Colorado Real Estate News

Northern Colorado Market Trends

The Northern Colorado market continues to show a seasonal adjustment amidst economic factors.
The data continues to confirm that the Northern Colorado area has shifted to a much-needed and more even playing field. Compared to last August, inventory continues to go up and the northern market continues to see price reductions.

Fort Collins detached homes sale volume decreased by 13.41 percent, keeping with the trend of the last few months.
In comparison to 2021, the decrease went from $126,426,514 to $109,470,816 in September 2022. However, 161 detached homes were sold in September 2022 compared to 215 in 2021, a 25.12 percent decrease. Attached home sales were also significantly down from the previous year, from 88 in September 2021 to 54 this year, a 38.64 percent decrease overall with the sales volume decreasing 25.04 percent from $29,935,459 in 2021 to $22,439,395.

Berthoud, on the other hand, experienced a slight increase in their detached homes price total sales.
At $21,062,909 in September 2022, versus $22,366,438 in September 2021, this was a 6.19 percent decrease. The average sales home price increased significantly as well, at 28.94, from $619,497 last year to $798,801. Attached homes, however, experienced a dramatic decrease in total sales volume from $2,250,000 in 2021 to $434,000 this month due to only one attached sale for the month.

Meanwhile, Timnath saw a substantial increase year-over-year in detached homes sold.
Bucking a month-to-month trend, Timnath’s detached market went from 17 homes sold in September 2021 to 21 homes in September 2022, a 23.53 percent increase. In its attached market, Timnath also experienced a dramatic increase from 0 in 2021 to 8 in September 2022.

Boulder saw a massive increase in detached sales volume year-over-year while seeing a decrease in detached home sales.
In the detached market, the total September sales volume went from $16,590,706 in September 2021 to $111,755,188 in September 2022, an increase of 573.60 percent. However, the attached market saw a decrease in sales again from 80 in September 2021 to 56 this month.

Loveland saw another decrease in detached average home sales.
In Loveland’s detached market, residents saw 168 sales in September 2022 versus 125 in September 2021, a 25.60 percent increase, with the average sales price for a detached home increasing from $564,364 in 2021 to $596,663.

Colorado Real Estate News

Football Season is Back!

With football season in full swing, we are five games into the season, with three losses and two wins. Broncos’ fans are hopeful for the season ahead with new quarterback, Russell Wilson, leading the charge. The five scheduled prime-time games, four more than originally planned, shows just how excited Broncos’ country is for the recent changes to the team.

Unfortunately, where we stand today, Javonte Williams, the Broncos’ leader in carries and rushing yards, will miss the rest of the season due to a knee injury from the latest game against the Las Vegas Raiders, and starting outside linebacker, Randy Gregory, is also expected to miss at least four games due to a knee injury. Fortunately, Williams and Gregory will be replaced by Mike Boone and Melvin Gordon III in the meantime as they prepare for their upcoming game against the Los Angeles Chargers. The next home game is scheduled for Sunday, October 23, against the New York Jets, leaving fans with five more home games to look forward to.

A staple for the Colorado community, home season Broncos games are a can’t-miss event. From tailgating with friends and family outside the stadium to the infamous Barrel Man, jet fly-overs, great eats, and the musical presence of the Broncos Stampede, you will be sure to enjoy a well-spent Sunday.

We recommend getting to the stadium early as parking will be sure to fill up. Since Uber has become increasingly expensive on game days, RTD offers a light-rail service directly to the game on E and W lines for convenience. If you live in surrounding areas, the RTD also provides bus service directly to Union Station where you can transfer to these lines for easy access to the stadium. You can purchase tickets beforehand through the following link or look for last-minute discounts via the GameTime app! https://www.denverbroncos.com/tickets/singlegametickets

Colorado Real Estate News

Right Pricing Tips for Selling Your Home

Figuring out how to price your home when preparing to sell puts many into a classically coined “Goldilocks” situation; you don’t want to set the price too high and scare off potential buyers, but you also don’t want to sell too low. In our shifting Luxury Market of today, it creates a quandary. Proper pricing can provide more exposure to buyers, expedite the home sale process and it prevents your house from sitting on the market for too long. Here are a few pricing strategies to consider when deciding how to price your home for this market.

