Greater Denver Area Real Estate Market Report from October 2024

 
 

The October market data showcases a tale of two markets. according to the Denver Metro Association of Realtors’ Market Trends Committee.

In the first half of the month, buyers were lured back into the market by a brief break in interest rates. Leading up to the highly anticipated Fed rate cut, mortgage rates hit a 19-month low in September at 6.1 percent bolstering sales into October. How-ever, with stronger-than-expected economic data throughout October, rates continued their upward climb, crossing the seven percent threshold by the end of the month. The swift rise in rates created a "pause" effect, amplifying the anticipated election-related paralysis among buyers in the latter half of the month. As such, the following data reflects a more optimistic picture of where the market currently stands.

Closed home sales rose 2.35 percent to 3,443, likely due to the dip in rates within the month of Septem-ber, as homes that went into pending status the prior month closed in October. Sales volume followed with a 7.4 percent increase while pending sales rose slightly by 1.07 percent. This uptick in activity brought months of inventory down from 3.6 to 3.18 months market-wide; however, median days in MLS continued to climb from 25 to 26 days.

Active listings decreased slightly by 1.57 percent due to the increase in pending and closed sales, as buyers absorbed some of the standing inventory. However, active listings are still 46.22 percent higher compared to last year, highlighting that there are simply more options, and it is taking longer to sell a home today. Reflecting on election-related hesitation, new listings decreased by 7.16 percent as sellers delay listing until after the election cycle.

Once election results are finalized, buyers and sellers are likely to refocus on the real estate market. Reflecting on historical data from the past three election cycles, DMAR Market Trends Committee member Michelle Schwinghammer noted, "In the 11-county Denver metro area over the last three election cy-cles, we've seen more month-to-month home price volatility leading up to an election, followed by increased price stability and a return to traditional seasonal patterns post-election. Once results are in, buyers and sellers tend to shift back to business as usual."

Anecdotally, many Committee members reported an increase in sellers preparing to sell their homes in the new year. If the Federal Reserve does lower rates this month and again in December, we may be set on a path for a strong 2025 as conditions normalize and home prices stabilize post-election.

Learn more about the market from the Denver Metro Association of Realtors.


Thank you to our partners at the Denver Metro Association of Realtors for compiling this information.

If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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Just Listed: Turn-Key Zephyr Condo with Mountain Views!

 
 
 

Updated with a fresh and modern feel this one bed, one bath Zephyr Condo is the perfect home base at Winter Park Resort.

Featuring a desirable floor plan, with separation down the hall from the living space to the bedroom, a spacious detached bath, and views of Parry Peak, the Village, and the Fraser River from the many windows. Light and bright space with a king size bed in the bedroom, plus the living room couch converts to bunk beds, and the chair is a cot size sleeper. Plenty of room for everyone to relax in comfort after a day spent on the slopes! From the back of the Riverside Building you'll find easy access to The Gondola, shopping, and restaurants. Turn key and ready to go, just in time for ski season!

Listed by Angela McDonough for West + Main Homes. Please contact Angela for current pricing + availability.

 
 
 

Have questions?
West + Main Homes
(405) 652-6635
hello@westandmain.com

Presented by:
Angela McDonough
970-531-0418
angela@angelamcdonough.com



 

Elections and Real Estate – How Do They Relate?

 
 

Written by West + Main Realtor, Michelle Schwinghammer

As a member of the Denver Metro Association of Realtor's Market Trends Committee, I receive frequent requests to analyze current and historical market statistics. The big question this year is, “How will the presidential election affect the housing market?”

The prevailing wisdom is that presidential elections shouldn’t affect the housing market because the market moves in cycles longer than any single election season and has major competing variables. On the other hand, real estate pros work with a significant proportion of buyers and sellers who simply prefer to sit on the sidelines without any specific reason for doing so.

I see something that may shed some light on this question. Here is a graph of month-over-month change of the median closing price for all homes sold in the greater Metro Denver area since 2010. The data include all home sales from Adams, Arapahoe, Broomfield, Boulder, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson, and Park Counties.

 
 

In the Denver Metro area over last three election cycles there was more month-to-month home price volatility in the two years preceding an election, and more stability with traditional seasonal patterns in the two years after a presidential election.

Also, the election-year flatlines of the November to January period appear to support the notion of activity “paralysis” that real estate professionals report on the ground today.

With election years of 2012, 2016, and 2020 painting a picture thus far, we will have to wait to see what comes after our next election. But if past is prologue, we may see a return to normalizing real estate conditions and greater stability in home prices in 2025, no matter the election outcome.

Read more at SchwingState.com

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10 ways to look after your mental health in autumn and winter

 
 

As the days get shorter and the temperature drops, we explore some simple ways to take care of yourself this winter

For some, a change in season can bring about a certain energy. It may be excitement as we watch nature shift outside our window, or perhaps joy about what’s to come this season. For others, however, a change in season can invite a particular sense of dread.

