Denver Real Estate Market Update April 2024

 Denver Real Estate Market Update April 2024

Michael Kozlowski RE/MAX Professionals Ranked as High as the #1 RE/MAX Agent in the State of Colorado! Re/max Team-Koz Michael Kozlowski Real Estate Agent Lone Tree Colorado

Spring Temperatures are warming up, and so is the Denver Metro Real Estate Market!

The Residential Housing market is getting back on track after a sluggish start to the year over the Winter months, with an economy that is showing some resilience in the job market and consumer spending which continues to maintain a stubborn inflation.

This data is also delaying any adjustments from the Federal Reserve and keeping interest rates higher than we all want to see. Sellers are beginning to trust that rates will eventually come down and starting to look at new homes and put their homes on the market and increasing Inventory.

Positive trends are showing as we look at the Market by the numbers:

- Active Listings are over 5,800 which is 30% higher than last year!

- Pending homes in March were over 4,300 and that is 7.5% higher than March of 2023!

- Closings in March were just over 3,500 and that is actually down 13% from a year ago. Closings are always a lagging indicator, so with the increased Inventory and Pending Sales, we should see some positive Closing numbers over the next few months.

Most notably are the average price increases both month over month and year over year at 4% and 5.55% respectively. This is a much more normal rate of appreciation versus the consistent double digit increases over many years in the last decade.

There are so many positive factors this time of year for both Buyers and Sellers, so now is the time to Spring into action if you need to sell or find the home of your dreams!

Thank you for trusting our many years of experience and knowledge of the Real Estate market! We look forward to discussing your housing needs very soon!

Denver Real Estate Market Update March 2024

 Denver Real Estate Market Update March 2024

🏡Michael Kozlowski Ranked as High as the #1 Individual Agent in the State of Colorado! Already Selling Homes for Full Price in 2024! www.team-koz.com 303-949-2755🏡

Spring Selling Season has arrived and March Madness is more than a College Basketball Tournament!

The month of March brings many signs of a changing Real Estate Market! First we welcome Daylight Savings, and next we celebrate the luck of the Irish on St. Patrick’s Day, and finally on the Official first day of Spring with the end of the month celebrating the Easter Holiday!

These are all signs of Buyers and Sellers rolling up their sleeves and finding their trusted Realtor to assist in finding and selling their next home! We truly appreciate your trust and confidence in allowing us to share our experience and wisdom in a complicated Real Estate Market!

Buyers are finding that some homes are attracting multiple offers, while others are sitting on the market.

Sellers are finding that their preparation to show their homes in the best condition and a fair price will bring multiple offers, while lack of preparation will leave their home to linger on the market longer than expected and sell for a lower price.

- Active Inventory on the market is up 45% while homes that closed were slightly down.

- The average price of a Single Family Home is up 3.4% while the average price of Condos and Townhomes was down1.9%.

Condos and Townhomes are experiencing a Buyer’s Market with the increase of HOA fees this year! Some great opportunities for Buyers!

This month is the time to begin in earnest your home search and getting your home on the market! Please call us today to discuss the market near you!

Denver Real Estate Market Update February 2024

 Denver Real Estate Market Update February 2024

🏡Michael Kozlowski Ranked as High as the #1 Individual Agent in the State of Colorado! Already Selling Homes for Full Price in 2024! www.team-koz.com 303-949-2755🏡

The Super Bowl is upon us and the Denver Real Estate Market has just begun its Prime Time Season!

The Buyers are back in the market after taking a short pause the end of 2023! They are motivated to find the right home for their needs, and take advantage of lower interest rates and an increase in Listing Inventory!

- Active Listings are over 4,800 which is 18% more than last year!

- New Listings last month were over 3,300 and almost 15% ahead of last year at this time.

- Pending Contracts are up 6.5%, and Average Residential prices are up 5.4% year over year.

Buyer demand is solid, don’t wait for prices to come down if you are looking to purchase as you may miss out. This is a great time to get in the market before it is in full swing with an abundance of competition.

Seller’s this is your early wake up call! We are seeing a slight Seller’s Market in this early activity, and if you need or want to sell this is truly the time to prepare your home for Sale, and we can help you!

Showings are strong, and homes that show well are getting a lot of attention and potential multiple offers! Prime time in the Denver Metro Market typically runs through July! Now is the time!

