Colorado Real Estate News

Northern Colorado Market Trends

The Northern Colorado market shifted in June.
If you’re thinking of buying or selling a house, there are interesting opportunities. 

Fort Collins detached homes sold for a record-high median price of $705,341.
In comparison to 2021, that is a 16.81 percent increase, up from $603,815. Fort Collins detached homes on average sell after 30 days, down slightly over the last couple months. 206 detached homes sold in May, down from 237 last year, however the sales volume was up 1.53 percent, emphasizing the increase in prices. Attached homes in Fort Collins saw a similar story, with 80 condo and townhome sales in May 2022 versus 98 in May 2021, down 18.37 percent. Sales volume has decreased in the attached market 25.91 percent year-over-year from $44,488,318 to $32,961,610. 

Average days on market increased significantly year-over-year for detached and attached homes in Berthoud.
Berthoud’s detached market experienced a 20.31 percent increase from 64 days in 2021 to 77 days in 2022, and its attached housing market saw a dramatic increase of 93 days in 2021 to 248.

Meanwhile, Timnath saw another decrease year-over-year in homes sold.
Timnath’s detached market went from 32 homes sold in May 2021 to 15 homes in May 2022, a 53.13 percent decrease. In its attached market, Timnath also experienced a slight decrease in home sales at 7 versus 5 in May 2022, a 28.57 percent decrease. All together, Timnath had 20 total sales for the month.

Boulder saw a slight decrease in sales volume year-over-year s, signifying a changing market.
In the detached market, the total May sales volume went from $174,801,836 in May 2021 to $171,474,892 in May 2022, a decrease of 1.90 percent. The condo and townhome market saw a more dramatic decrease of 23.23 percent in sales volume from $51,116,023 to $39,243,285.

Loveland saw a massive increase in detached average home sales.
In Loveland’s detached market, residents saw 165 sales in May 2022 versus 151 in May 2021with the average sales price for a detached home climbing from $545,860 to $619,888.

* Updated June 8, 2022. 

Colorado Real Estate News

Denver Market Trends

After months of appreciation, negotiations and bidding wars, modest numbers in June ruled the market.
The housing market ended May with 3,652 properties on the market, representing an increase of 448 properties from the previous month-end, which is seasonally on trend. Closed sales increased 3.75 percent from the previous month, moving supply and demand closer toward balance.

Attached and detached properties had a similar balance of supply and demand in May.
Both markets had the highest amount of standing inventory in the $500,000 to $749,999 price points. The biggest difference was the proportion of inventory. For attached properties, this price range made up 29.87 percent of the market. For detached properties, it made up 41.72 percent of the market. There are over four times more single-family detached properties between $500,000 and $749,999 than attached properties. 

Year-to-date, the market has seen 7.18 percent fewer homes closed than the previous year. 
Even with fewer units purchased, the market has transacted over $1 billion more in sales volume than YTD in 2021, indicating how prices have soared from last year. he close-price-to-list-price ratio of 105.33 percent, while down from the previous month, illustrates how competitive the overall market remains.

Luxury buyers saw their options increase in May.
Luxury inventory went up 5.86 percent from April and a significant 65.95 percent higher than the same month last year. Pending luxury sales were also up, along with closed sales and sales volume. More choices turned into more pending sales, up 22.20 percent month-over-month and up 27.37 percent year-to-date.

Detached homes sold for an average of 107.12 percent of list price, down slightly from April’s 108.39 percent.
Meanwhile, the condo and townhome Luxury Market is currently selling at 104.94 percent of list price. Still a competitive market, but less so than for single family residences. 

* Updated as of June 7, 2022. 

Colorado Real Estate News

10 New Golf-Course-Adjacent Luxury Homes Set To Be Built at Castle Pines

The Village at Castle Pines is an exceptional residential community located in Douglas County; 30 miles away from downtown Denver. The gated neighborhood provides spectacular views of Pikes Peak, Mount Evans and the Rocky Mountains. Elk, turkey and other Colorado native wildlife roam the vicinity frequently. Additionally, the private luxury community contains world-class amenities from pickleball courts to 13 miles of outdoor trails. The Village is also home to the Country Club at Castle Pines, a course designed and brought to life by the renowned Jack Nicklaus.

Hidden alongside hole four of the golf course is a gem of undeveloped land. Louie Lee, a long-time agent in the Village at Castle Pines, was approached by developer, Scott Gratrix of Clearwater Capital Holdings, to tour the land. After years of negotiating the purchase of the property with the original landowner and the community’s master planner, Jack Vickers, the two came to an agreement. Gratrix purchased the land (10 residential lots plus one 4.1-acre zone) for $5 million earlier this year.

