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.
The Denver Broncos are in the market for a running back.
Just two days after NFL Network’s Ian Rapoport reported that Denver wants to have the running back position addressed before the draft, Jonathan Jones of CBS Sports reported that the Broncos are “poised to make a splash” at running back during NFL free agency.
“Denver is the reason why the Jets used the franchise tag on Breece Hall rather than the transition tag, according to sources, making sure Denver wouldn’t get the opportunity to put together an offer the Jets would refuse to match,” Jones wrote for CBS Sports.
Jones said the Broncos would be an obvious potential landing spot for Kenneth Walker, and he noted that Travis Etienne could be a cheaper alternative. The Athletic’s Nick Kosmider also reported this week that Denver is expected to “closely examine” the RB market, and he name-dropped Walker, Etienne and Rico Dowdle.
The Broncos also have an in-house free agent at RB in J.K. Dobbins, who has expressed his desire to remain in Denver. The Broncos can begin negotiating with pending free agents from other clubs on March 9, but no deals can become official until the new league year begins on March 11. In-house free agents can be re-signed at any time.
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GRAND JUNCTION, Colo. (KREX) — The Class 5A Sweet 16 has arrived, and both Grand Junction and Palisade are still standing with trips to the Great Eight in Denver on the line.
At The Jungle, the No. 2 seed Grand Junction Tigers set the tone early against No. 18 Golden. Defense carried the Tigers from the opening tip as they held the Demons to nine first quarter points while scoring 16 of their own.
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Grand Junction added eight points in the second quarter while Golden managed six, sending the Tigers into halftime with a nine point lead.
Golden responded in the third quarter, outscoring Grand Junction 16 to 11 to cut the deficit to five entering the fourth. The Tigers answered in the final period, attacking the rim and converting key shots to win the quarter 19 to 10. Grand Junction secured a 54 to 41 victory to protect its home court and advance to the Great Eight in Denver.
Top seeded Palisade also defended its home floor with a trip to Denver at stake. The Bulldogs opened with nine straight points to energize a packed gym, but Frederick settled in and closed the first quarter on a run to tie the game at nine.
Frederick continued to respond in the second quarter and took an eight point lead into halftime.
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Palisade shifted momentum after the break. The Bulldogs tightened defensively, holding Frederick to 21 points in the second half while scoring 39 of their own. Palisade completed the comeback to advance to the Great Eight.
Colorado Mesa University Women Deliver Historic RMAC Tournament Win
In collegiate action, the top seeded Colorado Mesa University women’s basketball team defeated Colorado School of Mines 96 to 51 in the RMAC Tournament, marking the largest margin of victory in the tournament this century.
Olivia Reed-Thyne led the Mavericks with 34 points on 11 of 15 shooting, her third 30 point performance this season. Mason Rowland added 22 points and Hallie Clark contributed 10 as Colorado Mesa matched a program record with its 31st win. The Mavericks will host the semifinals Friday with a berth in the championship game at stake.
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Colorado Mesa University Men Survive Overtime Thriller
The Colorado Mesa University men’s basketball team faced New Mexico Highlands University for the third time this season. The Mavericks scored 36 first half points and led by four at the break.
New Mexico Highlands shot 50 percent in the second half, received 21 bench points and outscored Colorado Mesa 43 to 39 to force a late push. With the season in the balance, Ty Allred hit a game tying 3 pointer to make it 75 and send the game to overtime. Allred scored seven points in the extra period as Colorado Mesa earned a 91 to 90 victory to advance to the next round.
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