Be Cautious of Overpricing
Though it’s easier said than done, you want to avoid overpricing your home. We know that the past couple of years felt like anyone could price their home for nearly anything and expect a bidding war, but those days are slimming. Potential buyers may not see the listing if it is priced too high or they may ignore it altogether. In other words, buyers have some leverage again.
Overpricing can also cause the property to sit on the market for too long and become “shopworn”, causing it to sell for less down the road. Since most of the activity around your home’s sale occurs within the first week or so, it’s vital for it to be properly priced and create that sense of urgency in the buyer’s mind.

Watch the Seasonal Market Shifts
The season you decide to sell your home during can have an impact on your home’s sale. In Denver, homes sold in early March saw sales for $30,000 over the listing price. Monitor the home selling trends throughout the four seasons, as you may see buying patterns shift before your eyes. For example, you may see a surge in home sales during the end of autumn as people are eager to purchase and move in quickly before the first major snowfall.

Sale Price Doesn’t Always Mean List Price
The price you list isn’t always the sale you get. Buyers will often make an offer that’s slightly lower than your asking price, and then it is up to you whether to accept, deny or begin negotiations. But it doesn’t stop there. Once the buyer has the house appraised and inspected, they may ask for a price reduction to cover any issues that were uncovered along the way. It’s important to set a price that takes these potential reductions into consideration, without also overstretching and setting the price too high.

Don’t Forget the Internet
Thanks to the internet, we have access to tons of property data at our fingertips. You can find out when your home was built, the last sale price of your home, look at current real estate market trends and even get a free home value estimate. The free estimate may be a good starting point to work from if you are in the very early stages of selling. Though it may not become your exact listing price, it will provide you with a general idea of your home’s value and how you stack up to other houses sold in your area.

Shop Your Competition
To ensure you are pricing your home in the appropriate range, observe how other properties similar to yours have sold recently. The houses should be around or very close to your own in terms of size, type, age and in the same location. While you can do some of this research yourself, our expert brokers at Kentwood can prepare this for you as well during the home selling process.

There are many different factors that play into pricing your home appropriately. If they are all taken into thoughtful consideration when determining the listing price your chances of a speedy and successful home sale will skyrocket. If you are ready to put your home on the market, contact one of our experienced Kentwood brokers today at Kentwood.com.

Colorado Real Estate News

Pro Tips When Buying Luxury Homes in Colorado

Luxury homes in Colorado provide class through features like modern architecture and gorgeous floorplans, though the real luxury of the properties comes from the beautiful locations. However, before you begin your search for a Colorado dream home, here are a few tips you should take into consideration. 

Location. Location. Location. 
The variety of landscapes that Colorado offers provide an array of lifestyles when it comes to purchasing a luxury home, from properties with close proximity to shopping in the city, like Cherry Creek, to more secluded, mountain living in areas like Estes Park. Determine ahead of time what type of location you’re searching for and you are sure to find your perfect luxury home in whichever area you choose. 

Timing is everything. 
Since 2021, the price of Colorado homes has increased 8.5 percent on average and continues to grow each year. Purchasing early can support a higher quality investment and a higher potential profit should you choose to sell the property someday. Right now, there still remains a very high demand for properties in Colorado. Ski town areas are running out of space for new homebuyers, fueling the price increase (Singer, 2022), and recently, there has been pushback from locals in ski towns calling for lease caps and loan programs due to the price surges (Sisson, 2019). Continue to monitor real estate news and announcements to determine the best time for you to buy. 

Prepare. 
With any purchase of a home, it’s important to have all your ducks in a row and come prepared when meeting with your broker. Speaking with a mortgage lender ahead of time and getting pre-approved will expedite the homebuying process. Having a reputable home inspector on call will also ensure you aren’t faced with mounting surprises after moving in. Seek broker expertise to find hidden gems. With videos and virtual tours being a large part of real estate marketing, most properties can be found online. However, for various reasons, when considering purchasing a luxury home you will find plenty of options without online listings in Colorado. High-end brokers prioritizing luxury and client relationships are the best choice to find your dream home. 

If luxury living in Colorado has caught your eye and you are looking to purchase a home in the Centennial State, contact a Kentwood Real Estate broker today. 

Colorado Real Estate News

Denver Market Trends

August 2022 showed an end-of-summer calming for Denver Metro housing.

