abundant snowfall to have the tourists flock to Colorado every year, and also for camping, hiking and simply to enjoy everything Colorado has to offer.

 

I had a potential buyer come into town from Texas a few months ago, and they said they would buy next year, as they expect prices to decrease significantly next year.   I pointed out several factors that indicate Colorado is not going to see a significant drop in home values.  

 

This month's data shows the inventory is up 11%, which is finally good for the buyers, sales are down 2.2% over last year, under contracts increased 9.2% over last year, and our average sales price is up 3.4% over last year.   We did see a 10% average home increase each year for SEVEN YEARS.   That increase cannot be sustained for long term.  If rates drop again, I expect we shall see another spur of activity from buyers!

 

Here is a chart indicating some facets of Colorado's fiscal ability - 

 

 

The financial researcher that did this chart indicated Colorado is #28 for the fiscal condition.  She went on to say - "On the basis of its solvency in five separate categories, Colorado ranks 28th among the US states for fiscal health. Colorado has between 1.32 and 2.11 times the cash needed to cover short-term obligations. Revenues exceed expenses by 1 percent, with an improving net position of $40 per capita. In the long run, a net asset ratio of –0.02 indicates that Colorado does not have any assets remaining after debts have been paid. Long-term liabilities are lower than the national average, at 48 percent of total assets, or $3,175 per capita. Total unfunded pension liabilities that are guaranteed to be paid are $122.81 billion, or 43 percent of state personal income. OPEB are $1.85 billion, or 1 percent of state personal income."    By Eileen Norcross     This report was completed in 4th quarter 2018.

 

To answer the question Buyers & Sellers want to know --- our market has slowed (started last year in June).    Homes are taking a bit longer to sell now, but if clean, shows well and above all, priced correctly, it will sell.    We are seeing more Sellers contributing to Buyer's closing costs too.   Buyers have more inventory to view and do not need to make immediate offers without thinking it through, even overnight.    There is no need to "fire sell" a home, unless foreclosure is imminent, or some other personal reason.

 

I have been educating my Sellers on the increased days on market, and their home won't necessarily sell in a weekend, but it will sell!    Extra advertising may need to be done, but I do that anyway for all my listings!    They may also see Buyers asking for closing costs, which we have not seen in a decade.

 

I don't have a crystal ball to foresee what the future holds for our real estate market, but know our lending practices have changed since the housing debacle in 2008, so would hope we never see our market fall as it did back then.

 

For the upcoming year, I will continue to market to buyers and sellers through my web site and other social media, and keep them educated if the market should shift in Denver.

 

 

Aug. 29, 2019

Castle Rock CO Market Trends - July 2019

 

 

The Town of Castle Rock is located about 30 minutes (29 miles) south of Denver and enjoys a population of 56,962, which has inched up about 1,000 per year.  Elevation of Castle Rock is 6,202 feet above sea level.   The median age is 37, and median household income is $134,148.  Castle Rock includes Castle Pines, and many rural farm areas outside the City limits.

 

The Castle Rock real estate market for the month of July saw an uptick in sales over the previous month.   Inventory has been on the rise for the last few months, but now that the children are back in school, we should start seeing a decrease.  These stats include Castle Pines and Castle Pines Village, single family detached homes as well as multi-family homes, courtesy of Joan Cox, House to Home, Inc.

 

Sales increased from 206 in June to 303 homes in July

Days on Market decreased from 38 days previous month to 37 days in July

Average Price increased from $455,395 previous month to $468,000 in July

List Price/Sold Price went from 100% to 99.35% this month

 

The highest sale in Castle Rock sold for $2,200,000 in Castle Pines Village, has 1.46 acres and is a custom home.   It took only 253 days to get this home sold and the home was built in 1996 and has 4 bedrooms, 5 bathrooms and a three car garage and has 10,699 total square feet.

 

 

As of today there are 309 active listings (attached and detached homes) available in Castle Rock, which is  an increase from 265 this time last month.  You can use this link to see homes for sale in Castle Rock.  This link for active listings will give you attached and detached homes.

 

There are currently 631 active listings today, and 271 properties under contract.

