September 2021 Market Stats - Denver Metro Area

September’s market data is in! What you need to know:⁣
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🚨 After Realtors® felt a relative slow down and seasonal return in July and August, September felt back to the normal red-hot speed in today’s housing market. With lower inventory and fewer homes, the balance of supply and demand stayed steady, leading to another month of competition for buyers. Although each new listing might not be selling in the blink of an eye like they were last spring, serious competition remains each weekend for the nicest listing on the block. ⁣
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📊 Excluding the $0-$99k homes, the most competitive market ranked in the $300k-$399k range. Yes, one can still find a single-family detached property under $400k. The least competitive market was attached properties over $1 million. These are more than four times less competitive than the $300k-$400k & $400k-$500k range.⁣
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🗞 What about mortgage rates? Federal Reserve Chair, Jerome Powell, had stopped thinking and talking about tapering. The action has been given a timeline: to be announced in November, start in December and finalize in July. Conclusion: take advantage now while they are still low. ⁣
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🏢 The city of Denver will provide a loan to pay for services @ a 50-unit affordable housing complex on Federal Blvd. City Council approved giving REDI Corporation a $1.5m loan and $825k to pay for supportive services @ Rhonda’s Place, which will have units available for ppl experiencing chronic homelessness.⁣
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👷‍♀️ We know the price increase of lumber spiked in May of 2021. According to Forbes, the high price of lumber added an average of $34k to the cost of a new home. The good news is that lumber is now trading at $606 per 1,000 board ft, down 64%. With housing demand remaining high, don’t be surprised if prices move higher come spring. ⁣
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📈 Nationally, the August appreciation value @ 17.7% year-over-year (the highest we’ve ever seen), so most Realtors® are cautious to say the market is slowing down. There are signs that moderation is coming in the next months and throughout next year. We’re still expecting to see 11-12% annual appreciation in Aug 2022. ⁣

📩 𝘗𝘭𝘦𝘢𝘴𝘦 𝘧𝘦𝘦𝘭 𝘧𝘳𝘦𝘦 𝘵𝘰 𝘤𝘰𝘯𝘵𝘢𝘤𝘵 𝘮𝘦 𝘪𝘧 𝘺𝘰𝘶’𝘥 𝘢 𝘤𝘰𝘱𝘺 𝘰𝘧 𝘵𝘩𝘪𝘴 𝘮𝘰𝘯𝘵𝘩’𝘴 𝘮𝘢𝘳𝘬𝘦𝘵 𝘳𝘦𝘱𝘰𝘳𝘵 𝘰𝘳 𝘪𝘧 𝘺𝘰𝘶 𝘩𝘢𝘷𝘦 𝘢𝘯𝘺 𝘲𝘶𝘦𝘴𝘵𝘪𝘰𝘯𝘴 𝘢𝘣𝘰𝘶𝘵 𝘵𝘩𝘦 𝘮𝘢𝘳𝘬𝘦𝘵. 𝘏𝘢𝘱𝘱𝘺 𝘵𝘰 𝘩𝘦𝘭𝘱!⁣
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