November ‘22 Market Stats - Denver Metro

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

𝘓𝘰𝘤𝘢𝘭⁣⁣

🏅The National Association of Home Builders named Aurora’s Painted Prairie the National Community of the Year.⁣⁣

🌱Colorado officials want to bring the state’s biggest buildings in line with its climate goals. Owners and managers of most buildings over 50k square feet had until December 1st to report their energy usage to the state.⁣⁣

🚲Mayor Hancock’s ambitious plan to build 25 miles of bikes lanes in Denver by 2023 is on track to exceed its goal. The goal of the plan is to build out the bikeway network so all residents are within a two-minute ride (or quarter mile) of a bikeway that they feel safe and comfortable riding.⁣⁣

𝘕𝘢𝘵𝘪𝘰𝘯𝘢𝘭⁣⁣

📉As of Nov 30th, 57% of active listings reduced their asking price. The frequency of reductions peaked in early November and is dropping as agents and sellers get a better handle on pricing in this evolving market.⁣⁣

🔺A new report published by NAR advises that the typical 1st time buyer is now 36 years old, a new all-time high.⁣⁣

🛒A large cohort of 28-to-38-year olds in prime homebuying age are predicted to drive purchase business in the next 3-5 years. Historically low delinquency rates will mean more borrowers will be eligible for new purchases.⁣⁣

👇Oct and Nov saw the highest 30-year fixed interest rates since Dec 2000, topping out at 7.37% on Oct 20th. Thanks to a softening Consumer Price Index (CPI) and Personal Consumption Expenditures (PCE) report, December 1st saw a much welcomed 6.25%