Some property owners are raising rents 20-50 percent in the Denver Metro Area. The number of renters has increased, too. “It’s incredibly competitive," said CAR Spokeswoman Kelly Moye. "It’s just like if you’re buying homes. Most renters are dealing with competing with 50 to 60 other applicants." She said she recently had 64 applicants in less than 48 hours for...
REALTORS® across the state report the tides are turning in Colorado’s hot housing market, however, the prices are not, according to CAR’s April Market Trends report. In April, the statewide average home sales were $747,226 for a single-family home and $578,237 for a townhome or condo. Summit County data showed that 81% of homes in the county were priced at over...
Denver ranks second in the nation for the number of homes sold for over the asking price at 70%. The San Francisco Bay area was tops at 82%. In March 2021, the Denver statistic was 66%, and in March 2020, the number of homes that sold over the list price was 59%. “I wouldn’t speculate that every house went above...
CAR's April Market Trends Report shows that interest rates are curbing the number of offers on homes. However, prices are staying about the same, and now the state and metro area median home prices are almost the same. Statewide, the median price is $600,000, versus $660,000 in the seven-county metro area. According to CAR Spokesperson Sunny Banka of Aurora, "We are...
Some potential homebuyers are considering waiting to purchase a home or continue to rent in case of a housing bubble burst. Homes that were going for 20% over list price in February are now selling for 5-8% percent more, according to CAR’s April Market Trends Report. “One thing that has to be in place in order for a bubble to...
Fort Collins REALTOR® Chris McElroy has been announced as one of NAR’s newest Distinguished Service Award recipients, the highest honor bestowed on a NAR member outside of presidency. In 1994, McElroy served as president of CAR, and in 2000, he was named Colorado REALTOR® of the Year. His track record as a leader goes back more than 40 years. Chris...
CAR’s March Market Trends showed that Fort Collins has a huge number of possible homeowners who are offering tens of thousands of dollars over the asking price. CAR spokesperson Chris Hardy says that the multiple offers and large amounts of money that are coming from competing buyers are "just to have a shot at catching the seller's eye and having...
Mortgage rates are over 5%, and the federal interest rate hikes are doing what they were intended to do, according to CAR Spokesperson Kelley Moye. “Interest rate increases are slowing everything down.” She says that double-digit price hikes are a thing of the past: “We won’t see another 20% price increase like we did last year. We’re seeing fewer showings on the weekend, we’re seeing...
Home prices in Aurora have risen $100,000 since March of last year, but due to interest rate increases, the market is cooling just a bit. For sellers, this means “things are starting to balance out just a little bit, so you have to be a little more realistic,” says CAR Spokesperson Sunny Banka. She says a recent listing took two weeks to sell and...
Resort community home prices are experiencing record highs while some suburban markets have seen the likes of huge price increases before. In Durango in La Plata County, the average sales price of a home was $1.1 million in March. Townhomes and condos sold for an average of $531,000. “The general consensus from locals is that Durango is morphing into a true resort town, and the...