All major housing categories point to the market slowing down. Days in the MLS went up 120% since August last year and the closed-price-to-list-price ratio dropped below 100 percent for the first time since July 2020, to 99.41% of list. Still a strong showing for well-prices homes. The median sales price decreased 2.54% from July, which could simply be the mix of home price points that closed in August.

Year-to-date, Denver Metro median sales price is up 8.49%.

The average homeowner has gained $49,233.51 in equity this year. While new listings in MLS dropped by 15.50% year-over-year in August, keeping the imbalance between supply and demand alive in some areas and price points.

The Luxury Market is also evolving.

New active listings above $1,000,000 declined over the summer – down 18.77% this August over last for detached homes and 18.31% for attached residences.  Sales volume in August was $658,551,398, down 19.29% from July and 16.80% year-over-year. Sales volume year-to-date is $6,717,616,956, up 17.21% year-over-year, largely driven by the heated first half of 2022.

Median days in the MLS for August increased for both attached and detached homes.

Attached homes went under contract in 12 days, detached in 13 days. Still signifying a sellers’ market by the historical benchmark of 4-6 months inventory reflecting a market deemed evenly balanced between supply and demand. However, price reductions are more prevalent and days on market are creeping up. Perhaps indicating a balance between our historically unprecedented demand and available supply.

Months of inventory for attached and detached homes largely unmoved.

With 2.39 months of inventory for detached homes and 3.40 months for attached, it was still within the typical seller’s market range. However, compared to the intensity of the spring market, there is a trend toward more opportunity for buyers.

*Updated as of September 7, 2022.

Colorado Real Estate News

Denver Market Trends

July 2022 showed a summer market that is receiving a “cool off,” but with current conditions, it’s still not enough to push Denver Metro’s current seller’s market to a buyer’s market.
Data confirmed that the Denver Metro area is no longer in a shifting market. Instead, it has shifted, and the real estate market is more balanced. Month-over-month, the market is down 3.33 percent but compared to last year, it is still up 11.04 percent, indicating that a more balanced market, combined with slightly decreasing interest rates, has helped create opportunity for those who previously felt burned out on the process.

One major primary indicator of a shifted market is the close-price-to-list-price ratio, which was down to 100.81 percent.
Buyers have become more specific about what they are looking for and frequently question if, and how much, below the asking price they can offer. Gone are the days when a seller can simply put a sign in the yard and expect their home to sell.


Month-end active listings increased 21.53 percent in July.

Pending and closed deals decreased and days in the MLS increased by exactly 30 percent. However, the market is still far from what many experts would consider a buyer’s market.


With mortgage rates that briefly went over six percent, the Luxury Market also felt the seasonal cooling in July.
New listings were down 22.13 percent, pending sales were down 18.16 percent, and closed homes were down 30.80 percent since June. There were 718 new luxury listings in July and 492 closings.


At the end of the month, there were 1,190 active homes for sale in the Denver Metro area over $1 million signifying that luxury inventory is up.
Compared to last year, inventory has increased 39.05 percent, with most of that in detached homes. Notably, the months of inventory increased in July to 2.37 months for detached luxury homes and 3.31 months for attached.


*Updated as of August 6, 2022.

Colorado Real Estate News

Northern Colorado Market Trends

The Northern Colorado market continues to respond to economic factors in July.
The data confirms that the Denver Metro area is no longer in a shifting market; it has indeed shifted. Compared to last July, inventory has gone up which is why we are seeing more price reductions.


Fort Collins detached homes sale volume decreased by nearly 30 percent in July.
In comparison to 2021, that is a 28.41 percent decrease from $158,120,824 to $113,202,431 in July 2022. 168 detached homes were sold in July 2022 compared to 265 in 2021, a 36.60 decrease. Attached home sales were also significantly down from the previous year, from 90 in July 2021 to 55 this year, a 38.89 percent decrease overall with the sales volume decreasing 32.33 percent from $32,975,902 in 2021 to $22,314,726.


Berthoud experienced a significant increase in their detached homes price average.
At $739,843 in July 2022, versus $712,956 in June 2022, this was a 28.91 percent increase from July 2021 when it was $573,926. Attached homes, meanwhile, also experienced an increase in total sales volume from $1,792,000 in 2021 to $2,707,300 this month.