 

Homes for sale in Castle Rock Colorado

 

Properties for sale with acreage within Castle Rock Colorado

 

 

 


 

 

If you would need more information about the Town of Castle Rock, please give me a call at 720-231-6373.   

 

Aug. 24, 2019

Luxury Homes Sale in Denver - Market Update July 2019

 

A Luxury Home can be identified differently in cities across the Country, but in Denver, my Luxury blog posts will report on detached single family homes listed in the Denver metro area over $1 million.   Some have mountain and/or city views, some back to a golf course or have water views.  (however, we don't have much water)  Some are updated with products from around the world, and some have expansive square footage or on acreage.     Whatever a Buyer is looking for, most likely if you have over $1 million, you can find it in Denver or in the surrounding suburbs.   

 

Soon we shall feel a crispness in the air, as Fall is just around the corner.  Ready for Bronco games and fall gatherings?   Need a game room/media room or a fabulous outdoor entertainment area?

 

 

Here is how the luxury market fared for the month of July 2019 -

Total sales - 184 homes ranging from $1,000,000 to $4,875,000 (last month was 211 homes, so this sector of our market is slowing down a bit)

Average Days on Market - 57 days (last month was 62 days)

Average price per SF - $258.46 (last month was $270.05)

These homes were built from 1889 to 2019

The highest priced home sold was $4,875,000 in the Denver Metro and was in Belcaro.     This home was sold off-market and entered in MLS for comparison purposes only.  This has was built in 2007, on .44 acres with 5 bedrooms, 5 bathrooms and a 4 car garage.   This home has 7,391 total finished square feet.

There were no short sales nor bank foreclosures sold this month.

 

 

 

The first few months were slow around the Denver metro area, but both the luxury market and the resale/new construction market saw a bump in activity, and as we close out August, it has been a bit slower.  It was nice to see a decrease in interest rates for those buyers looking to finance a property.

  

Looking for a home on acreage and private?    With mountain views?    Or would like to see what homes are for sale over $1,000,000?   There is currently one bank owned property for sale for $1,248,000 in Castle Pines and one short sale listed for $1,799,000 in Greenwood Village.

Short Sale homes for sale

Contact me for bank owned properties for sale

 


 

 

Today, you will find 835 homes for sale in the Denver metro area listed over $1,000,000 up to $19,750,000.   They have been on the market for an average of 135 days and these homes were built from 1886 to 2020.   There are one short sale currently for sale in Greenwood Village for $1,799,000.   There is one bank owned property for sale right now in Castle Pines for $1,248,000.

 

There are 217 homes currently under contract over $1,000,000 up to $6,250,000 with an average 89 days on market.    These homes were built from 1886 to 2019.

 

With the equity increases we have seen over the last seven years, it is not unusual to see homes priced over $1,000,000 now all over the City.  In July 2015 there were only 39 homes that sold in Denver proper, this month there were 65 homes sold.

 

Now that the school-age kiddos have returned to school, buyers are less likely to move, but there are some buyers out looking for that home of their dreams!  

 

 

Aug. 17, 2019

Denver Market Update - July 2019

 

The Denver real estate market saw another month where the inventory increased, and so did the days on market.  The sales were up 4.7% over last year's sales, which could be due to the mortgage interest rate drop.   The total inventory has increased, but we are seeing some going under contract fairly quickly, especially in the lower price points.  The days on market increased from last month (by 3 days).  The number of homes that are under contract decreased, so August's sales could show a decrease.

 

The drop in interest rate did spur on sales, which is good, as it was much slower starting the new year versus past years.    The following data is courtesy of Joan Cox - House to Home, Inc.