At first glance, Gratrix planned to build higher-density homes on the land, although seeing as how the pandemic shifted the residential real estate market, he has now elected to build fewer luxury homes on the lots.

This opportunity is quite niche in the Denver metro area because there are not many developable residential areas on golf courses. This is why Gratrix has been pursuing this business endeavor for the past three years, he referred to the land as a “unicorn today.”

Of Gratrix’s 10 new lots, six of them are adjacent to the fourth hole of the Castle Pines Golf Club while several other lots back up to open space.

Gratrix plans to start by establishing 10 homes on the lots. Pending final approval, he will begin initial construction in August. At the moment, he plans to hold onto the larger piece of land until after the 10 homes are finished.

With the special location of the homes within the community, this may be the final buildout of Castle Pines to ensure all residents have open space and personal privacy. The land will be subdivided into single-family residential lots.

Upon completion, each home will most likely be in the 5,500 to 7,000-square-foot range on half-acre to acre lots with an initial listing price of $3.9 million to $5 million. Homebuyers will also get to work closely with builders and developers to bring their custom homes to life.

For any questions or inquiries about homes at the Village at Castle Pines, contact one of our experienced Kentwood brokers at kentwood.com.

Colorado Real Estate News

Parks in Northern Colorado to Visit This Spring

Spring has sprung and now is the perfect time to get outside and get a breath of fresh air. And what better place to refresh and reset than in a beautiful Colorado park. There’s never a shortage of options to choose from; there are over 50 parks in the NoCo area. Keep reading to find a park to spend your time, whether you’re looking for a dog, city or state park: 

City Parks: 

Fort Collins City Park

Fort Collins City Park is a great place to spend your days, sitting under a shady tree, reading a good book. There are perfect places to have a picnic, tennis courts and Sheldon Lake to walk around and enjoy the outdoors. 

Creekside Park

With a soothing creek rushing through the park, this is another idyllic place to enjoy a picnic or a good book. There is also a walking and bike path to connect you to different spots in Fort Collins. 

Dog Parks: 

Fossil Creek Dog Park

Located in the heart of Fort Collins, Fossil Creek Dog Park is a great place to spend your days with your furry friends. There are some benches and shady trees to enjoy watching your dog play with others. There is a separate fenced-off area for small dogs and shy dogs as well.

Twin Silo Dog Park

Another big dog park in Fort Collins where dogs are welcomed to be off of their leashes to run freely and play with other dogs. There is an area for small and shy dogs to hang out, too! There are plenty of water stations and poop bags available for anyone who needs them.

State Parks: 

Lory State Park

Lory State Park is a fantastic place to hike, fish, or just escape the hustle and bustle of everyday life. There are several trails to choose from, no matter what type of hiker you are. Be sure to bring a camera because this place has amazing views!

Boyd Lake State Park

With nice camping spots and walking trails around the lake, this is the perfect place to spend your weekends this spring. They have parks, swings and horseshoe pits to enjoy as well. Swimming, kayaking, and paddleboarding are highly recommended so make sure to bring your swimsuits! Boat rentals are available, as well.

There is not a shortage of places to spend your spring days in Northern Colorado. This spring has been a warm one, so make sure to get out there and enjoy the sunshine and amazing views that this state has to offer.

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

Best Fried Chicken Restaurants in Denver

On the hunt for a new restaurant to take your taste buds on a rollercoaster ride of enjoyment? Then look no further than the food that is as well-paired with waffles as it is with mashed potatoes and asparagus. In this blog, we are featuring arguably the best comfort food out there: fried chicken. Denver’s chefs offer a smorgasbord of fried chicken dishes, from creative to classic. Here are a few favorites in no particular order.

Lea Jane’s Hot Chicken 

Hot chicken is – well – pretty hot right now, but the chicken coming from Avanti F&B in Lower Highland (LoHi) sets itself apart from the competition. Chef Nick Graves has navigated the proper channels of research and development in Nashville where hot chicken is beloved by many. Chef Graves puts his own unique spin on Nashville hot chicken which he dishes out on deviled eggs, sandwiches, biscuits and even in a waffle cone with “angry” macaroni and cheese. For those who can’t handle the heat, don’t worry; there’s also traditional southern fried chicken. There’s also a plethora of mouthwatering sauces to choose from. Try the Comeback Sauce (similar to Louisiana Remoulade), the Alabama White BBQ Sauce and the Charred Onion Ranch. 