Autumn and winter specifically can spark a low mood, as the bright light and warmth of summer drains away. In some cases, this switch can be severe, leading to Seasonal Affective Disorder (SAD). If you can relate to a struggle in colder months, we’ve got 10 ideas to help you support your mental health.

1. Light up your life

Daylight can have a big impact on our mood and our circadian rhythms (affecting how we sleep). So, to give your mood a helping hand, try to ensure you expose yourself to daylight daily. Ideally, this would look like getting outside in the middle of the day, even if it’s just to stand for a few minutes looking up at the sky.

If this isn’t possible, head to a window or consider investing in a SAD lamp. You might also find it helpful to get some cosy low-lighting going in the evenings, to help you feel settled and safe in your environment.

2. Stay active

While it’s incredibly tempting to hibernate over winter and spend the majority of your time under a blanket (ideally with snacks), this likely isn’t going to help your mood. Staying active can encourage those wonderful feel-good hormones, endorphins, which boost your mood and can even ease pain.

The trick is to find something you enjoy and something that is accessible to you. This may mean heading out for a walk, doing some gentle stretches in front of the fire or hitting the gym. We’re all different, so find what works for you and what makes you smile.

3. Connect with nature

It’s been well-documented that nature has a positive effect on our mental health, and winter can provide a wonderful opportunity to reconnect. As the seasons change, so does the outside world, so why not head out with a notebook to do some nature journaling? Write about what you see, draw some sketches, and ask yourself what emotions it sparks.

If being outside a lot isn’t accessible to you, try to bring nature in. Look into indoor plants, enjoy some bird watching from your window, and pop on some David Attenborough.

4. Keep cosy and warm

This winter more than others may feel especially difficult, with some of us avoiding putting the heating on to avoid skyrocketing bills. Whether this is you, or you simply struggle in colder weather, it can have a real impact on your mood.

Staying as warm as possible can help. Simple steps like wearing thicker jumpers and socks can make a difference. Hot water bottles, electric blankets and plenty of hot drinks can also help.

5. Embrace hygge

The Danish concept of hygge (pronounced “hoo-gah”) is something more and more of us are trying to adopt. Referring to moments that are ‘cosy, charming or special’, hygge can cover a range of things. From lighting a special candle in the evening to enjoying dinner with friends, embracing the idea of hygge can make winter oh so appealing.

Learn more about finding hygge in your home.

6. Eat nutritious and warming meals

Our eating habits often change with the seasons, and in winter we tend to crave more sumptuous, hearty meals. Ensuring we continue to eat a balanced diet over winter can support our mood as well as our immune system.

Get inspired at Nutritionist Resource’s recipe section.

7. Stay connected

When it’s cold and dark out, it can be easy to opt for staying in instead of going out. While this can be incredibly lovely sometimes, be mindful not to isolate yourself. Staying connected with friends, family and loved ones is imperative to our mental wellbeing.

Try meeting up for a cuppa, having a regular video call or even start your own supper club. If you mostly work from home, see if you can get together with your colleagues. This may mean heading into an office if your company still has one, or even arranging a co-working day at a local cafe with friends.

8. Plan ahead for busy times

As we get closer to Christmas, our calendars can fill up with social events. While this can certainly help with the point above, sometimes it can feel overwhelming. Try to plan ahead where you can, perhaps batch-cooking some meals to help save time, for example.

You may also want to plan some recuperation days, ensuring you’re taking time for self-care when things get busy. And if you need to, don’t hesitate to say no to social invites that feel a stretch too far.

9. Start a winter-friendly hobby

As the days get shorter, it can be helpful to keep the mind busy with a hobby. Think about some winter-friendly activities like knitting, reading or even completing a puzzle. Or, on the other end of the spectrum, lean into the chill and try cold-water swimming.

10. Seek extra support if you need to

Mental health isn’t linear and it can dip at any time. If you’re experiencing a dip and you’re struggling to cope, it may be worth seeking some professional support. This may mean visiting your GP, looking up a local support group, talking to a charity helpline, or finding a therapist.

Know that there are options and you are not alone in this.

Read more at Happiful.com

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How to Pick a Color Scheme

 
 

You just rented or purchased your first home and are ready to move, but where to start with furnishings, decor, lighting, artwork, and most importantly, wall colors?

Furnishing a first home can be overwhelming and expensive, but of all the elements that comprise your new home, color is the least expensive and provides the greatest impact.

As I discussed in a previous article, upon purchase, the wall color is most likely some shade of off-white, and the floor a neutral shade of tan or brown. Alternatively, if you are moving into a fixer-upper or an older home, you may be inheriting someone else's color and design choices. In either case, before proceeding, it’s always a good idea to go on Pinterest or TikTok for inspiration.

