Local Pulse - September 2021

mark@city2summitrealty.com • 720.257.1541 • city2summitrealty.com

Market Update | SEPTEMBER 2021

Although the average close price for homes in the Denver-metro area has risen 14% year-over-year, we have seen the rise in prices stabilize the past few months with another 1% decrease last month. This is consistent with historical seasonal trends, where prices reach a peak and days on market starts to increase at the end of Summer. This is GREAT news, as it demonstrates that while the current Housing Market is unique and challenging, it’s still subject to the traditional market shifts. We can expect the housing market to cool a touch as Fall arrives later this month. Low inventory, however, will likely be a pressure point for many months ahead.

Market Insights by DMAR:

• As home and property values continue to rise in Denver, we can anticipate the next 10 years of growth to expand into peripheral neighborhoods that are already seeing steady changes such as Regis, Chaffee Park, Sunnyside, and West Colfax.
• National pending home sales dipped modestly in July, noting two consecutive months of declines, according to the National Association of Realtors®.
• Higher construction costs and supply shortages have led to significant price growth for new construction homes, which in turn is giving many prospective buyers sticker shock. A decline in the buyer traffic index is partly to blame for August’s 13-month low in builder confidence according to the National Association of Home Builders.
• The average home size rose from 2009 to 2015 as entry-level new construction was constrained. Home size declined between 2016 and 2020 as more starter homes were developed. Going forward we expect home size to increase again, given a shift in consumer preferences for more space due to the increased use and roles of homes in the post-COVID-19 environment, per the National Association of Home Builders.
• Average active listings for August is 16,243 (1985-2020).
• Historically, we see an average decrease in active listings from July to August of 0.46 percent. A decrease of 11.69 percent in 2021 represents a larger month-over-month decrease and the second largest on record.

Local Events | Denver

Van Gogh Alive at the Hangar at Stanley Marketplace
The Denver Center for Performing Arts presents Van Gogh Alive, at the Hangar at Stanley Marketplace in Aurora, a large-scale, multi-sensory experience to entertain the whole family. Running from July 9th through September 26th, venture into Van Gogh’s world and experience his artistry in a large scale, multi-sensory exhibit. See Van Gogh’s artwork come to life! Tickets are required and are available HERE.

Fall 2021 Backcountry Outdoor Movies
Plan ahead to attend one of the two Backcountry outdoor movies in Highlands Ranch in early October. Coco will be shown on October 1st and Hocus Pocus will be shown on October 2nd. Both shows start at 6:30pm and tickets are $25 per car. More information HERE!

Featured Local Business | Denver

I know the last year has been tough on a lot of us, so I also wanted to take this opportunity to feature a local business each month from my community that I can recommend highly!

Featured this month is True Vision Builders, locally owned and operated by Adam Hulse. True Vision Builders specialize in building decks and small remodels, including bathrooms, kitchens, and basements. Adam is a top-notch general contractor and takes pride in his craftsmanship. Reach out on Facebook or give True Vision Builders a call at 303-250-8637.

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!

mark@city2summitrealty.com • 720.257.1541 • city2summitrealty.com

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