 

Denver saw an increase in active listings, and we have 2.5% more new listings than we did this time in 2018.   The under contract listings saw an increase (4.4%) over the same month 2018, yet a decrease from June 2019.  Sold properties saw an increase from last year.   With 26 days on market, this still indicates we are experiencing a Seller's market, just is a bit slower paced versus past years. (July 2018 we saw only 20 days on market)   Sellers 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

 

Stats for the Month of July 2019

New Listings - 6,632 - down from 7,568 last month  (in 2018 it was 6,473)  TOTAL LISTINGS have seen a new high for several months - this month we have 9,420

Under Contracts - 6,704 - up from 7,062 last month (in 2018 it was 6,419)

Sold Listings - 5,753 - up from 5,635 last month (in 2018 it was 5,495)

Days on Market - 26 days - down from 23 days last month (in 2018 it was 20 days)

Average Sold Price - $496,130 - up from $501,550 last month (in 2018 it was $477,106)

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

 

Buyers - inventory increased this month, giving Buyers the chance to view more listings that match their criteria and not have pressure to write the instant they see a home before making a final decision.   There are times you even can think about a purchase overnight, and not "lose the bid".  With the Interest rate reduction, buyers are thinking this is a good time to buy a home, and seeing increased activity.

 

Sellers - Pricing your home is very important, and not start too high, or you will be sitting on the listing for a while, as you now have competition.  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.

 

 

Denver’s unemployment rate is currently at 2.4% for May.   First time to experience higher than the national average of 3.7% in June.   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.   Lockhead Martin announced they are hiring many more employees.   See who else is adding employees.    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.  I recently got a first time buyer into an affordable housing development at a lower price than found elsewhere in the City.  The builder was offering first-responders a fabulous deal!

 

 

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.

 

 

Aug. 14, 2019

Neighborhood of Forest Trace - Aurora, CO 80016

Neighborhood of Forest Trace

You will find this newer neighborhood South of Smoky Hill Road, West of Aurora Parkway, and East of E-470.   Homes have been built by Richmond, and they have a few homes left, but nearly sold out!   You will find ranch homes and two -story homes  built from 2016 to new builds.   These homes have at least two bedrooms to six bedrooms, and 3 bathrooms to six bathrooms.  Homes range in square footage from 1,886 finished square feet up to 6,048 total square feet, and you will find many have at least some finish in the basements.  Some are full basements, some are walk-outs.   All homes have three-car garages.

 

 

Living in Forest Trace, you will be close to everything!   Southlands Shopping Mall is just across Smoky Hill, and has lots of retail shops, a multitude of dining options, a farmer's market in the Summer months on Saturday morning, a movie theater, car wash, fitness center and Urgent Care.    There is easy access to E-470, and within 10 minutes to Parker Adventist Hospital.

 

 

Aurora Reservoir is close also, for water outdoor activities, and has 8 miles of trails for walking, running or biking.   There can be no motorized vehicles on the reservoir, but canoes, kayaks, rafts, and there is a beach and an area for family picnics.

 

 

 

School-age children living in Forest Trace will attend highly acclaimed Cherry Creek Schools - Coyote Hills Elementary School, Fox Ridge Middle School and Cherokee Trail High School.

 

Here is how the 1st Quarter 2019 fared -

5 properties SOLD ranging from $534,950 to $684,763

Average Days on Market were 148 days

Sellers saw 97.00% to list price

These homes were built from 2017 to 2018

 

Here is how the 2nd Quarter 2019 fared -

2 properties SOLD price at $603,990 and $774,950

Average Days on Market were 189 days

Sellers saw 100.44% to list price

Both of these homes were built in 2018

 

Currently, there are 7 homes for sale in Forest Trace

These homes are priced between $603,990 to $774,950, showing 82 average days on market and these homes were built from 2016 to 2019.

There is one currently under contract priced at $719,950.

 

 

 

Here is a home I currently have for sale - near new (two years new) Richmond Daniel model (ranch) with 3 bedrooms, 3 bathrooms and a 3 car garage.  It is the lowest priced home in the neighborhood at $603,990.

 

 

 

 

 

If you would like to know more about the Neighborhood of Forest Trace in Aurora, give me a call!

 

 

Aug. 6, 2019

Town of Parker CO - Market Update July 2019

 

You will find this quaint town Southeast of Denver proper, and about 20 miles or 30 minutes.  It is easy to catch the light rail at Lincoln, if you work downtown, or somewhere along the line.    There are about 64,000 residents in the Town of Parker, and Main street is a fun place to dine or enjoy the retail outlets.

 

 

If you are looking to buy a home in Parker, there is quite a variety of price points.   You can buy a condo or a multi-acre ranch outside the city limits, yet just a few minutes into town.    Here is what happened in the market this past month.

