October 2023 Denver Porch Report

There’s a chill in the air, and the holidays will be here before you know it. Along with this change in seasons, the real estate market is likely to cool even further, presenting both opportunities and challenges for buyers and sellers alike. So, if you or anyone you know is thinking about making a big move, feel free to reach out to talk next steps. It would also be great to catch up with you!

While there was a bump in activity after Labor Day, the number of pending and closed homes decreased month-over-month while active listings (homes still for sale) at the end of the month increased by 9.4%. Taking a look at detached, single-family homes, here's the breakdown.

There were 7.8% fewer new listings in September compared to the prior month and 15.8% fewer listings compared to the same month in 2022. Typically, low inventory leads to increased buyer competition and a jump in prices.

However, pending sales were down month-over-month and year-over-year. Closed sales were also down 19.2% compared to August and a whopping 28.2% compared to 2022. Accordingly, the median home price decreased from $649,935 in August to $640,000 in September.

If you’re not big on pumpkin patches or hitting the slopes, Colorado offers tons of events, places to explore, ciders to drink, and outdoor adventures to embark on throughout the fall and winter.

In the spirit of Halloween, get your scare on at The 13th Floor Haunted House, join the LoDo Zombie Crawl, or immerse yourself in the Oddities & Curiosities experience at Reynard Social.

Love crisp apples in the fall? Head to Adam’s Apple Orchard and Country Store in Ault or Ya Ya Farm and Orchard in Longmont for u-pick and farm festivities. You can also enjoy cider sipping at local spots like Stem Ciders in Lafayette or the Old Mine Cider Company in Erie.

And once winter rolls around, alternatives to strapping on a snowboard include dog sledding, snowshoeing, ice fishing, sleigh rides, and so much more! 

So you’ve found a home that checks almost all of your boxes. Great location. It’s in your price range. Nice yard. Great bones, as they say. But there’s one thing, or just a couple parts of the home, that aren’t quite perfect, and you’re just about to cross that address off your search list.

Maybe the bathrooms haven’t been updated to your liking. Maybe it’s the kitchen. Maybe you thought the place was perfect until your inspector uncovered some potential issues with the roof.

Before you automatically disqualify a home from your search, you should consider a renovation home loan! Renovation loans allow you to roll the cost of eligible repairs and improvement projects into your home loan, which can save you both time and money.