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- Newsletter - July 2022
Newsletter - July 2022
Summer Real Estate News for You
Summer Market Update
Hi ,
After a historic Spring real estate market, Summer has brought higher interest rates and slower sales in the Denver metro area. Home values remain strong, but sales are taking longer because of the reduced buyer demand. Experts are predicting the market to remain flat for the remainder of the year, which presents a fantastic opportunity for home buyers.
Read on for more details about the current market factors and what we can expect in the coming months.
You and your referrals are my top priority! If you or someone you know plans to make a move, don’t hesitate to give me a call. I’m ready to get to work!
Todd Holmes, Realtor®️ RE/MAX AllianceMobile: (303) 570-3419Email: [email protected]Website: https://www.toddholmesrealestate.comDownload my digital business card: https://dot.cards/toddholmes
Current Market Conditions
Mortgage Rates
Rates have risen higher over the past few months leading to slower sales, increased inventory, and level home values. While rates are higher than the most recent years, they remain historically low. The following chart shows mortgage rates through the years.
Home Values
After record gains this Spring, home values have levelled off. Single family homes in the Denver area reached a year-over-year increase of about 17% through April but have since fallen about 2.5% through June. With inventory still low, home values are not expected to make a significant decline this year and will be poised for more gains in 2023. The chart below tracks the median price of homes sold for the past two years.
Days on the Market
With inventory higher and an increase in mortgage rates, the most immediate impact has been in how long it takes for a home to sell. As you can see in the following chart, homes are now taking a few weeks or more to sell. Also, bidding wars are not as common.
Overall, the summer market typically slows after a hot Spring sales season and this year is no different. The added impact of increased mortgage rates and market uncertainty have contributed to the changes in the market. Home values are expected to remain level for the remainder of the year ahead of additional gains in 2023.
Contact me today if you have any questions or are interested in learning more about my real estate services.
Best Real Estate Brokerage – Residential
With more than 20 offices and 800 agents in Colorado, RE/MAX Alliance is more than capable of navigating the real estate world from wherever you are located within the Centennial State. The company’s mission statement, “RE/MAX Alliance is committed to providing exceptional value in real estate services that exceed the expectations of our clients and customers,” has been a reality since Chuck Ochsner started the company in 1978.
Home Price Forecasts for 2022
Even though housing supply is increasing today, there are still more buyers than there are homes for sale, and that’s maintaining the upward pressure on home prices. That’s why experts are not calling for prices to decline, they’re forecasting they’ll continue to climb, just at a more moderate pace this year. On average, homes are projected to appreciate by about 8.5% in 2022.
54th Annual Palisade Peach Festival
Experience Palisade Peaches at their finest during Peach Festival weekend, August 11-13, 2022. The 54th Annual Peach Festival is a time for the town of Palisade to celebrate our famers, families and businesses that make these world famous peaches SO amazing.
I am a residential real estate expert serving clients throughout the Denver metro area. If you, your family, friends, or coworkers need a Real Estate Agent, contact me today. I’m always available for you and your referrals.
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