 

Sales for July 2019

225 homes sold ranging from $292,000 to $2,500,000

Average days on market - 28 days

Average sales price was $515,000

Sellers saw 100% to list price

These homes were built from 1964 to new builders (2019)

 

The highest sale was in Bell Cross Ranch, and sold for $2,500,000.  This home is on 3.03  acres, built in 2007, has 6 bedrooms, 8 bathrooms, and a 4 car garage.    The home has 10,804 total square feet and was on the market for a total of 114 days.

 

**Photos all courtesy of REColorado

 

How are we doing this year?   Inventory gradually increased in Parker as a whole, but decreased slightly in July.   We are above last year's sales of 198, so the market has remained solid, even though the Denver metro has shifted. 

 

There are currently 364 active properties on the market ranging from $340,000 to $12,900,000

Days on Market - 71 days

These homes were built from 1972 to 2019

 

Parker Homes for sale

 

There are currently 300 properties under contract ranging from $310,000 to $1,499,900

Days on Market - 38 days

 

So whether you need a townhome -

This one is in Parker Meadows listed for $275,000

 

 

Or you are looking for a single family home with a yard -

 

 

This home is in Stonegate and listed for only $443,900.

 

 

 

 

 

 

Are you looking for a home on acreage?  Here is a home in Elkhorn Ranch built in 2015 on 5.16 acres listed for $668,800.

 

 

 

Want to know what a home looks like for $12,900,000?    This home was built in 2001, has 11 bedrooms, 24 bathrooms and a TWENTY-NINE car garage!   There are 45,212 total square feet including out-buildings on 35 acres. 

 

 

 

 

If you would like to know more about the Town of Parker, please give me a call.  720-231-6373 

 

Aug. 4, 2019

NEW LISTING - 6242 S. Valdai Ct., Aurora, CO 80015

 

This gorgeous two-story is now ready for Buyers and they should LOVE the many updates!    Saddle Rock Ridge is a popular neighborhood with about 2,000 homes, and there are never very many active listings!

 

 

6242 S. Valdai Court

Aurora, CO  80015

Priced at $460,000

 

 

~ 4 bedrooms, 3 bathrooms

~ 3 car attached garage

~ 2,415 square feet above ground, 630 in the unfinished basement

~ Built 2001

~ Lot size - 6,970 square feet

 

 

These homeowners have done quite a few updates to this home since they bought it!   

~ rocked fireplaces in both family room and master bedroom

~ refinished hardwood flooring to a gray color

~ refinished cabinets in the kitchen

~ new carpet

~ new water heater

~ new professional landscaping in the back yard and dog run added

~ new tile in laundry and bathrooms

~ added Nest thermostat and smoke detectors

 

This one won't last long, so be sure to set a showing quickly!

 

 

 

 

 

July 30, 2019

Gorgeous Ranch Available - Forest Trace - Aurora, CO 80016

 

This gorgeous Daniel model in Forest Trace is active, and stunning; and is NEAR NEW.    Just shy of two years old, Buyers will enjoy the fact the landscaping and window coverings are all complete!   All you have to do is --- MOVE IN!

 

23906 E. Calhoun Place

Aurora, CO  80016

Priced at $604,990

 

3 bedrooms plus a study/den

3 bathrooms

Over-sized 3 car split garage

2,330 finished on main floor, 2,312 in the Walk-out unfinished basement

Built 2017

 

 

This gorgeous ranch features hand-scraped hardwood flooring on the main floor, with the exception of the bedrooms.   The homes feel very large, with 10' ceilings, and has a very open floor plan.  The great room is massive and has a gas fireplace, excellent for larger gatherings.   The gourmet kitchen features top of the line stainless steel appliances to include the 5 burner gas cook-top and induction hood.   There was extended cabinetry added, and the pantry adds more storage to the kitchen.   The extended granite island gives the homeowner a great place for stools for the breakfast bar.

 

 

 

 

There are two secondary rooms, plus a study/den, and the laundry room has a utility sink and cabinetry with tile floors.   

The Master bedroom is huge, has a master en-suite with a walk-in closet that anyone can appreciate!

 

 

 

The office is sizable, and also has hardwood flooring.

