Local Pulse - November 2022

mark@city2summitrealty.com • 720.257.1541 • city2summitrealty.com
  Market Update | November 2022
The snow and cold have finally arrived – I hope you received my Winter Home Checklist in the mail to help you prep your home. I send this out each season. Let me know if you didn’t receive one and I would be happy to send one your way! There’s a lot of maintenance to be done to your home each season, it’s easy to let something critical fall through the cracks. With that reminder, let’s take a look at the current state of the housing market.

How Long Will This Window of Opportunity Last?
This year has been a bit of a roller coaster with the lowest inventory we’ve ever had – to the most inventory we’ve seen in the last 3 years. That inventory roller coaster has been coupled with seeing interest rates at their lowest and then rising to the highest they’ve been in 20 years.

For some of you now is the time to look at higher interest rates as an opportunity. Yes, really!!! I’ve been telling folks who were struggling to get into a home because of the competition, or those that are cash heavy(investors), that there is a window of opportunity to jump into the market while rates are up and prices are normalizing! Seems odd to say to buy now, right? What we know is the market is cyclical, and interest rates will fall again. Home buyers will be able to refinance as interest rates come back down. When interest rates tick back down, demand will start to surge again – and home prices will rise again. It’s the simple supply/demand equation!
Market Insights by DMAR:

• iBuyers are not fairing well in current market conditions. The Denver Post reported one Opendoor property sold for $154,000 less than it was purchased, while Business Den found that Opendoor lost at least $50,000 on at least 10 of their 36 recent purchases.
• Denver has a severe backlog in approving building permits. Large project development reviews drag on fore the better part of a year, while a straight-forward plan to build a new house now takes nearly 9 months on average to get through its first review.
• As of October 26th, 58.2 percent of active listings have reduced their asking price, compared to 32.6 percent last year. Properties that reduced price spent an average of 71 days in the MLS compared to 36 days for those without price reductions.The pool of potential buyers is getting smaller forcing sellers to compete harder for those remaining buyers.
• The average active listings for October are 14,957 (1985-2021).
• The historical average decrease in active listings from September to October is 6.63 percent. A decrease of 5.80 percent this year represents a slight change from our seasonal expectations.
  Local Events | Denver
The Blossoms of Light at the Botanical Gardens!
Two For more than three decades running, the Blossoms of Light event at the Denver Botanical Gardens will open on November 18th and run through January 7th. If you’ve never been, it is a dazzling spectacle of lights, colors, and transforms the gardens into a winter wonderland. More information available HERE.
Unseen Oceans at the Denver Museum of Nature & Science!
Submerge yourself in the mysterious and spectacular aquatic world in “Unseen Oceans.” This captivating exhibition will make you feel as if you’re on another planet. Experience the Unseen Oceans at the Denver Museum of Nature & Science – more information available HERE.
  Featured Local Business | Denver
Featured this month is Decade Gifts, a Denver staple since 1998. Boasting a 3,600 square foot store on South Broadway, Decade Gifts has everything you could need to help find gifts for your loved ones. They carry Men’s and Women’s fashion, vintage and antique furniture, jewelry, baby, cards, and more. With Christmas coming up quick, get ahead of the game at Decade Gifts, located at 56 S. Broadway Denver, CO 80209.
If you’d like your business to be featured in a future Newsletter, give me a call or email!
The Office of the State Treasurer in Colorado operates an Unclaimed Property Website, responsible for reuniting Coloradans with their lost or forgotten assets. Through an easily searchable form, discover if you have any unclaimed assets and initiate a claim online. The office has returned over $500 million in unclaimed property. Head to their website and search not only for individual claims, but business as well!
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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