Colorado Real Estate News

Love Was In The Air In February’s Real Estate Market

February's Real Estate MarketLove was in the air in February’s real estate market

In addition to the number of homes under contract being up nearly 16 percent month over month in metro Denver, the Luxury Market (homes priced $1 million plus) faired particularly well too. Last month, 119 homes in the luxury segment closed for a total of $178,766,560 in sales volume, accounting for an over 23 percent increase from January.

Of course, long-term home closings in the Luxury Market are down 6 percent year over year, making the start to 2019 slightly more challenging. But, with 6.58 months of housing inventory, March is a great time to take the market back in bullish fashion for this luxury buyer’s market.

Yes, the selling—and buying—season is back!

In fact, the average number of homes sold in February’s real estate market increased by nearly 5 percent month over month. The culprit? Potentially the 5.6 percent increase in listings from January, which is 47 percent stronger than buyer choices a year ago. And because more single-family homes went under contract than were listed in February, housing inventory surplus is eroding.

For the condo market, however, the number of listings continues its four-year upward trajectory. In fact, there was a notable 79 percent rise in active listings at the end of February.

Freddie Mac also tells a story of ascent in the housing market: With the strong job market and a gradual decline in mortgage rates for the second straight month, housing demand continues in 2019.

No better place to be than at a Mile High

According to Forbes, Denver is the most competitive housing market in the nation. What does this mean for you? That there are far fewer homes for sale than buyers in Denver, putting this market solidly in a compression phase of the housing cycle. And what can you expect? That this cycle will continue while prices rise steadily through June. If it’s anything like years past, we’ll start to see buyer fatigue and inventory hit an annual high in July.

In February, there was a 47 percent increase in active listings year over year for the residential market as a whole, generating a 5.6 percent increase in new listings compared to January.

Denver is still in a strong seller’s market for single-family homes in the non-luxury segment, with only 1.92 months of inventory available.

As an interesting aside, Denver is sixth on the national list of apartments completed, with 11,700 apartments built in 2018.

Colorado Real Estate News

Sloan’s Lake Featured Listings | Community of the Month

Sloan’s Lake and the surrounding park are second only to City Park in acreage. It’s a wonderful setting for walking, running, biking, or picnics. For land-locked Denverites, Sloan’s Lake is truly an oasis away from the hustle and bustle of the city. Following are a few of Kentwood’s listings in this picturesque neighborhood. For more information on Sloan’s Lake, click here.

979 Eaton Street

Listed By: Jennifer & Todd Markus

This enclave of 8 designer homes (all in various stages of completion) will all feature open floor plans, sleek gourmet kitchens with huge center island, breakfast bar, and spacious eat-in area overlooking the yard. The highly sought after Two Creeks neighborhood is undergoing great changes. Urban living at its finest alongside West Rail Line and 40 West Arts District! Only a 3/4 mile to Sloan’s Lake and short walk to the Sheridan Light Rail Station.

Sloan's Lake | 979 Eaton Street

Sloan’s Lake Featured Listings

Perry Row at Sloan’s

Listed By: Liz Richards & Deviree Vallejo

The freedom to lock-and-leave your home and head skiing on a whim. The accessibility to a myriad of outdoor activities. The exceptional standard of quality that’s built into every home. A thoughtful architectural approach that provides abundant outdoor living spaces that makes every home feel even larger and more open.

Perry Row | Sloan's Lake

Sloan’s Lake Featured Listings

2146 Decatur Street

Listed By: The Neir Team

Stunning, like-new townhome, just a 1/2 block from Jefferson Park. You’ll have a direct city view from the 3rd floor balcony & master suite! The modern kitchen features java cabinets, Quartz counter-tops, and stainless steel appliances. Just minutes to Downtown, Mile High Stadium, Lohi, 25th & Eliot, B-Cycle and so much more…You can’t wait to live here!!

2146 Decatur | Sloan's Lake

Sloan’s Lake Featured Listings

Lakehouse 17

Listed By: Dee Chirafisi, Kevin Garret & Matt McNeil

Lakehouse 17 is the premier new condo project on Sloan’s Lake. Over 200 modern condos, projected estimated completion late summer 2019. Contract on your unit now! The building is pursuing certification for the WELL building standard – focusing on health and wellness.

Sloan's Lake Featured Listings | Lakehouse

Sloan’s Lake Featured Listings

2341 Decatur Street

Listed By: Dee Chirafisi

Beautiful contemporary finishes, wide open floor-plan, quality construction, and incredible roof top terrace with stunning views! Master suite, second bedroom suite, plus a flex room that is perfect for an office/study. Located on the corner of 24th Avenue and Decatur. Awesome Jefferson Park location, just one block to the park and two blocks to Sartos and other cool retail on 25th! A solid step above the quality many other new construction town-homes.

Sloan's Lake Featured Listings | 2341 Decatur

Sloan’s Lake Featured Listings

Eaton Heights

Listed By: Liz Richards & Deviree Vallejo

New-build townhomes with killer city and mountain views. End unit available with spacious open floor plan, stainless steel appliances, quartz stone counter-tops, euro flat slab cabinets, all with rooftop decks. Private two car garage. Finishes can still be chosen. Estimated completion date is November 2017. Just blocks to Sloan’s Lake and St. Anthony’s redevelopment area.

Eaton Heights | Sloan's Lake Featured Listings

Colorado Real Estate News

Denver-Area Housing Market Continues to Heat Up

Denver Real Estate | Property Values

It’s hard to find any kinks in the Denver-area home selling market. A recent report by the Denver Metro Association of Realtors shows the market was nearly bulletproof in April.

Home prices were once again in record territory, showing double-digit gains on a year over year basis. Homes are selling fast, spending an average of just 31 days on the market before being placed under contract. With a mere 5,221 unsold homes on the market, there is less than a 6-week supply of inventory. While that is about 4% more than a year earlier, the truth is that market could easily handle 15,000 or 20,000 homes.

The market also is experiencing its typical, seasonal pick up, as 12% more homes hit the market in April than in March. And 9% more homes were placed under contract last month than in the previous month.

You may have heard about a recent media report stating that 23% of homes placed under contract last month failed to close. But don’t worry.

Many Realtors find that it’s not unusual for 10% to 20% of homes placed under fail to close. So while 23% sounds ominous, it’s probably nothing out of the ordinary. What the report did not state is that most, if not all, of these homes were quickly snapped up by another eager buyer.

One veteran broker put it this way: “I can say with a fair amount of certainty, that 100% of those homes were sold to the next person in line, within a day or two.”

After all, in a market where it’s not uncommon to have 15 or more people bidding on a home, if the first deal falls through, your broker’s response is simple: “Next.”