Denver Real Estate Market Update January 2024

 Denver Real Estate Market Update January 2024

🏡Michael Kozlowski Ranked as High as the #1 Individual Agent in the State of Colorado! Selling Homes for Above Asking Price in 2023 with Multiple Offers! www.team-koz.com 303-949-2755🏡

We enter this New Year of 2024 with excitement and anticipation for better times and markets ahead! The Denver Real Estate Market was a challenge in 2023, and here are the major stats from the close of the year as follows:

- Active Inventory is up 4.5% Year over Year, but it’s up 236% from two years ago. 

- New Listings were at 49,560, which is down 17.7% from last year. 

- Closed Properties were at 41,840, which is down 18% from last year. 

- The Average Price for all Residential Homes was $679,710

- The Average Price for Single Family Detached homes was $764,977

- The Average Price for Attached homes ended the year at $477,985 

The biggest surprise in these numbers is the big drop in numbers of homes sold, and yet the average prices in all three categories were only down less than 1%! Many Economists and experts predicted we would see a drop in prices from 5-20% The Denver market and economy have proven to be very resilient when we discuss prices, however rising interest rates, inflation and affordability pushed thousands of Buyers and Sellers to the sidelines and hit the pause button in 2023!

Let’s talk about 2024! Last year we shared our Top 10 Predictions for 2023, and actually predicted the market with above average accuracy with 8 of our 10 predictions coming mostly true! We won’t pretend to know the future and forecasting or predicting is usually a good guess at best, but here is the list of adjustments we feel are coming with confidence in 2024:

- Inflation will continue to slow down and put less pressure on Interest Rates.

- The Federal Reserve will lower interest rates 2-5 times in 2024.

- Mortgage Rates will vary from the low to high 6% range, with a chance of dipping into the 5%’s

- Buyers will return to the market, especially first-time buyers with reasonable ability to negotiate well on price and terms.

- The average Residential prices will adjust plus or minus 1-3%

- Sellers will finally return to the market, as pent-up demand and basic housing needs will motivate them to sell again regardless of Interest rates.

- The market will see a 20% increase in numbers of homes Sold and go above 50,000 resale homes sold again!

- Builders will increase inventory in 2024, as they have figured out how to sell homes with the right incentives and interest rates.

- The employment and labor markets will tighten, as many businesses will become more frugal and downsize their staff and space.

It’s an Election Year! Generally markets magically feel and look better when Politicians want our votes! (It’s also a Leap Year)

Denver Real Estate Market Update December 2023

 Denver Real Estate Market Update December 2023

🏡Michael Kozlowski Ranked as High as the #1 Individual Agent in the State of Colorado! Selling Homes for Above Asking Price in 2023 with Multiple Offers! www.team-koz.com 303-949-2755🏡

The Holiday Season is upon us, and one of the best gifts we can ever give is the opportunity to assist many individuals and families in their own personal Homeownership!

As we come to a close on 2023 and look back at the challenges the Real Estate Market experienced throughout the year, we are so grateful to be able to help you with your Real Estate needs.

- We are quite optimistic for the market in 2024, and quite frankly one of the greatest gifts we see currently is an increase in Housing Inventory which is up almost 7% compared to November of 2022!

The Active Inventory is fantastic news for Buyers during the Winter months to see more homes for sale and negotiate some favorable price and terms.

- The second Holiday gift is lower Interest Rates, which is helping affordability tremendously, and we see smart Buyers out looking at homes even in the snow.

Sellers, this is a great time to show your home adorned in your Holiday décor, and we see the homes in great condition and priced correctly attracting offers within a week or two of listing. The homes that need some work or are priced too aggressively seem to linger on the market while buyers wait for two to three price reductions.

- In the last 7 days in the Denver Metro Market, we have seen just over 1,000 new listings come on the market, and incredibly we have just over 1,000 homes that received a contract and into a Pending status! Sellers, if you need to sell, you should stay on the market!

Most importantly, at this special time of year please know our gratitude for each of you and enjoy precious time with family and friends!

We Wish You a Merry Christmas, Happy Hanukkah, Happy Kwanzaa and enjoy a truly blessed Holiday Season!