Meanwhile, Timnath saw another substantial decrease year-over-year in detached homes sold.
Following a month-to-month trend, Timnath’s detached market went from 32 homes sold in July 2021 to 14 homes in July 2022, a 56.25 percent decrease. In its attached market, however, Timnath experienced an increase at 5 versus 2 in July 2022, a 150.00 percent increase.


Boulder saw a substantial decrease in sales volume year-over-year, showing the changing market.
In the detached market, the total July sales volume went from $210,492,952 in July 2021 to $113,881,584 in July 2022, a
decrease of 45.90 percent. The condo and townhome attached market saw a decrease in sales of 33.71 percent from 89 in July 2021 to 59 this month.


Loveland saw an increase in detached average home sales.
In Loveland’s detached market, residents saw 124 sales in July 2022 versus 193 in June 2021, a 35.75 percent increase, with the average sales price for a detached home climbing from $533,186 to $659,536.

*Updated August 6, 2022.

Colorado Real Estate News

Important Steps and Considerations Before Listing Your Home

Listing your home is a monumental moment in your family’s life and should be navigated with great care to avoid unnecessary stress and last-minute delays within the listing and selling process. Here, we outline 9 important steps and considerations for your family to make before listing your home.

Home repairs
From stained ceilings to broken windows or even cracks in your floorboards, it’s time to fix these nagging issues and get ahead of the game. Not only will repairing these damages increase the value of your home, but it will also ensure no delays in the potential sale following the necessary visit from a home inspector.

Declutter, declutter … and declutter some more
It is imperative that your home looks livable to potential buyers. Decluttering can be difficult since there are so many core memories tucked away in those books, toys, photographs, decor and documents but remember getting started is the hardest part. If you are unable to throw away or shred some items, it may work for your family to get storage tubs to at least get clutter out of the way.

Clean!
Although this may sound obvious, roll up your sleeves and get to cleaning. By cleaning, we don’t mean your average sweeping or dusting; we are talking about those little-used closets and other nooks and crannies that are usually overlooked. We recommend starting from the top down from ceiling light fixtures to floor vents and leaving no corner untouched. Oh, and don’t forget how much of a difference clean windows can make to the appearance of your home!

Simple and neutral decor
During your decluttering and cleaning phases, try to ponder what, if any, flashy or attention-drawing decor you can remove from your home. Although this decor may sit close to your heart, it is best to leave your home as simple and neutral as possible to allow the buyer to imagine their own potential dream home.

Curb appeal
Without fail, the outside of your home makes the initial impression. For someone to be interested in the interior of your home, they must first be impressed with the exterior. With the addition of a neatly-kept yard and a pleasing garden, you will be sure to woo many prospective buyers.

Upgrades
Another consideration to make is upgrades throughout your home. Whether it be fencing, hardware, tech, lighting, appliances or even paint, sometimes seemingly unimportant upgrades can significantly increase the value of the potential sale.

Bathrooms
For some people, the bathroom can be a make-it or break-it aspect of the home. Putting extra care and cleanliness into the bathrooms can not only elevate the value of the sale but also become a selling point when touring potential buyers.

Refine top selling points
Refining and understanding the selling points or value proposition of your home, whether it be the location, the property or the house itself, and making that value abundantly clear through the listing process will help ensure a successful sale from both parties’ perspectives.

Market considerations
Last but certainly not least, it is crucial to take in external considerations such as your local real estate market. This will allow you to gauge how long it may take to sell and choose a price point for your home that gets you the best possible return on your investment.

Colorado Real Estate News

A LOOK INSIDE A U.S. LUXURY FIRM: COLORADO’S KENTWOOD REAL ESTATE

A Look Inside a U.S. Luxury Firm: Colorado’s Kentwood Real Estate
Graphic credit: RISMedia

From Gretchen Rosenberg:

Many luxury consumers have purchased their dream home in the past 24 months and have also purchased second and third homes. They may be content to enjoy those homes for now, and step aside from trading real estate while they see how the economic transition shakes out. Luxury sellers will need to carefully present their homes as beautiful spaces and price them more aggressively than they would have in 2021. Time on market will increase. The luxury market waxes and wanes like any market, but not always in tangent with mid- and entry-level home markets. Luxury will always have a place, and luxury consumers love beautiful statement homes.

