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...
Since Denver homes were only on the market for about eight days in March, which was down from 16 homes the year before, CAR Spokesperson Kelly Moye offered tips to those trying to buy a home. Finding an experienced REALTOR® was her first piece of advice; followed by making earnest money nonrefundable; spending 20% over the asking price and allowing for that amount in the...
There could be the very beginnings of a trend moving to a more sustainable market. “The number of showings we’re seeing on our listings is down,” CAR Spokesperson Kelley Moye said. “So, where we would see maybe 30 showings on a weekend, now we see 12 or 15. Instead of 10 offers, we may see four or five.” She says that because of changing interest...