Speed is the main takeaway from this report – it’s not so much that there are no listings, but they are going under contract incredibly quickly. Buyers need to be ready to make an offer quickly in order to win out on their dream home. The average sold price jumped by 20% from this time last year.
How did the housing market perform this month? REcolorado market statistics for January show it’s a Seller’s market. With a decrease in new listings, the average sold price for single family homes rose by over 16%! Throughout the month 3,164 homes closed, a decrease of 6% year-over-year. Sellers brought 4,285 New Listings of homes for sale to the market, 12% less than last January. Strong demand kept home prices high.
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2020 was record breaking for the Denver Metro housing market. According to REColorado, Brokers wrote more contracts on listings and more homes sold than any other year on record. The number of New Listings sellers brought to the market could not keep pace with demand, which pushed down inventory levels. Prices reached all-time highs and half of all homes spent a week or less in the MLS.
3 Potential Tax Law Changes that Would Affect Investors. 1. Raising capital gains 2. Elimination of substantial reduction of tax-free estate transfer upon death; and 3. Elimination of the 1031 tax deferred exchanges
Meanwhile, apartment owners face their own crises. The mom-and-pop landlords who rent out older and often more affordable small complexes were less likely to receive federal aid in the form of forbearance for federally-backed mortgages. And only about one-third of smaller property owners have federal loans, said Bob Pinnegar, President and CEO of the National Apartment Association.
How did the housing market perform this month? Continue reading below for more statistics on the Denver Metro Area Residential Market for OCTOBER 2020:
Denver Commercial Monthly Recap: At the end of last week, the Denver residents fighting to preserve the Carmen Court complex, at 900 E. 1st Ave., agreed to withdraw their application asking the city to designate the structure a landmark.
Denver Commercial Monthly Recap: The CDC’s order notably didn’t include financial help for landlords, forcing many to consider selling their properties as rents go unpaid. This could ultimately cause an even greater loss of affordable housing.
How did the housing market perform this month? Continue reading below for more statistics on the Denver Metro Area Residential Market for AUGUST 2020: