October 23, 2023
As published in DMAR Market Trends, October 2023
Sellers planning to list their homes in the winter may want to prepare before the snow arrives. Obtaining pre-inspections of the roof, air conditioning and sprinkler systems will allow time for necessary repairs and provide peace of mind to future buyers who won’t be able to conduct those unique inspections in snow or colder weather.
Many sellers are still holding strong on their pricing, often based on the past rather than current market conditions. Starting with a too-high price can lead to homes sitting on the market for longer, making potential buyers wonder if something is wrong with the home.
A 234-acre Westminster development has begun construction, bringing more than 2,300 new housing units, parks, retail and restaurants to the area.
In August 2023, there were 28,729 homes for sale in Colorado, down 10.5% year-over-year, with 9,860 newly-listed homes, down 8.6% year-over-year.
Blue Columbine Cohousing is building 39 homes on a three-acre communal community in Wheat Ridge. These homes will range from 770 to 2,000 square feet, with prices ranging from $476,000 to $1.2 million, designed with shared gathering spaces, meals and groundskeeping for residents who want to connect with their neighbors.
Homeowners planning improvement projects may be eligible for up to $14,000 in tax rebates and credits through programs designed to encourage home efficiency, now available through the Inflation Reduction Act.
The turnaround time for materials, such as cabinets, has dramatically decreased, indicating reduced contractor demand.
Some builders are eliminating “add-ons” in houses priced below $800,000 to streamline overhead.
Homeowners’ insurance premiums increased 21% nationally, as more and more homes find themselves in areas impacted by climate change. A recent CoreLogic Case-Shiller report found cumulative growth in 2023 up 6%, with the Midwest leading the nation in gains and Western markets expected to see stronger growth in the next 12 months.