Steuben’s 

Steuben’s in Uptown provides a retro neighborhood ambiance sure to elevate your comfort food experience. Enjoy their fried chicken three ways every day: buttermilk-brined and on its own with mashed potatoes, a biscuit and chicken gravy on the side, on top of a Belgian waffle or Nashville hot with a bacon brown-sugar glaze served with texas toast, pickles, mashed potatoes and chicken gravy. Also check out their Tuesday special: a Nashville-style hot chicken breast on a brioche bun with green goddess coleslaw and house-made pickles. In a rush and want fried chicken takeout? Grab a six, nine, or 15-piece bucket of Steuben’s original or Nashville hot fried chicken with mashed potatoes, chicken gravy and scratch-made biscuits or texas toast. 

Welton Street Cafe 

This family-owned cafe in Five Points has been serving customers in the Mile High City for more than 20 years. They specialize in Southern-style cuisine with a Caribbean twist. Have a big appetite? Welton Street Cafe has you covered. Their fried chicken entree is a juicy half-bird, seasoned and expertly fried for minimal grease, served with two sides and cornbread or white bread. For the full southern experience, order it with fried okra, a sweet tea, and peach cobbler or sweet potato pie for dessert.       

The Post Chicken & Beer 

If you haven’t tried The Post’s chicken yet then this location is a must. The Post in Rosedale won Westword’s Best Fried Chicken for 2021. Chef Brett Smith has perfected his fried chicken recipe. His buttermilk-brined chicken is delicious, extra-crunchy and gluten-free, making it accessible to almost everyone. Best of all, you can order it up in a variety of dishes, from chicken chicharrones with pinto bean hummus, to deviled eggs topped with crispy chicken skins, to a widespread of salads and sandwiches. We recommend the Fried Chicken Ranch BLT with tomato jam and paprika ranch or their Chicken and Waffles with a pumpkin seed butter, chorizo country gravy, chile-cherry chutney and maple syrup. Wash it down with one of The Post’s in-house brews, such as the Howdy Western Pilsner or the El Corn Amber Lager, both of which have been awarded medals at Denver’s Great American Beer Festival. 

Osaka Ramen 

Osaka Ramen may be known for its mouth-watering ramen dishes, but you must try chef Osaka’s equally delicious Chicken Kara’age. His fried chicken comes as a small plate dish or a sandwich. This crispy chicken dish is a lightly battered, deep-fried citrus-shoyu marinated chicken served with spicy mayo. The same great chicken comes with ginger-sesame slaw and Japanese pickles in the Chicken Kara’age sandwich at OPEN, the sandwich shop inside American Bonded. Additionally, one dollar from each sandwich purchase goes to food-based local nonprofit, Project Angel Heart. Both Osaka Ramen and OPEN/American Bonded are in Denver’s River North Art District (RiNo). 

It’s safe to say that Denver has an abundance of quality fried chicken locations. From classic southern-style chicken to a chef’s creative spin on an already delicious entree. Treat yourself to a comforting meal at any of these delectable locations that are sure to provide your tastebuds with a memorable experience.      

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

It’s Selling Season

Recently a couple who I represented many years ago told me they might be selling their local home and moving to a Colorado resort community. Their question was, “when is the best time of year to put our house on the market?”

If you’re ready to move, you have an incredible opportunity in front of you today. Our expert brokers at Kentwood Real Estate will help you determine when to list your home, but generally our top sales prices are seen between February and May every year.

Looking at the big picture, the opportunity you have as a seller today is unprecedented. Last year was a hot sellers’ market. This year, inventory is even lower, which means the opportunity to sell remains high. Finding your next home in a market with low inventory can be challenging, but is that a large enough concern to pass up some of the best conditions sellers have ever seen?

According to the National Association of Realtors, in February, the average home sold received 4.8 offersWhen buyers are competing like this, they’ll do what they can to make their offer stand out. This could play to your favor and mean you’ll see fewer contingencies; more cash offers and offers over asking price. Selling when demand is high, and supply is low sets you up for a win.

If you’re also looking to buy a house, you may wonder if you’ll have trouble finding your next home. Remember that perspective is key. As Danielle Hale, Chief Economist at realtor.comsays:

The limited number of homes for sale is a lesson in perspective. This same stat that frustrates would-be homebuyers also means that today’s home sellers enjoy more limited competition than last year’s home sellers.”

You have an incredible advantage when you sell your house under these conditions. Since buyer demand is so high at a time when seller listings are so low, there’s a good chance buyers will be competing for your house. An experienced broker can next help you navigate the purchase process.

Today, there are far more buyers looking for homes than sellers listing their houses. Connect with a Kentwood Real Estate Broker so you have expertise on your side to help you win when you sell and when you buy.

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.