You can find great real estate information here about the Denver real estate market. Homebuyers can learn the latest about what they can expect to find in their home search process. Home sellers can get a feel for the pulse of the market. From time to time there may just be some good common sense tips on living life in general. Enjoy!
According to the latest Denver Metro Real Estate Market Trends Report, homes sales and prices in 2017 in metro Denver have once again hit record highs although the pace of prices seemed to slow as the market reached a higher altitude. There was a record set for the number of single-family homes and condos sold across metro Denver last year. 57,788 homes and condos sold last year, that is 2.93% from 2016. That is 1,726 more single-family homes and condos sold from the record breaking 56,062 in 2015.
The average price of a single-family home had an increase of 8.7% from 2016 landing at $480,140. The median sold price of single-family homes had an increase of 7.9% from 2016 making it $410,000. The average price of a condominium raised even more so from that of the single-family homes, up 10% from the previous year, making the average $318,904. Shockingly, the median is up even more from the average on condos. There was an increase of 12.15% from 2016 causing the median to be $270,000 in 2017.
Referring to the DMAR Report, the total sales volume has been increased more than previous years. In 2015 it was $20.3 billion, 2016 was $22.2 billion. in 2017 the total sales volume was over 25 billion. The total sales volume and increase over the years is due to the risings prices and the increase of sales. Comparatively, the total sales volume in 2011 was 9.9 billion. This tells you how much the market has changed in the last 6 years!
Steve Danyliw, chairman of DMAR's Market Trends Committee states "The lack of active listings should concern us all, only time will tell if more sellers will choose to stay in their current homes, afraid that they won't find a replacement." The inventory shortage is a key factor that is continuing to push prices higher. There were only 3,854 homes on the market in the end of the year, this is a record low with a metro area of 3 million residents. Before last year, the average available homes at years end from 1985 to 2016 was 13,702.
Inventory shortage is going to continue to be a problem but there are areas that are having plans to expand and build more. One of those areas is known as The Retreat at RidgeGate, located in Lone Tree Colorado. The picture above shows that they have started breaking ground for this new sub-area of RidgeGate in Lone Tree.
Jim Smith, owner of Golden Real Estate in Golden CO, explains that a contributing factor to the low inventory may be that many homes already have buyers lined up before they hit the market. He goes on to explain that 2,778 homes that sold last year went under contract with zero days on the market as well as 1,880 sold after just one day on the market.
Steve Danyliw predicts that the trend of double-digit price increases, from previous years like 2015 and 2016, might be a thing of the past as prices continue to climb and push more potential buyers out of the market. Although any kind of slowing would work in favor of buyers.
Tomorrow, January 5, 2018 is the funeral services to honor Zackari Parrish at the Cherry Hills Community Church starting at 11:00 a.m. There will be a law enforcement motorcade will be following the family procession to the church prior to the ceremony. There will be around 1,000-2,000 vehicles that are expected to participate in the procession.
There will be some major road closures, including some in Lone Tree, starting at 8:30 a.m. Below are the road closures, the are expected to last 60-90 minutes.
Our hearts go out to the family and friends of Zackari Parrish.
- Northbound I-25 closure from Plum Creek Parkway to Lincoln Avenue.
- Westbound closure on Lincoln Avenue to University to Wildcat Reserve Parkway
-Southbound from Wildcat Reserve Parkway to Grace Boulevard
-Westbound on Grace Boulevard to Cherry Hills Community Church
If you would like to observe the motorcade please use the sidewalks along Lincoln and University. Parking is not permitted along I-25
You will love the Mountain views of this beautifully remodeled condominium. Soothing gray wall colors and designer dark gray, two panel doors complement beautifully the color pallet. The remodeled Kitchen has stainless steel appliances including a French door refrigerator and a modern stainless steel tub sink. Attractive butcher block counter tops accent the Mod style porcelain tile full-wall back splash. GHI Custom Cabinetry's white shaker cabinets have stainless steel pulls and soft-close drawers and doors. A Kitchen pass-through to the Living Area enhances the spacious feel. the updated Master Bathroom has a sleek, modern vanity and handsome 12" X 24" floor and wall tiles. The walls are gloss white with mosaic accents of Carrara marble. A Guest Bath has white shaker cabinets with a handsome vessel sink. The Guest bath shower is tiled with glass and stone accent strips and has a European style, rain shower-head. There are modern lighting fixtures throughout. Amenities include an indoor and outdoor swimming pool and Jacuzzi, workout gym, pool tables and a party room.
$199,900 2 Bedroom 2 Bath
On December 15 the highly anticipated restaurant Sierra will open its doors in Lone Tree! This restaurant is the newest addition from the Brinkerhoff Family. They currently owe the popular restaurant La Loma in downtown Denver, it has been a Denver favorite for over 30 years.
Sierra will feature an outdoor feel with scenic views, oak wood-fired grill and courtyard seating. it will also have fine wine and hand crafted cocktails.
Carrying over a different feel from that of La Loma, Sierra will have an American-style food. For example they will be serving items such as Rotisserie chicken, pizzettas, and oak wood-fired steaks. Owner Mark Brinkerhoff states, "We want Sierra to feel like your second home and become a neighborhood staple for friends and family to gather, the same way La Loma has become a true staple in the Denver Area."
You can make reservations now by calling (303) 662-8800 or book online at https://reserve.com/r/sierra.
Our 2017 Client Appreciation Party was a huge success! We had a blast! We could not have wished for a better turn out with good people, great food and lots of laughter. It was an honor to have many new and long time clients visit us in our home. It is always such a joy, getting to catch up with everyone. We've heard back from several people that the pumpkin, apple and pecan pies were delicious for their Thanksgiving dinners. A special surprise in the goody bags that everyone took home from the party were the J. Garland Thurman chocolates. Thank you to our sponsors Colorado Cleanup Services and Solomon Brothers Construction Services who helped to make this event possible.
Garland and Patti Thurman
I also wanted to add that it was so great to finally meet all of you! I look forward to seeing you again.
Below are a few photos from the party. Click here to see a slideshow of all photos taken.
Exciting news is around the corner for RidgeGate. There is an up and coming housing development that is expected to start selling homes around the beginning of January 2018. As more information becomes available you can check the area out on my website, or click here! We will be adding floor-plans of each home that they will have available.
The Retreat at RidgeGate offers a secluded valley location, yet being apart of RidgeGate's master-plan community these luxury homes are all conveniently located close to all your shopping, restaurant, entertainment and recreational needs! The contemporary style homes are spacious with 2,854 to 5,680 finished square feet. With I-25 so easy to access, it is a 10-15 minute commute to the Denver Tech Center and only a 30 minute commute to the heart of Downtown Denver.