Local Pulse- October 2023

Hello, Friends! I hope you’re savoring the crisp October air in Colorado. As we delve deeper into autumn, a wealth of exciting activities awaits both in the city and beyond. I’ve personally selected some standout events for you to relish this month.

Now, let’s delve into the housing market. In October, we’re witnessing a notable surge of 11.24% in active homes, providing more options for buyers. While home sales have experienced a slight dip of 20.88%, this aligns with the typical seasonal trend. With autumn settling in and potential stability in interest rates, we anticipate a steady rise in market activity.

It’s worth emphasizing that well-priced properties in prime condition are still attracting attention. Some are swiftly going under contract, often with multiple offers. Staying vigilant in the market, especially if you’re considering a move, is a wise move.

Looking forward to an extraordinary October filled with events, vibrant autumn colors, and perhaps a few unexpected delights! Feel free to reach out if there’s something specific you’d like to discuss.

• Sellers planning to list their homes in the winter may want to prepare before the snow arrives. Obtaining pre-inspections of the roof, air conditioning and sprinkler systems will allow time for necessary repairs and provide peace of mind to future buyers who won’t be able to conduct those unique inspections in snow or colder weather.
• Many sellers are still holding strong on their pricing, often based on the past rather than current market conditions. Starting with a too-high price can lead to homes sitting on the market for longer, making potential buyers wonder if something is wrong with the home.
• A 234-acre Westminster development has begun construction, bringing more than 2,300 new housing units, parks, retail and restaurants to the area.
• Blue Columbine Cohousing is building 39 homes on a three -acre communal community in Wheat Ridge. These homes will range from 770 to 2,000 square feet, with prices ranging from $476,000 to $1.2 million, designed with shared gathering spaces, meals and groundskeeping for residents who want to connect with their neighbors.
• Homeowners planning improvement projects may be eligible for up to $14,000 in tax rebates and credits through programs designed to encourage home efficiency, now available through the Inflation Reduction Act.
• The turnaround time for materials, such as cabinets, has dramatically decreased, indicating reduced contractor demand.
• A recent CoreLogic Case-Shiller report found cumulative growth in 2023 up six percent, with the Midwest leading the nation in gains and Western markets expected to see stronger growth in the next 12 months.
• Projections show that 36.2 million Americans will be working remotely by 2025, a 417 percent increase from pre-pandemic years when there were just seven million remote workers. This flexibility can help buyers overcome affordability or inventory challenges by allowing for a wider variety of housing options.
• The historical average increase in active listings from August to September is 0.08 percent. This year’s increase of 11.24 percent indicates new listings are significantly outpacing pending sales.