Colorado Real Estate News

Top 5 Renovation Trends for 2022

As working remotely has become more popular, a place where you live and work needs to be one that you love! Lots of homeowners and buyers have begun to upgrade their living environment, and if you’re looking to do the same, here are some of the top trending renovation ideas for this year.

1. Large Primary Bedrooms 

One of the most popular renovation trends has been the ever-growing size and popularity of the primary bedroom. Things that were once considered a luxury such as walk-in showers, double vanities, and touchless faucets, have become more of a necessity. Personal hygiene has become more important than ever and that is reflected in the growing demand for larger primary bedrooms fit for royalty. 

2. Colored Cabinets 

While white cabinets might always be the safe way to go when choosing the right color for your kitchen, more and more people are choosing to spice things up. Spending more time at home has led many to reflect on the personality of their indoor environments, and adding a pop of color to traditionally bland spaces has been a major growing trend this year. Some especially popular colors have been greens, soft yellows and brownish-pinks.

3. Black Design Accents 

Though you can never go wrong with white cabinets, one trend that has become very popular is the implementation of black accents in several areas of the home. It is famous for adding depth and an edgy feel to a minimalistic/contemporary design.

4. Creating an Office Space 

During the pandemic, everyone got a taste of what it was like to work from home. As a result, the demand for home office spaces has skyrocketed. Many have already begun to turn spare rooms or unused garage space into work areas for when they don’t need to come into the office. For the homeowner working from home, this renovation remains essential. 

5. Outdoor Transformation. 

After some time away from crowds, people have realized the value of beautiful outdoor spaces as a way to rest and relax. Many will spend more time on their deck or patio while looking for ways to upgrade their “getaway” space. As a result, outdoor furniture and decorations are a huge trend for the summer of 2022. 

As we begin to work outside of the office more and more, it is important that our homes, and now work environments, look their best. With these trending 2022 renovations, you can keep your home looking modern and up to date.   

Colorado Real Estate News

Northern Colorado Market Trends

While inventory is on the rise in Northern Colorado, so are prices.

With consecutive months of increased prices and interest rates, a buyer’s monthly mortgage has likely increased as well.

Fort Collins detached homes were selling for a median price of $707,461, up from last month’s $676,008.

Fort Collins detached homes, on average, sell after 33 days on the market compared to 29 days last year. There were 169 detached homes sold this April, down from 191 last year, meaning sales volume was down 11.52 percent. Attached homes in Fort Collins saw a similar story, with attached homes at 74 sales in April 2022 versus 102 in 2021. Sales volume saw a decrease of 13.16 percent, from $35,384,395 to $30,729,309.

Average days on market decreased year-over-year for detached and attached homes in Berthoud.

On par with previous months, Berthoud’s detached market experienced a 17.07 percent decrease from 82 days in 2021 to 68 days in 2022, and its attached housing market saw less of a dramatic decrease but still experienced a decrease as well.

Meanwhile, Timnath’s detached homes experienced only 17 sales versus 26 in April 2021. 

Like last month, this was almost a 35 percent decrease. In its attached market, Timnath saw more sales than this time last year at six versus three in 2021.  Altogether, Timnath had 23 total sales for the month, versus 18 last month.

Boulder saw a large decrease in days on the market in detached and attached homes.

In the detached market, days on the market went from 60 in April 2021 to 39 in April this year. The attached market was similar with days on the market dropping from 57 to 29.

Loveland saw a drop in detached sales due likely to seasonality but continues to show its desirability.

In Loveland’s detached market, residents saw 122 sales in April 2022 versus 172 in April 2021. However, the average sales price for a detached home rose from$478,587 to $621,626. Meanwhile, their attached market saw a 19.46 percent increase, similar to last month, from $348,071 to $415,813 in April 2022.

*Written May 8, 2022. Updates may be available after this date.

Colorado Real Estate News

Denver Market Trends

While inventory is on the rise, so are prices.

The average price of a single-family detached home in Denver Metro is $825,073, which represents a 3.93 percent increase from April. With consecutive months of increased prices and the recent uptick in interest rates, a buyer’s monthly mortgage has increased as well. The average close-price-to-list-price ratio in April for the detached market was 107.29 percent. The close-price-to-list-price ratio shows that a month ago buyers were still bidding prices up an average of 7% above list price.

Sales velocity, closed sales versus month-end active inventory, is evidence that demand remains high.

Because of this, statistics like average sales price are affected. The most significant factor influencing the supply and demand this month is interest rates. Many homeowners refinanced over the past two years due to low-interest rates at the time. Now rates are hovering around five percent, providing those homeowners minimal financial incentive to move. Moving has become more influenced by a lifestyle or employment change.

Increased interest rates are impacting inventory.