When moving into your first home, friends or family members may want to gift you new or used furniture that may not be your ideal aesthetic. This presents a moment of truth: Would you rather sit on the floor or would you rather lounge on a bright floral couch that might not be your taste? These decisions likely occur prior to establishing a color scheme. Just remember that upholstered furniture can be slip-covered or reupholstered and wood furniture can be painted.

A word of caution, however, no matter how luxurious or immediately available a piece of furniture may be, if you are not sure about the color or tone, do not build your color scheme around it, for you will always be unhappy. A good way to experiment with color schemes is to accept gifted or even found furniture to see how it feels.

Monochromatic Schemes 

The simplest and perhaps most foolproof color scheme is monochromatic, utilizing variations of a single color. While this approach may sound simple, it can prove challenging to work with just one color, no matter how many different shades are available. Monochromatic schemes do not have to be monotonous or boring! Remember, even the White House features three monochromatic rooms: the Red Room, the Blue Room, and the Green Room, which are far from simple or stale.

The 60-30-10 Rule 

One popular approach for determining your color scheme is the 60-30-10 rule. It may be hard to believe, but decorating and math are compatible! This equation establishes a major color as dominant, or 60 percent of a space, whether a room or an entire house. Going all in with a bold color as your 60 percent takes courage, but if orange or turquoise makes you happy, why not paint the walls and ceiling in this color? Live with your decision for a few days; it can always be repainted.

The next color, or the 30 percent in this scheme, is the secondary color or texture. If the dominant color is very bright, the secondary color may be more subdued. Remember, the secondary color will support the main color, bringing some contrast into your scheme.

Finally, the 10 percent color is the accent color, which gives the space some pizzazz or character. Here is where you should be really fearless, as only a small portion of this color will be used.

Picking Colors Based On Your Closet 

Still not sure where to begin selecting colors for your home? Why not start with your closet? The colors that you gravitate toward in apparel, the shades that people compliment when you wear them, are very possibly good colors with which to surround yourself. One's skin tone, hair and eye color will designate whether you are labeled winter, spring, summer or autumn.

Winter looks best in bold cool colors with blue or pink undertones, while spring shines in bright clear colors like peach, turquoise and bright coral. Soft, muted colors like lavender, powder blue, or dusty rose are ideal for summer. And autumn, no surprise, is at its best in deep reds, golden yellows and earthy browns. If you feel at your best wearing certain colors, why not decide to live with the same colors in your home?

Room Exposure 

The exposure of each room, whether north, south, east or west, can also provide inspiration and guidance for a color scheme. All color is light, and as light changes throughout the day, so does color. Overriding hourly or seasonal lighting changes is the exposure or multiple exposures of a room.

Light in north-facing rooms is typically consistent, but can be muted and cool. There are two options for north-facing rooms: cool light is ideal for darker colors or utilize lighter colors with warm undertones, such as those with a yellow cast or peachy pinks.

South-facing rooms are brilliantly lit, ideal for blues, greens and violets that will cool off the color temperature. More intense, deep colors also shine and will not look washed out in a south-facing room.

The sun rises in the east, so a warmer, brighter light color works best. Starting the day in a room with eastern exposure and a pastel or soft color can be inspiring.

Rooms with western exposure, where the sun sets, are perfect for darker, cooler colors. A neutral shade with cool or warm undertones will also work well.

The Properties of Color 

Once you have settled on your color scheme, it is crucial that you pay attention to a few properties of color, such as the intensity or hue of the color you are using and the lightness or tint of a color you have selected. A shade of a color is a color that is darker than its original hue, as a result of adding black to it. Adding white to a color increases its lightness, making it a tint.

By experimenting with paint, starting with the three primary colors red, blue and yellow, you can refine the colors you work with by adding black or white. Depending on your skill set and willingness to experiment, a minimal investment of five tubes of acrylic paint can be both illuminating and entertaining.

By mixing the paints, adding white and black, it is possible to comprise your color scheme on paper, which can be helpful when shopping for furnishings and fabric. Color saturation refers to the intensity or vibrancy of a color. If all the colors you use are highly saturated, the result will be an active, emotionally uplifting room, such as a space used for entertaining.

Make Your Home Yours 

There are no good or bad colors, so experiment with a carefree attitude and see what you discover. Color, like room temperature or sense of smell and taste, is extremely personal. If you love a color, go ahead and use it, without seeking the approval of others.

Color is the fastest way to put your personal signature on a space. Maybe even stroll through a museum, observe art that speaks to you, and then visit the museum gift shop for copies of your favorite art pieces. The composition and color placement in the artwork can be a point of departure from your color scheme. Most importantly, believe in your color choices, for they will make your home yours and yours alone.

Read more at USnews.com

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