Real Estate Market Tighter

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As of January 4th, 72% of the single family detached homes priced under $460k were under contract!!!  For homes priced under $350k, 79% of them are under contract! WOW!!!  Our market only continues to get tighter and tighter. Thus, prices can only go up, up, up!
If the Real Estate market was a Super Market here is an analogy for what a super market would look like…..imagine walking into King Soopers and 79% or 4/5 of the aisles are closed off because the stores’ shelves are bare. Basically, only the ends of the stores have anything to sell. Thus, only the bakery, the butcher and the produce sections are open. If you want soup, cereal, pasta, frozen food, condiments, milk, butter, cookies, chips, paper towels, etc. the store is out of inventory and there is no ETA for delivery by truck of any of these items. That’s what our real estate market is like.
(by: Lonnie Glessner)

HUD Lowers FHA MIP by a Quarter Point

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Daily Real Estate News | Monday, January 09, 2017

Mortgage insurance premiums on FHA-backed loans will be lower by 25 basis points on loans endorsed starting January 27, the federal government announced today.

“After four straight years of growth and with sufficient reserves on hand to meet future claims, it’s time for FHA to pass along some modest savings to working families,” Julian Castro, secretary of the U.S. Department of Housing and Urban Development, announced today.

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Housing Market Minute – Dec. 2, 2016

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Housing Market Minute

Housing Market Minute

  • In the Denver Metro area the average sale price in November was $384,858 a 2% increase from October. This includes both single family attached and detached homes.
    ( Aurora, Northglenn, Westminster, Lakewood, Thornton, Arvada, Englewood, Edgewater, Centennial, Littleton, Bloomfield, Denver, Golden, Lone Tree)
  • Regardless of increasing prices, pending home sales continued to rise in October. Demand remains strong and inventory remains tight across much of the nation.
  • Construction spending in October increased to a 7-month high, driven by the residential sector. Overall, combined spending was up 3.4% over the previous year.

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Housing Market Minute October 10, 2016

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Housing Market Min

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  • CaseLogic forecasts housing prices will rise 5.3% by next August.  The increase would see home prices hit a new peak in 2017.
  • In the Denver Metro area the average sale price in September was $375,314  this includes both single family attached and detached ( Aurora, Northglenn, Westminster, Lakewood, Thornton, Arvada, Englewood, Edgewater, Centennial, Littleton, Bloomfield, Denver, Golden, Lone Tree)
  • There was a slight rise in active inventory of 1.10% year over year (for the Denver metro area-single family and condos).

Housing Market Minute – Sept. 9, 2016

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bullet_graphic11The strong labor market has home buyers feeling more secure than ever.   More than 73% of those polled were not concerned with the possibility of losing their job.

bullet_graphic11In the Denver Metro area the average sale price in August was $377,551 this includes both single family attached and detached.

( Aurora, Northglenn, Westminster, Lakewood, Thornton, Arvada, Englewood, Edgewater, Centennial, Littleton, Bloomfield, Denver, Golden, Lone Tree)

bullet_graphic11The trend in new home construction is for more bedrooms.  Homes with 3 or fewer bedrooms have decreased, while homes with 4 or 5 bedrooms have increased.

 

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Housing Market Minute – August 5, 2015

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Housing Market Min

homes_For week ending August 5, 2015

 

 

 

 

 

bullet_graphic11Construction spending on single-family homes was down slightly in June but up 4.8% over last year. June also saw increased spending on home improvements.

bullet_graphic11A new trend in kitchen design is to use mixed colors in cabinetry and countertops. A recent survey found 42% of remodelers used multiple colors.

bullet_graphic11Home price reports show nationwide prices up 5.7% year-over-year in June. Prices are expected to continue to increase at a healthy rate for the next year.

bullet_graphic11Home price reports show nationwide prices up 5.7% year-over-year in June. Prices are expected to continue to increase at a healthy rate for the next year.

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Real Estate Snapshot for Colo. – June 2016

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Quick 2016 Colorado market snapshot –  Median sale prices for single family homes was $345,000,   this is up 8.8% from June of 2015.  Town-homes and Condos had a median sales price of $246,000,  up 11.8% from June of 2015.  Monthly supply overall for both types is down 30% from last year in June.   Sellers were able to capture 100% of the list price in June of this year.   Average days on the market for homes in June of 2016 was 52 days.  Keep in mind that this is for all of Colorado not just Denver.

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Data from the Colorado associates of realtors.