While Metro Denver still has relatively low inventory, it’s no longer historically so.  There were 610 fewer properties on the market last year compared to today. The market usually sees an 8.59 percent increase in month-over-month inventory this time of year. This month, it saw a 44.26 percent increase. Providing hope to buyers.

In the Luxury Market, inventory is also on the rise.

There was a 57.65 percent increase in new listings from this time last year. However, as a result of inflation, more homes will cross the threshold into the Luxury Market simply due to list price or more likely due to bidding wars that can end 20 percent or more over the asking price.

In part due to seasonality, new listings for detached homes rose 26.62 percent from last month. 

This is a 63.73 percent jump from last year for new listings. Pending sales rose 27.15 percent to 562 properties and 599 closed homes, a 17.91 percent increase from last month. 

*Written May 6, 2022. Updates may be available after this date.

Colorado Real Estate News

Denver Market Trends

Inventory growth in the Luxury Market.

Buyers in the Luxury Market should be pleased to see the largest rise in inventory of any price point. With a 58.22 percent increase in the detached market and a 60.53 percent increase in the attached market for homes available for purchase from February to March, buyers in the $1M+ range should be relieved from a historically tight market. But bidding wars have continued with the average luxury home price increasing 7.8 percent month-over-month with an average of 7.66 percent of homes going over list price.

Sales prices continue to grow.

With average sales price reaching $705,812 and month-end active inventory growing 81.16 percent from February to March, demand may decline due to increased interest rates. 995 listings hit the market at the end of the month which might have the potential to aid in balancing out supply and demand. This 43.7 percent increase will serve to balance the accelerated price appreciation that has recently taken place in the market.

Sellers need to stay grounded.

As homes continue to sell for over the asking price, sellers need to keep in mind that buyers can sense when a home is worth less than what is listed and this is expected to be reflected in the market. With rising prices, buyers will feel the market is reaching its peak and wait till prices stabilize.

*Written April 6, 2022. Updates may be available after this date.

Colorado Real Estate News

Northern Colorado Market Trends

North Colorado Market Saw a Decrease in Homes Sold Across the Board. BUT…

Don’t be fooled. Median home prices still increased as we head into our spring market.

Fort Collins detached homes were selling for a median price of $676,008.

Fort Collins detached homes on average sell after 35 days on the market compared to 47 days last year. There were 146 detached homes sold this March, down from 191 last year, meaning the sales volume was down 14.14 percent. Attached homes in Fort Collins saw a similar story, with attached homes seeing 39 sales in March 2022 versus March 2021 at 75. Sales volume saw a decrease of 33.05 percent from $26,745,304 to $17,905,085.

Average days on market decreased significantly year-over-year for detached and attached homes in Berthoud.

Berthoud’s detached market experienced a 32.35 percent decrease from 68 days in 2021 to 46 days in 2022, and its attached housing market saw less of a dramatic decrease but still experienced a 6.06 percent decrease from 99 to 93.

Meanwhile, Timnath saw another drastic decrease year-over-year in homes sold.

Timnath’s detached market went from 25 homes sold in 2021 to 15 homes, a 40 percent decrease. In its attached market, Timnath also experienced a drastic decrease in home sales at 39 versus 138 days in March 2021, a 71.74 percent decrease. All together, Timnath had 18 total sales for the month.

Boulder unsurprisingly saw a large increase in sales volume year-over-year in detached and attached homes.

In the detached market, the average sales price climbed from $1,450,421 in March 2021 to $1,732,282 in March 2022, an increase of 19.43 percent. The attached market saw an increase of 30.28 percent from $557,559 to a staggering $726,390.

Loveland saw a massive drop in detached sales but continues to show its desirability.

In Loveland’s detached market, residents saw 100 sales in March 2022 versus 175 in March 2021. However, the average sales price for a detached home rose from $9,100,750 to $11,901,786. Meanwhile, their detached market saw a 19.94 percent increase from $457,107 to $594,958 in March 2022.

*Written April 6, 2022. Updates may be available after this date.

Colorado Real Estate News

April: Fair Housing Month

April is Fair Housing Month and it’s imperative to remain educated about this topic. Discrimination in the real estate industry is prevalent in people’s daily lives. Keep reading to find out more and ways you can educate yourself and help to solve this ongoing issue:

History of Fair Housing Month

On April 11, 1968, President Lyndon B. Johnson signed the Fair Housing Act of 1968, therefore commemorating fair housing annually in April. The Fair Housing Act prohibits discrimination based on race, religion, gender, national origin, disability and family status. Since its inception, it has helped working families of all races and backgrounds find affordable housing, helped break patterns of segregation and bring diverse communities, but there is still more to be done. To help the development of the Fair Housing Law, the US Department of Housing and Urban Development was created.

