TRANSACTIONS

Out of the Gates

by Rondi duPont

How is the year starting? All of us in the real estate industry are especially curious to see how 2024 is starting off after the first slow real estate year in a long time.

Rates have settled down and are trending down.

Prices have shown resilience and continue to go up.

But, how about transactions? Are they picking up after a year that saw an 18% decline in the number of closed residential properties?

It turns out the year is starting off strong but not unusually strong.

Pending transactions are up in Larimer County 7% year over year and up 3% in Weld County.

So, we are already seeing signs that 2024 will be a year of growth compared to last year.

UPS AND DOWNS

by Rondi duPont

Here is a look at how the market performed in August versus August 2022

Prices:

Larimer County Up 4%

Weld County Up 8%

Metro Denver Up 6%

Transactions:

Larimer County Down 18%

Weld County Down 31%

Metro Denver Down 15%

Inventory:

Larimer County Up 18%

Weld County No Change

Metro Denver Down 4%

Two Week Snapshot

by Rondi duPont

Here is a quick snapshot of our markets two weeks into July versus the same time last year…

Larimer & Weld Counties:

Inventory up 61%
Transaction count down 44%
Prices up 17%

Metro Denver:

Inventory up 62%
Transaction count down 31%
Prices up 12%

Caught Up

by Rondi duPont

We’ve been waiting for June to catch up. It finally happened (almost).

Back in April, real estate activity was significantly limited and the showing of property was restricted which caused the number of closed properties in May and early June to be much lower than last year.

Bottom line, fewer properties going under contract in April caused fewer closings 30 to 45 days later.

Closed properties in May were down compared to 2019 by 44% in Northern Colorado and 43% in Metro Denver.

Then activity jumped significantly in May. The number of properties going under contract was way up compared to last year.

We’ve been wondering when we would see this sales activity reflected in the number of closed properties.

Well, it finally happened (almost).

The number of closings so far in June compared to the same time period through June of 2019 is only down 1.8% in Northern Colorado and 1.6% in Metro Denver.

In both markets, there are only a handful of closings separating activity in June 2020 versus June 2019.

By the end of the month, when all the transactions are tallied up, we expect that June of this year will out pace June of last year in terms of number of transactions.

This is significant not only because of COVID-19, but also because of the reduced inventory compared to last year. Quite simply, there are fewer homes to buy.

All of this speaks to the health and resiliency of the Front Range market.

At Windermere Real Estate we are taking Safer at Home and Social Distancing very seriously. Our people are following our Safe Showings protocol, staying connected to their clients, and providing help wherever needed