Denver Real Estate Market Update October 2023

 Denver Real Estate Market Update October 2023

🏡Michael Kozlowski Ranked as High as the #1 Individual Agent in the State of Colorado! Already Selling Homes for Above Asking Price in 2023 with Multiple Offers!🏡

INTEREST RATES! INFLATION! INVENTORY!

The Fall Market is settling in with some unique characteristics, and these three words are playing a major part in buyers and sellers decisions every day! They can feel Intimidating at times, but we are also seeing the Invincible passion and strength for the desire to own a home and build wealth and security through Real Estate!

The question asked daily: “Is this a Buyer’s or a Seller’s Market?” Quite frankly it feels like Nobody’s Market at the moment, as nobody is fully happy with how quickly their home is selling as a Seller or the price they are paying as a Buyer!

This 2023 market actually mirrors the ebbs and flows of the markets we’ve seen between 2013-2019 with a few variations. Most of the housing metrics remain fairly stable, however they also come with challenges and opportunities.

- Through the 3rd Quarter of 2023, the number of New Listings and the number of Sold/Closed properties is down almost 21% which shows that the market is smaller, which is expected after the boom years of the Pandemic!

- The most notable metric is that prices are holding steady for now, and the Average Price of a Single Family Home closed at $769,000 and the Attached Homes closed at $478,000 which are both only down approximately 1.0% from 2022!

Sellers, you have a smaller window for success before the Winter months settle in, so please price correctly, and keep in mind that about 60% of all Closed transactions this year offered to pay some Buyer Concessions to assist with their Interest rates and closing costs. Patience is a virtue combined with proper pricing and our expert marketing, and you will have success this Fall.

Buyers, this is an opportune time to circle back and re-visit the market as homes are sitting on the market longer, and more negotiation is happening including concessions to assist with affordability. First time Buyers are making a comeback, and if you are thinking about moving up to a larger home, the fourth quarter looks encouraging!

 

Denver Real Estate Market Update September 2023

 Denver Real Estate Market Update September 2023

🏡Michael Kozlowski Ranked as High as the #1 Individual Agent in the State of Colorado! Already Selling Homes for Above Asking Price in 2023 with Multiple Offers!🏡

Summer is over and Fall is in the Air!

We are so excited to see Fall arrive in Colorado, and in the Denver Metro Area as the crisp night air comes back, the leaves begin to change, Football Season is full speed ahead and all of the distractions of Summer activities are behind us. It feels good to get back to our routines and normal disciplines of life with kids back in school, and we are very excited to see the second busiest time of the year for Real Estate activity come alive again.

The Fall Market after Labor Day, and right up to the Holidays is a busy time of year for Buyers and Sellers alike! The Spring and Summer markets were less active than normal with a shifting market and mortgage environment. The demand for buying homes remains strong, in fact Denver still ranks as the fourth-strongest house market in the Nation!

Here is some great news if you are a Buyer: Active Inventory is now at 6,858 Single Family and Attached homes, which is almost two months of Inventory and 9% higher than last month.

This is the new definition of a balanced market, and to many Buyers it will feel a little like a Buyer’s Market. Homes are sitting on the market for longer periods of time before receiving competitive Offers, but Buyer’s beware the good houses that show well and are priced correctly are still selling quickly, so be decisive!

Seller’s there is good news for you as well: the market is full of buyers that didn’t buy over the Spring and Summer and want to buy a home before the snow falls! If you need to sell, please prepare and price your home correctly and it will sell in this Fall Market!

We are experts in this arena, and ready to help you have a successful transaction! As always, please call, text or reach out anytime!

Denver Real Estate Market Update August 2023

 Denver Real Estate Market Update August 2023

🏡Michael Kozlowski Ranked as High as the #1 Individual Agent in the State of Colorado! Already Selling Homes for Above Asking Price in 2023 with Multiple Offers!🏡

The typical Summer slow down in July and August in the Denver Real Estate Market, has many Buyers and Sellers concerned about the overall health of this market!

This Summer slowdown is very common, and happens almost every year, however this one is also driven by the increase of Mortgage Interest Rates to around 7% for a 30 year fixed rate mortgage.

Several factors in our National Economy and World events may also bring some pause to buyer activity, but we have some good news as well for Buyers and Sellers. Most Economists agree that the Housing Market is more likely to correct itself from the double digit price jumps in home prices over the past few years rather than a crash.

