Denver, CO
Denver housing market takes an early holiday
Metro Denver’s housing market usually slows around the holidays, and for the second year in a row, November experienced a big drop in both new listings and sales, according to a monthly update from the Denver Metro Association of Realtors.
Sellers put 2,620 homes on the market last month, which is 41.4% fewer than the 4,470 listed in October. For the year, new listings are down 4.6%. A year ago, the monthly drop was almost identical at 41.5%, with the annual change up 1%.
Buyers also continue to hold back. Closings fell 23.4% month-over-month and are down 13.2% year-over-year in November. That contrasts with monthly declines of around 16% the prior two Novembers.
With new listings down more than sales, the inventory of homes and condos on the market fell 15.9% in November to 10,506. The inventory remains up 12.8% from the same month a year ago.
Rather than viewing the soft numbers as signs of a breakdown, they should be looked at as a market taking its normal seasonal break, according to comments included in the report.
“It’s not that sellers don’t desire to sell their current home and move, it’s that they don’t desire to part with a low APR rate on their current mortgage and trade it for a rate that could be three to four times higher,” said Susan Thayer, a member of the DMAR Market Trends Committee and an area Realtor, in comments included with the report.
Likewise, it isn’t that homebuyers don’t trust the homebuying process as much as they may not trust the state of the economy.
“Sellers who desire to sell and price their homes accordingly will find there are still plenty of buyers out there – even in the top price range of our market,” Thayer said.
Listings took a median of 36 days on the market in November, up from 28 days a year earlier. But attracting a buyer in today’s market is only half the battle. Close to 17% of sellers in Denver had a pending sales contract fall through in October, according to the real estate firm Redfin. That is above the U.S. average of 15.1%, and sits between San Diego and Phoenix in the rankings.
Aside from uncertainty, buyers may also be sensing that a long-awaited pivot in home prices might be underway. The median price of a single-family home that sold in November was $640,000, down 1.5% from November and up 0.8% from a year earlier.
A reversal is more evident in condo and townhome prices, which are down 2% on the month and 7.3% on the year to $380,000. Higher HOA fees and more borrowing restrictions have made attached properties less appealing, even though they are more affordable on the surface.
Combine the drop in sales and the mix of homes sold, and November’s sales volume was down 25.6% from October and 11.3% a year earlier.
The slowing seen in Denver is happening in many other places. The annualized rate of existing home sales in the U.S. was 4.1 million in October, close to September’s rate of 4.05 million.
“For some perspective, this is the same activity level that prevailed in October 2008 during the middle of the Housing Bust and a month after Lehman Brothers collapsed. It’s about 20% lower than the worst month in 2001 during the dotcom bust, and light years away from the 2021 peak of 6.6 million,” noted Elliot Eisenberg, with Econ 70, who will be providing an economic forecast to DMAR next month, in an email.
Eisenberg also notes that the share of the U.S. population who considered themselves as middle class has fallen from 85% a decade ago to 54% today. More than 40% of people now consider themselves as lower or working class.
“This suggests that a very large and growing section of society no longer sees themselves as upwardly mobile and sees the finer things as increasingly out of reach,” he said.
Denver, CO
Richard Jackson Obituary | The Denver Post
Richard Jackson
OBITUARY
Richard E. Jackson, affectionately called “Jackson”, was beloved by his family, friends and colleagues. He passed peacefully surrounded by his wife and children. He was receiving exceptional medical care at City Park Healthcare and Rehabilitation Center at the time of his death. A devout Catholic, he received his Last Rights from Fr. John Ludanha of Blessed Sacrament Church and School.
He earned a Bachelor’s degree in Economics from Gannon University and a Master’s degree in Education from the George Washington University. For over 30 years, he was employed by the federal government, mostly as an analyst for the Social Security Administration (SSA). Other positions he held were: Beneficiary Services Specialist, Division of Medicare, Health Care Financing Administration; Public Affairs Specialist for SSA; and Management Analyst SSA Office of Management and Budget. After he retired, he was a consultant to the State of Colorado Center for Medicare and Medicaid Services.
Jackson was a devoted father, step-father and foster father. He would take over the kitchen and cook spaghetti and meatballs, a family favorite, and then transport children to gymnastics practice and friends’ houses. He had a remarkable sense of humor, bringing joy and laughter to his home. He adored his wife and would leave her weekly love notes in drawers around the house. Exercising at the Denver Athletic Club, taking walks with his wife, and reading the New York Times were three of his favorite activities. He was born in Westfield, New York. His parents were Canadian immigrants. He was the youngest of eight children.
He is survived by his wife, Joycee Kennedy; his children – Kimberly Jackson (Mike Estes), Dawn Jennings (Ed Jennings) and Kevin Jackson; his stepchildren – Cary Kennedy (Saurabh Mangalik) and Jody Kennedy (Christopher Thompson); his grandchildren – Elizabeth, Chase and Drew; his step grandchildren – Kadin, Kyra, Bryce and Sena; and his first wife Madonna Smyth.
Services will be held at Blessed Sacrament Church – the time and day to be announced.
Denver, CO
Students push for statewide
Students from across the Denver metro are heading to the state Capitol to push for free after-school opportunities statewide.
The proposal would create a “My Colorado Card” program, giving students in sixth through 12th grades access to cultural, arts, recreational and extracurricular activities throughout the state.
For students like Itzael Garcia, Denver’s existing “My Denver Card” made a life-changing difference. He said having access to his local recreation center helped keep him safe.
“We had a couple stray bullets go through our living room window, we had people get shot in front of our house, different things like that,” Garcia said. “Over the summer, being able to go to the public pool, it provided a space for us to all come together. In a way, it acted as a protective factor.”
The My Denver Card provides youth ages 5 to 18 with free access to the zoo, museums and recreation centers. For some, like Garcia, it has served as a safe haven.
That impact is why students involved with the nonprofit FaithBridge helped craft legislation to expand a similar pilot program to communities outside Denver.
“We really just thought that inequity and really distinct opportunity deserts for students was really important for us to correct,” said Mai Travi a junior at Thomas Jefferson High School. Another student echoed that sentiment.
“We have a lot of students in the program that come from Aurora Public Schools, and they don’t have access to the same cultural facilities that we have living here; opportunities that really define our childhood experiences,” said Jack Baker, also a junior at Thomas Jefferson High School.
Vernon Jones, director of the nonprofit FaithBridge, said organizers are still working out logistics but hope to partner with counties across Colorado.
“This is a strategy to work for all of Colorado,” he said.
Denver school board member Marlene De La Rosa said the My Denver Card program has been impactful since its launch in 2013.
“For students that are on free and reduced lunch, the ‘My Denver Card’ can help scholarship some of their fees to participate in the youth sports at the recreation centers,” De La Rosa said.
Last year, 45,000 Denver youth had a card, accounting for 450,000 visits to recreation centers, outdoor pools and cultural facilities, she said.
“I think it is very beneficial,” De La Rosa said.
The Denver program is funded by city tax dollars approved by voters in 2012. The proposed statewide pilot would instead rely on donations and grants.
The bill has cleared its first committee but still needs approval from the full House and Senate.
Denver, CO
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