At Kentwood over the past two years we’ve seen an average of 20-25% of our sales be cash, month in and month out. These are buyers who have big jobs and saved, inherited wealth or traded equities for a real estate investment. We don’t anticipate this to dramatically change for two reasons: if price increases flatten or decline, buyers will want to “buy the dip” knowing that long term, real estate will remain a good investment; and as the equities markets correct, more people are cashing out and will want a place to invest that cash.

Luxury consumers’ demands have increased since the pandemic. They expect the highest service and immediate attention. Service providers in the luxury space who anticipate customers’ needs and address them proactively will create long-term relationships and loyalty.

Luxury is a large amount of sales volume, but it’s a smaller percentage of annual sales. While we anticipate the real estate markets to cease being such an insane buyer’s market, we don’t anticipate a pendulum swing over the next few months to be an extreme buyers’ market. We anticipate a shift to more balance, more time on market (one weekend was uncomfortably fast for buyers to make a decision) and more negotiating from both sides.

From Dierk Herbermann:

While there may be a shift in the luxury market in most other major metros, we are not seeing that impact in the Denver Metro region yet. Through May we have closed 33% more luxury listings (over $1 million) with an increase of price per square foot of 8.7% and sales prices at an average of 5.2% over the list price.

While it is too early to tell what true impact the increased mortgage rates will have on the luxury market looking at the first half of June where 104 new listings over $1.8 million have hit the market, over half of those listings are already under contract (66). We are starting to see some price reductions, but of the 75 luxury listings (over $1.8 million) that have closed since June 1, only 10 of those were at a price below the list price.

Colorado, and the Denver Metro market in particular, continue to experience an influx of companies from California, New York, and Europe looking for our educated and talented workforce, relatively affordability and lifestyle. As was the case during the 2007-8 recession, this will help to insulate the Denver Metro Area from the downward housing pressures that were experienced in most of the U.S. While there will be some decrease in demand and potential price corrections in certain areas, we feel that Colorado will continue to be a strong luxury market.

*Originally published by RISMedia July 12, 2022

Colorado Real Estate News

Denver Market Trends

June 2022 demonstrated how sellers and buyers continue to adjust to the economic factors at hand.
As month-end active inventory continues to increase, the Denver Metro hit a new record for the average price of attached properties at $504,193 and $810,415 in detached properties. At the end of June 2021, Denver Metro ended with 3,122 properties, 2,137 detached homes and 985 attached on the market. DMAR reported it has now almost doubled that amount over the year, with a total of 6,057 properties, 4,684 detached homes and 1,373 attached, currently sitting on the market.

Buyers are feeling the woes of the economy.
Many first-time homebuyers who were initially pre-approved towards the beginning of the year with a specific interest rate decided to wait to buy until it wasn’t as competitive. But, when they restarted their search in May, they found that it was with an increased interest rate.

A summertime increase in inventory is part of the normal seasonality of the real estate market.
However, with the 65.85 percent increase in inventory compared to the previous month, Denver Metro should expect more balance as prices appear to be stabilizing. This was reflected in months-of-inventory, which is now at 1.19, the first time it has been above one in months since June 2020, but well below the 4-6 months-of-inventory of a truly balanced market.

The Luxury Market homes also saw an adjustment as the Denver Metro hit the midway 2022 point.
While all other pricing segments saw double-digit increases in new listings, there were more new listings in June for the Luxury Market but only a 6.82 percent increase. The impact on the shifting market can be seen most clearly by looking at the pending sales numbers. The number of pending sales of detached homes dropped 21.87 percent month-over-month.

Attached home pending sales were down 42.86 percent from May but closed sales increased 11.11 percent month over month.
While some prices are adjusting, the overall demand is still historically low, resulting in a more gradual change. The amount buyers paid over the listing price for detached homes also dropped from 107.11 percent in May to 103.85 percent in June and from 104.39 percent in May to 102.65 percent for the attached Luxury Market. Altogether, the amount buyers paid over the listing price dropped from 106.85 percent in May to 103.71 percent in June. That means, on average, they still paid above the list price and more per square foot. The attached home has the highest above asking price of all of the market segments.

*Updated as of July 13, 2022