Local Pulse - July 2022

mark@city2summitrealty.com • 720.257.1541 • city2summitrealty.com
  Market Update | July 2022
June marks another month with a large increase in active inventory, another great sign for buyers looking for better options to fit their families needs. Per the Denver Metro Association of REALTORS® Market Trends Report, “At the end of June 2021, Denver Metro ended with 3,122 properties on the market. It has now almost doubled that amount over the year, with a total of 6,057 properties currently sitting on the market.” Prices have remained relatively consistent the last couple of months as well, due to the increasing mortgage rates – however, rates dropped by an entire half percent in the last two weeks.
Market Insights by DMAR:

• Denver is the nation’s ninth-best large city for renters, while two neighboring cities are among the nation’s top 50 for renters, according to a recent report from RentCafe. Denver’s local economy was the best performing, and having the 18th-highest number of highly rated schools helped boost the Mile High City’s ranking.
• Denver City Council voted to change the city’s zoning code to force developers to play a larger role in solving the city’s affordable housing issue. Developers building multi-family projects with 10 or more units will be required to create income-restricted housing for households earning between 60 and 90 percent of the area median income – currently, between $56,592 and $84,888 for a family of three. Those projects will be required to maintain between eight and 15 percent of the units as income-restricted for 99 years. Those percentages will be slightly higher in high-cost parts of the city including downtown and Cherry Creek.
• Nearly half of U.S. homeowners plan to upgrade or remodel their homes this year. This trend is most prominent among homeowners between the ages of 25 to 44, who are undertaking the most renovations and looking to bring new trends and renovations to the aging homes they purchase.
• Q2 2022 Home Price Expectation Survey was released highlighting expectations from 110 economists and housing experts. The most pessimistic of them believe we will have an average national appreciation of 1.8 percent over the next five years, even through a recession. The mean of all panelists believe the five year average is 4.8 percent. Housing will remain strong.
• The average active listings for June is 15,747 (1985-2021).
• The historical average increase in active listings from May to June is 8.0 percent. An increase of 65.85 percent this year represents a significant increase in housing inventory.
  Local Events | Denver
Colorado Fresh Market @ Cherry Creek!
Every Saturday from May to November 7th there will be a Fresh Market in Cherry Creek. Enjoy the fresh produce rain or shine at the Cherry Creek Shopping Center, on 1st Ave. & University Blvd, from 9am to 1pm. There are also Markets Wednesday mornings, as well! Find more information here.
Mazes and Brain Games at the Denver Museum of Nature & Science!
The “Mazes & Brain Games” experience at the Denver Museum of Nature & Science explodes with dozens of puzzles and mazes. You’ll discover surprises around every corner and new methods of problem solving through open-ended play. Make music as you navigate your way through the Junior Explorer Music Maze. Get tangled and untangled in the Web Maze. Whatever challenge tickles your fancy, get ready for a fun experience, perfect for kids in elementary school and younger and their families. Information and tickets here!
 
  Featured Local Business | Denver
Our featured business this month is Optimum Restoration, your one-stop shop for HOA, Commercial, and Multi-Family restoration and construction. With a wide array of specialties, including roofing, fencing, water mitigation, concrete, snow maintenance, fire restoration and cleanup, asphalt, decks, remodeling, siding – Optimum Restoration has the ability and expertise to complete the project you are looking for quickly and within budget. Find out more about Optimum Restoration at their website or give them a call directly at 303-903-2958.
If you’d like your business to be featured in a future Newsletter, give me a call or email!
Real estate questions? Wondering how the market looks at the moment? Just want to say hello? Don’t hesitate to call me – I’d love to chat! Don’t forget to follow me on social media – click on the links below!
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mark@city2summitrealty.com • 720.257.1541 • city2summitrealty.com
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