DMAR Digest | Week of May 18
Check out the featured content, get the scoop with top news stories from the blog, mark your calendar for upcoming events & classes and catch up with the most buzz-worthy social posts from your Association
CAR General Counsel Scott Peterson discusses the state’s new Safer at Home Order and Local County Updates as well as New Buyer & Seller COVID-19 Advisory Forms.
First and foremost, under the Safer-at-Home order, in-person showings are allowed in all Metro Area counties. However, that being said, REALTORS® must follow the strict guidelines and safety precautions as outlined by the state order.
Colorado has joined more than 30 other states in temporarily suspending evictions, preventing renters from being removed from their homes during the COVID-19 pandemic.
DMAR's Chairman of the Board, Euan Graham, hosted a special virtual presentation with guests Tim Craft, Brian Connolly and Peter Wall.
Of course COVID-19 was going to have a huge impact on the real estate market. Everything slowed. Showings moved online. Stay-at-home orders convinced some owners to wait just a bit longer before listing their homes. Job loss or insecurity made both buyers and sellers pause. Drive-by closings became the norm. Open houses disappeared. And so on.
After a full month of stay-at-home order restrictions, Denver’s residential real estate market is feeling the impact of the coronavirus pandemic. Total home sales volume in April was $1.8 billion, down 25 percent from March and 30 percent from April 2019, according to the Denver Metro Association of REALTORS®’ monthly market trend report released Tuesday.
Home appreciation remains as overall economy slumps. The nation’s economy overall, unemployment, deflation, The Federal Reserve, metro Denver’s local real estate market dynamics… there are so many important headlines to discuss. May’s Market Trends Report is a much fuller picture of the impact COVID-19 has had on the real estate market, but anticipate more to come in the months ahead.
Denver real estate took a hit in April as the impact of the COVID-19 pandemic rippled through the housing market. The number of new listings in the metro tumbled nearly 30 percent from March, according to a report from the Denver Metro Association of REALTORS®.
Denverites might have been at home all of April, but that didn’t slow the price of homes. According to the Denver Metro Association of REALTORS®, the median closing price of a home last month was $440,000, up 4.76 percent over April of last year though down slightly from March 2020.
Virtual REALTORS® Legislative Meetings | Free Registration
We are a collective force of 1.4 million REALTORS® who know that the buying and selling process is much more than a transaction. At local, state and national levels, NAR advances issues important to the real estate profession and the livelihood of REALTORS®.
Free registration is now open for the first-ever virtual REALTORS® Legislative Meetings to join in the fight to protect and defend the real estate industry.
View streamed Governance Meetings and live Conference Sessions, network with other real estate professionals and join the conversation around important issues that shape the real estate industry now and in the future.
Virtual Committee Meetings: April 27 - May 15
Virtual Conference Sessions: May 12 - 14
Quote of the week
“Keep your face always toward the sunshine - and shadows will fall behind you.”
Walt Whitman, American poet, essayist and journalist
We're still here for you
If you are looking to reach a specific department or staff person, please refer to the staff directory, or contact our main line at 303-756-0553 or email .
COVID-19 Updates and FAQs
We continue to update our COVID-19 and to keep you up to speed on the Colorado coronavirus outbreak and its impact on our industry. If you have additional questions please email and we will do our best to provide an answer for you.
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While in-person classes are a no-go at the moment, you still have plenty of options when it comes to your education:
- - 40% off extended through 5/31
At a May 5 press conference, Mayor Michael Hancock and a cadre of officials previewed new rules going into effect prior to and after Denver's current stay-at-home mandate over COVID-19 expires at the end of Friday, May 8.
Metro Denver’s housing market saw major decline with home showings dropping to a record low mid-April due to the Stay-at-Home order. With restrictions lifted to Safer-at-Home on April 27, approximately 3,500 showings were scheduled that day, more than any other Monday in 2020.
Download the May Market Trends Report infographic. This is a great resource to share with your clients and colleagues on social media, your website or via email or even print.
Before the coronavirus sent shockwaves through the global economy, Denver's luxury market appeared to be picking up where a record-breaking 2019 left off. As recently as early March, a penthouse at the Four Seasons sold for $16 million, setting a new record for the most expensive condo sale in the Denver metro.
With state lockdowns only beginning to be eased, much is still unknown about how an economic recovery from the coronavirus crisis will take shape. But a third week-over-week increase in loan applications is a positive sign for the housing market.
Mortgage rates reached a new record low this week, with the 30-year fixed-rate mortgage falling to its lowest average ever since Freddie Mac began tracking such data in 1971. “The size and depth of the secondary mortgage market is helping to keep rates at record lows,” says Sam Khater, Freddie Mac’s chief economist.
The monthly REAL Trends newsletter features commentary from Steve Murray on the state of real estate and forward-thinking articles from guest contributors such as Larry Kendall of Ninja Selling and Sue Johnson, former CEO of RESPRO.
You will soon have the chance to say “Hello” to the new REcolorado App! On Tuesday, May 12, you’ll be able to download, use and share the brand new app.
Just for you
Three Tier Benefits | CTM eContracts
As a member of DMAR, you also gain access to member-only benefits and services from the Colorado Association of REALTORS® (CAR) and the National Association of REALTORS® (NAR).
You need Great Reports to pick Great Tenants. And that’s what TransUnion’s SmartMove offers…
- Credit reports, criminal background checks and eviction records from TransUnion
- Broad national coverage* including Washington D.C.
- Superior accuracy using advanced matching technology on all tenant screening reports
- An estimate on whether or not the applicant's credit behavior aligns with their self-reported income.
- An estimated variance between the applicant's self-reported income and the Income Insights estimate.
- A recommendation of whether or not to request additional proof of income from the applicant.