Nov ‘21 Market Stats - Denver Metro

November’s market data is in! What you need to know:⁣

𝘓𝘰𝘤𝘢𝘭⁣

💰In the Luxury Market, Denver has more buyers ready to spend $1 million or more on their home today than any other time on record, with prices higher than ever as well. November 2021 was more of the same record-breaking trends with lowest inventory, lowest days in MLS, highest sales volume and highest average prices. In the pandemic world of the “new normal,” this is it for Denver’s Luxury Market.⁣

🗺Denver City Council voted to expand historic boundaries to include 19 homes in the Congress Park neighborhood.⁣

⬆️New 2021 conventional loan limits have been released. Perfect timing with the highest median and average November price increases. The new conforming loan limit is $647,200, up from $548,250. Denver metro counties will see a new high balance loan limit of $684,250, up from $596,850. If you’re looking to buy a second home in Vail, you’re good up to $862,500, before moving over to a jumbo loan. ⁣

𝘕𝘢𝘵𝘪𝘰𝘯𝘢𝘭⁣

🚌Facing tight inventory and rising prices, buyers are turning to mobile homes. The median value of mobile homes increased by nearly 40% from 2014 to 2019.⁣

⚖️The approximately $1.75 trillion Build Back Better Act, which dedicates unprecedented funding for a broad swath of social programs including housing, passed the House. Real estate advocates have mostly supported the bill, which includes around $150 billion in housing-related investments.⁣

🪵Lumber prices continue their roller coaster ride up 39% from October but down 51% from May’s record of $1,686/board foot. Now builders are reporting labor shortages. Expect builders to continue to deviate from traditional business practices as they deal with adversity.⁣

❌Zillow cancelled 400 Zillow Offers contract due to closing restraints. Hundreds of sellers awaiting new builds will have to sell their homes another way after Zillow cancelled contracts for closings set for late 2022 through its iBuyer, Zillow Offers.⁣