It can be difficult to want to educate ourselves on things that don’t directly affect us, but fair housing is incredibly important and something that affects those around us. There are many ways you can educate yourself. Check out these video, podcast and book recommendations from the National Association of Realtors®:

Video Recommendation:

“Why Cities are Still So Segregated” from NPR

In this short, six-minute video, Gene Demby from NPR’s Code Switch explains why some neighborhoods remain still segregated today.

Podcast Recommendation:

The Red Line: Racial Disparities in Lending from The Center of Investigative Reporting

In this podcast episode, reporters analyzed 31 million government mortgage records and found that people of color were more likely than white people to be denied a conventional home loan in 61 metro areas.

Book Recommendation:

“Sundown Towns” by James W. Loewen

Loewen sheds light on the racial exclusion in America. He uncovers what he calls “sundown towns,” which are exclusively white towns where it was an unspoken rule that black people were not welcome.

Residential segregation in America did not happen by accident. Hence, April is a great month to look internally to ensure that you are providing inclusive communities to your clients. We all have an amazing opportunity to be a part of the solution.

The NAR website has fantastic resources for you, and the Denver Metro Association of Realtors® is hosting their first annual Housapalooza event on April 23. Housapalooza is “the must-attend event for first-time homebuyers and sellers in metro Denver.” They have phenomenal speakers including Albus Brooks, Former Denver City Council President and event host, Ryan Haarer, Former TV Newsman for 9News. Fair housing matters year-round, but April is a great month to reevaluate your practices and identify how you can be a part of the solution.

Kentwood Real Estate is constantly striving for equality in everything we do. Our Diversity, Equity and Inclusion Councils have been working to introduce equality and diversity throughout our brokerage. Our Kentwood Cares Foundation was created to support our internal Kentwood community of employees and brokers and external community of nonprofit organizations. We are here to help and support our community in anyway we can.

Colorado Real Estate News

Northern Colorado Market Trends

February 2022 NoCo Market saw low inventory and shorter days on the market.

Hyperactive buyer demand was in full swing for the February NoCo market.

Fort Collins detached homes were selling for a median price of $671,174.

Detached homes sold on average after 29 days compared to 36 days last February, with sales volume increasing to $69,130,943, a 3.81% increase. Meanwhile, attached homes sold on average after 35 days on the market versus 58 in 2021, a 39.66 percent decrease. Sales volume for attached homes decreased from $23,268,668 to $20,017,854 but likely due to only 52 homes being sold in February 2022 versus 63 in 2021.

37 detached and attached homes sold in Berthoud in February 2022.

Berthoud’s detached market saw 30 homes go under contract in February 2022, a 9.09% decrease from February 2021, and its attached housing market saw 7 homes sold, a 250% increase from 2 last year.

Meanwhile, Timnath saw another decrease year-over-year in homes sold.

Timnath’s detached market went from 28 homes sold in February 2021 to 18 homes, a 35.71 percent decrease. In its attached market, Timnath also experienced a decrease in home sales at 2 versus 5, a 60% percent decrease, with sales volume in the attached marketing dropping from $1,849,690 to $919,485, a 50.29% decrease.

Boulder saw a pretty notable drop in detached and attached homes sold in February 2022.

In the detached market, only 52 homes were sold, down 27.78% from 72 in 2021, with sales volume dropping to $87,785,312 from $95,314,432 in February 2021. Days on the market for detached homes also notably dropped from 69 in 2021 to 39. In the attached market, sales were down from 83 in February 2021 to 53, a 36.14% decrease, with sales volume also dropping from $47,429,028 to $38,421,109.

Loveland also experienced ongoing inventory woes, in both detached and attached markets.

In the detached market, 84 homes were sold, down 22.94% from February 2021. The attached market was down 35%, with only 13 homes sold in February 2022.

*Written March 7, 2022. Updates may be available after this date.

Colorado Real Estate News

Must-Ski Mountains Near Fort Collins

People come from all over the world to ski in Colorado, and for those who are residents in Northern Colorado, this winter activity is in your backyard. Fort Collins offers skiing and snowboarding mountains just two to three hours from town. Here are the five closest:

Echo Mountain

Echo Mountain is just an hour and 45 minutes away from the heart of Fort Collins. Tickets are affordable and the views are amazing! They pride themselves on a welcoming and supportive environment, no matter what level of a skier or snowboarder you are. They’re open seven days a week and they have night skiing on Wednesdays through Saturdays.

Loveland Ski Area

Loveland is about two hours from Fort Collins and it’s 1600 acres of a winter wonderland. Loveland’s average snowfall is 422 inches, which is more than any Front Range resort. They also offer free snowcat skiing to experience the amazing Loveland terrain. They’re open from 9:00 a.m. to 4:00 p.m. Monday through Friday, and 8:30 a.m. to 4:00 p.m. on weekends.