Our prediction is the Housing Recession may be over, and the recovery is very close.

Quick Facts:

- Active Inventory is growing and currently at 6,300 residential homes. Buyer demand is still very high, with Buyers anxious to find the right home at the right price with an affordable payment.

-Single Family Homes average price in July was $782,624 which is .41% higher than July 2022, and Attached Homes were at $484,000 which is 1.73% higher than July 2022.

Buyers, this is your opportunity to find a great home at a fair price and terms and realize that prices are not coming down like many expected. Lock your price in now, and you can always refinance as Interest Rates lower in the near future.

Sellers, the buyer demand is real so this is the right time to price your home competitively, prepare it to show very well, and consider offering a 2-1 Buydown on interest rates to attract the best buyers and increase affordability.

The Spring market was slower than expected, and the Summer market is crawling, we expect a very healthy Fall Market!

Enjoy the fast moving Summer! Buyers Get Ready, Get Set, Go! 

Denver Real Estate Market Update July 2023

 Denver Real Estate Market Update July 2023

🏡Michael Kozlowski Ranked as High as the #1 Individual Agent in the State of Colorado! Already Selling Homes for Above Asking Price in 2023 with Multiple Offers!🏡

The first half of 2023 is complete, and in many ways the turning point for the year. We are excited to share the Metro Denver Housing Outlook and Midyear Update!

Historically, the data shows that purchases start to slow down, prices decline and inventory should peak soon after the July 4th Holiday, however this Spring’s Selling Season proved to be disappointing compared to Seasonal expectations, and we may see some surprises the second half of the year!

Let’s look at some indications for positive activity in the numbers:

- First, the Active Inventory for sale is at 6,070 which is 16% higher than last month.

- New Listings were at 5,628 which is almost 9% higher than last month.

- Pending Sales were at 4,385 and that is almost 6% higher than last month.

- The downside of the market is Closed Properties, as we only had 4,109 Closed Properties this month, and that is down -7.0% from last month and Closings YTD are down -23%.

Several factors are influencing the housing market in uncertain terrain, with the market looking for stability, affordability, and creativity! Mortgage rates are affecting Inventory, stability, and affordability, but with inventory growing and activity slowing, it looks like we are heading toward a normalizing market!

Buyers, this is great news as you will have a bit more control the 2nd half of 2023.

Sellers, this is a great time to prepare your home for sale, and have it showing the best way possible, as buyers are still paying top dollar for an updated house. If you have experienced some hail damage, please reach out to your insurance company as soon as possible. Buyers always expect a good Roof!

Please call us today, and let us show you how our Real Estate experience can help you navigate your individual Real Estate needs!

Denver Real Estate Market Update June 2023

 Denver Real Estate Market Update June 2023

🏡Michael Kozlowski Ranked as High as the #1 Individual Agent in the State of Colorado! Already Selling Homes for Above Asking Price in 2023 with Multiple Offers!🏡

SHADOW INVENTORY OR SHADOW DEMAND!

Since the beginning of the year, we have predicted that the first half of the year would be challenging with some uncertainty in the market and hurdles to jump over! As we close out our Spring market, and reflect on these challenges, we can see much of the Real Estate market failing to engage in a normal Spring behavior!

Many have predicted that we have Shadow Inventory about to enter the market, with some pent-up demand for Sellers that need to sell, and it seems that many Sellers are in love with their current mortgage rate and not quite ready to list their homes. This lack of Inventory has created some Shadow Demand, as Buyers are experiencing some fatigue and either waiting for the perfect home or to uncover a good deal and what they perceive as good value!

Here is some Good News! The numbers are starting to show our second prediction that the second half of the year will be much more active!

- Active Listings at the end of May are at 5,228 which is 13% higher than April!

- New Listings in May are up almost 9% from April!

- Pending Sales are up almost 3%

- Closings in May were up almost 7% from April!

- Average Prices for all Residential Homes were up 2.7% from April!

The question now is: What is the cost of waiting?

Sellers: If you have been hesitant to enter the market, now is a great time as the Summer buying activity will be in full swing!

Buyers: Inventory is growing, Sellers are getting more realistic and we should see a downward trend with Interest Rates!

Please call us today, and we can guide you through this improving Real Estate Market!

Let’s Bring on Summer!