October ‘22 Market Stats - Denver Metro

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

𝘓𝘰𝘤𝘢𝘭⁣
⚖️Policy and investment are clashing in Denver as permits will become mandatory in the future, which may limit the number of investors looking to buy in Colorado’s capital.⁣
👎🏼iBuyers are not fairing well in current market conditions. The Denver Post reported one Opendoor property sold for $154,000 LESS than it was purchased, while Business Den found that Opendoor list at least $50,000 on at least 10 of their 36 recent purchases. Ouch!⁣
⏳Denver has a severe backlog in approving building permits. Large project development reviews drag on for the better part of a year, while a straightforward plan to build a new house now takes nearly 15 weeks on average to get through its first review.⁣

𝘕𝘢𝘵𝘪𝘰𝘯𝘢𝘭⁣
🚚In 2021, more residents moved into red and purple counties in states key to this year’s Senate elections than in any year in the last decade.⁣
🏡According to an article in Better Homes & Gardens, the desire for open-concept designs may be shifting back towards traditional floorplans, with defined gathering spaces and definitive rooms.⁣
💰Builders are becoming more flexible with pricing while accepting lower sales prices and offering to help buy down buyers’ interest rates.