Seven Utes Mountain

Seven Utes is a little over two hours from the heart of Fort Collins, and it’s specialized for backcountry skiers. The east side of the mountain is most frequently skied because you can see it from Highway 14. This amazing mountain is a part of the Never Summer Mountains, too!

Eldora Mountain

Eldora has 10 lifts with 680 acres of terrain for anyone to explore, with greens, blues, black diamond and double black diamond runs for any level of skier or snowboarder. They’re located about an hour and 45 minutes from Fort Collins. They’re open seven days a week, so check them out!

Arapahoe Basin

Just over two hours from Fort Collins, ‘A-Basin’ as the locals call it, is a great place to ski. Along with snow activities, they’re celebrating their 75th anniversary this spring; they are having a Pride weekend celebration and brewery and dining events. A-Basin has uphill access, too! You definitely don’t want to miss out on “The Legend.”

Colorado offers so many beautiful and scenic mountains to ski and snowboard, you really can’t go wrong with any location. These five mountains are just a short drive from Fort Collins, so visit one or all of them! We hope you enjoy your next ski/snowboarding adventure at any of the gorgeous ski resorts that Colorado has to offer.

Colorado Real Estate News

Denver Market Trends

Lack of inventory and sales in 2022 lead the market narrative.

In 2022, the market has seen a 12.44 percent decrease in listings from last year. In February of 2021, 8,761 properties hit the market, and currently only 7,617have this year. With a compounding effect of low supply and a surplus of buyers, not only has there been a 13.31 percent decrease in closed properties but with prices rising exponentially, there’s been an unprecedented close-price-to-list-price ratio of 104.75 percent. 

The Luxury Market is staying strong.

February continued to be a great month for the Luxury Market. Over this past month, sales volume for detached homes has increased 43 percent, while attached homes grew over 32 percent. Not to mention there have been 114 new listings of $1 million dollar homes since February, but as demand continues to rise those listings will be closed shortly. In February, 97 percent of new listings went under contract, and the Luxury Market has less than two weeks of inventory for both attached and detached homes.

Pandemic stresses supply chains while demand hits an all-time high.

The Luxury Market could feel the impacts of the Russian Invasion of Ukraine. As a result, more people will begin to sell stock to purchase a new luxury home, but with the volatility of current financial markets, many new home buyers may reconsider. With increasing interest rates, market instability and inflation, this may be the best time to capitalize if you are in the luxury home market.

Attached and detached homes leaving MLS quickly.

Most attached and detached homes will go under contract within the first week of hitting the market. In fact, the median days that detached homes spent in the MLS was around five days with attached homes being even less with just three. Last month, the close-price-to-list price was up 3.61 percent month-over-month and up 5.84 percent year-over-year. For attached and detached homes over $1 million, new listings shot up over 17 percent.

*Written March 4, 2022. Updates may be available after this date.

Colorado Real Estate News

CEO Reflections: Finding Gold

Getting Gold Takes Perseverance

This isn’t about the Olympics, although it could be. It’s about gold mining in Colorado.

During the Colorado gold rush in the 1800’s there was a miner who came west to stake a claim and make his fortune.

The miner found a vein of ore and as he dug into the earth he planned what he would do with his pile of gold. He dug and dug for months but it became apparent that the vein he’d discovered ended soon after it started. Despondent and exhausted, he sold off his equipment and moved home to become an insurance salesman.

Reaching the Tipping Point

Malcom Gladwell writes about the concept of perseverance and not giving up just before you “tip” into the success you’ve worked toward. The junk man who bought the miner’s equipment instinctively knew this and took up the project with the help of an expert who calculated where the vein of gold likely ran. The junk man struck it rich just three feet away from where the original miner had given up.

Your Expert, Your Gold

Being a home buyer in 2022 is much like being that miner. Keep at it and don’t quit three feet from gold. Perseverance is key, patience is paramount and the help of an expert who knows the landscape is invaluable.

How are our Colorado real estate experts at Kentwood Real Estate are helping their clients?

· They’re making sure buyers are in the best financial position to be competitive. Pre-approval from a reputable lender like Prosperity Home Mortgage is key.

· They’re staying informed up to the minute of neighborhood closings that could affect value and helping buyers determine whether they can (and should) provide appraisal assurance to the seller.

· They’re helping buyers understand the pros and cons of a contingent home inspection and where hidden expenses might lurk in the future.

· And they’re never giving up, creating a partnership with their clients that will see them through one or twenty one offers and months of digging for that perfect house.

Great real estate professionals are adaptable and resilient. Small scale or large, luxury or starter, we’re here to help you find your gold in Colorado. In 2022 that may take longer than it used to, but perseverance and professionalism are hallmarks of Kentwood Real Estate brokers.