The full walk-out basement has some framing, a secondary electrical sub panel with 100 amps has been added.   Lots of extra room if a Buyer needs more finished square footage and has 9' ceilings.    50-gallon water heater, A/C and humidifier.

 

Great deck (10x16.4) for entertaining, and with mountain views.   This home does not directly back to another, only their yards.   There is a gas line for the BBQ grill.    The garages are over-sized and both have garage door openers.

 

 

 

School-aged children will attend the highly acclaimed Cherry Creek Schools - Coyote Hills Elementary School, Fox Ridge Middle School, and Cherokee Trail High School.

 

Living in Forest Trace, there are a number of dining options (both casual and fine dining), retail shopping, grocery shopping, movie theater, hotels, and Urgent Care.   Easy access to E-470 and to Denver International Airport, along with about 10-15 minutes to Parker Adventist Hospital.  Aurora Reservoir is very close, giving residents lots of outdoor water entertainment.   There are no motorized vehicles allowed, but canoeing, kayaking, rafts, there is a beach and 8 miles of trails for walking, running or biking.

 

 

 

  

 

If you would like to know more about this property - give me a call.   720-231-6373

 

 

   

July 19, 2019

Are you Sitting on the Fence about a Home Purchase?

 

As in yesterday's post, renters should take a hard look at purchasing a property, whether it is a condo, townhome or a single family home.   MOST LIKELY, the mortgage payment will be less than the rent you are currently paying!

 

My lending partner did a chart showing a condo I have listed in Lowry - 3 beds, 2 baths, 1,315 square feet with a one car detached garage listed at $369,900.

 

 

When you buy a home, you may be able to change your deductions from your paycheck and see more each week, but check with your tax professional before doing so.   There are tax benefits by owning also - you can claim the mortgage interest you paid plus the property taxes on your income taxes - SAVINGS!

 

If you want to know more, give me a call, or Ben Martin to see what you can qualify for today.   The interest rates shown above are based on good credit.

 

Ben Martin

Alliance Mortgage Group

720-275-1455

BK@AMGLending.com

 

Corp NMLS # 1423395. This is not a loan estimate as defined by federal law. This is only a summary of various loan programs only. Information herein is subject to change and is not a commitment to lend. In compliance

with federal law, a written loan estimate will be prepared with three (3) business days of receipt of an actual loan application. This shall not be construed to create any contractual relationship by or between any party.

 

Posted in Buyer Tips
July 18, 2019

Did you Know? Buying versus Renting

 

The past several years have been tough for Buyers, and you had to have really thick skin to be in the market, and you still may have been bid out.     The market has shifted, and it is no longer that frenzied market we experienced for so long.   You won't have to wait in line to view a home, you MOST LIKELY won't be against ten other buyers, and interest rates are still historically low.

 

Have you looked at what you are paying, and not know what you can buy for the same amount?   Most often to BUY a property, whether it is a condo, townhome or a single family, most likely your house payment will be lower than your rent payment, and probably get more for your money.  Here is more information for Buyers contemplating a purchase.

 

PLUS, did you know you can claim the interest you paid on your mortgage and the property taxes on your income taxes?   This will save some each week, if you change your deductions, but check with your tax professional before doing so!

 

Below find a chart with information for a Buyer interested in buying a home listed for a ranch with 3 bedrooms, 2 bathrooms, and a 2 car garage built in 1986 with an unfinished basement - $369,900.

You do not need 20% down to get into a home, and the inventory has increased dramatically.   If you are paying $2500 for your home, then maybe you should call me and we can talk about your options.

 

 

Interest rates are based on one's individual credit, so give Ben Martin a call to see what you can afford, and what your house payment could/would be for a home!

 

Corp NMLS # 1423395. This is not a loan estimate as defined by federal law. This is only a summary of various loan programs only. Information herein is subject to change and is not a commitment to lend. In compliance

with federal law, a written loan estimate will be prepared with three (3) business days of receipt of an actual loan application. This shall not be construed to create any contractual relationship by or between any party.

 

Information provided by:

Benjamin (BK) Martin

Alliance Mortgage Group

720-275-1455

bk@AMGLending.com

 

 

Posted in Buyer Tips