News

DMAR December Market Trends: Denver’s Housing Inventory Down 42% but Sales Price Up 9% YOY

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HOMES: A HOT PURCHASE FOR THE HOLIDAYS BEFORE MORTGAGE RATES INCREASE IN 2015
Year-to-date, the severe shortage of inventory showed active listings down 42.04% and the number of sold listings remained unchanged, compared to last year. However, the market is still 5.24% ahead of the total sales volume from a year ago with an overall sales volume at $16.1 billion year-to-date. The year-over-year residential market has seen days-on-market drop 22% and the average sales price increase 8.95%.
“With less than a month remaining in 2014, the traditional or seasonal cool-down has slowed the market somewhat – although not as much as in prior years,” said Anthony Rael, Chair of the DMAR Market Trends Committee.
According to Rael, homebuyers are somewhat anxious to get settled into a home because mortgage interest rates are expected to increase in 2015. Currently, mortgage interest rates remain stable with 30-year conventional rates under 4% and 15-year conventional rates at 3.0%. He comments:
“Buyers are growing weary watching from the sidelines. Meanwhile, prospective sellers looking at the horizon still see an excellent opportunity to ‘cash-in’ to buy up into their dream homes or, in some cases, downsize as they become empty nesters. They realize the inventory of homes for sale remains low and prices continue trickling upward.” ~ Anthony Rael, Chair of the DMAR Market Trends Committee.

 

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Chairman’s Message | The Buzz

Greg Gellar “The Buzz.” Words we start hearing. Events that connect us. Trends driving our daily lives. We love The Buzz and being an insider to it. 2014 was definitely a year with a lot of buzz surrounding the once again, “hot market.”
Gold Fever, Silver Rushes, Aerospace Mania, and Oil Booms all started with a buzz. The 1976 Olympics almost was in Denver, but the buzz heard around the country was actually laughter when we said, “No thanks.” Because Denver has always been booming or busting, our real estate buzz is about as loud as it can get.
In the last seven years, we have seen short sale and foreclosure rule the schoolyard only to watch them get sent back to detention leaving no inventory behind. 2014 will be the lowest inventory year on record. We drove fast, we wrote heartfelt notes to listing agents again and we somehow, some way, wrote offers way over asking price even though we swore the practice off, like a gambler does the day after a bender. We lived through a housing boom and learned from our mistakes during its bust. 2014 inventory buzz was about as loud as the burglar alarm that nobody gave you the code for.

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Brokerage: Tsunami of Change

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Trends in the Industry Will Shake Things Up. From predictive farming to succession planning, topics discussed at NAR’s annual meeting proved that big changes are coming to the industry. Here’s a recap.
The 2015 NAR Annual Meeting in New Orleans was, at many levels, a far different experience than any of its predecessors. There was a clear and consistent vibe that, after all of the years of talking about transition and disruption, that the long predicted tsunami of change had indeed arrived to create something far different. Moreover, that this far different thing was going to be broker-centric with a strong consumer flavor rather than consumer-centric with a strong broker flavor.
You could hear it in the presentations. You could sense it in conversations and hallway huddles. You could feel it in the demeanor of the late-night gatherings. Interestingly enough, one came to understand that those who were not receiving this vibe were also those who were probably never going to get it.
Perhaps it was the specter of the recent News Corp.-related purchase of Move.com. The realization that the industry demographic had expanded to include yet another team of powerful global experts for whom the industry’s traditions and legacies paled in comparison to its long denied financial potential. One could not help but feel the gaze of Rupert Murdock looking down on the trade show floor working a checklist of what was relevant and what was fluff.

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Events

Upcoming Events December 15 – January 9

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Here is an updated calendar of upcoming networking events and education for this week.

EDUCATION: Denver Metro Real Estate Trends | Dec. 16

WHEN: Tuesday | December 16, 2014 | 10:00 AM – 12:00 PM
WHERE: DMAR West Office | 950 Wadsworth Blvd Lakewood, CO 80214
WHY: This class provides an analytical overview of the major real estate trends in our Denver Metro residential market, specifically honing in on the Denver sub-market. Property records and data are reviewed at many different levels (neighborhood, zip code, town, region, etc.) in order to gain a deep understanding of the local real estate conditions. In addition, we compare historical data with current economic data to try to predict what lies ahead. You will leave this session with a solid understanding of the residential and income housing market in and around Denver and which areas have had the best and worst appreciation.
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EDUCATION: HUD Training | Dec. 18

WHEN: Thursday | December 18, 2014 | 1:00 PM – 4:00 PM
WHERE: DMAR Central | 4300 E. Warren Avenue, Denver, CO 80222
WHY: This class will cover Effective Bidding, the HUD Homestore, and HUD Contracts Today. 

 

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EDUCATION: 2014 Annual Commission Update | Dec. 29

WHEN: Monday | December 29, 2014 | 9:00 AM – 1:00 PM
WHERE: DMAR Central | 4300 E. Warren Avenue, Denver, CO 80222
WHY: The Colorado Real Estate Commission requires all real estate licensees to complete a Commission Update course annually. The current 2014 Commission Update class will provide you with the latest information on legislation and regulations. 

 

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EDUCATION: Business Planning: How to Make 2015 Your Best Year Yet | Jan. 7

WHEN: Wednesday | January 7, 2015 | 1:00PM – 3:00PM
WHERE: DMAR West Office | 950 Wadsworth Blvd Lakewood, CO 80214
WHY: What is your definition of the real estate good life? Join us as we look back at 2014 before looking ahead to 2015 with how to make that your best year yet! Developing a business plan isn’t rocket science, you just have to start! The number 1 reason agents fail to hit their plan is due to a lack of lead generation. We will discuss a lead generation system and how to develop your 2015 goals.
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EDUCATION: Benefits of Incorporating for REALTORS® and Investors | Jan. 9

WHEN: Friday | January 9, 2015 | 10:00 AM – 12:00 PM
WHERE: DMAR North | 13648 Orchard Pkwy #900 Westminster, CO 80023
WHY: In our session some of the key points we cover are tax saving advantages through incorporation, personal asset protection and liability reduction via the corporate veil, improving your credibility as a real estate professional, how forming a corporation can lower your risk of an IRS Audit, and trends with LLC’s for investment properties.
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Membership

Thank you for being a member of the Denver Metro Association of REALTORS®. Your membership is a crucial part of what makes us a powerful community. With more than 5,000 members, DMAR's goal is to support you in your pursuit of success, and to passionately protect and advance the real estate industry. Read More »