Colorado Real Estate News & Denver Real Estate Statistics Blog
In addition to being a collector of Denver real estate news and a generator of Denver real estate statistics, I will use this to share my experience, view point, and advice as a Denver Realtor & Denver real estate agent.
Central Park, previously Stapleton, is a neighborhood within the city limits of Denver, Colorado. Located east of downtown Denver, the neighborhood is at the former site of the decommissioned Stapleton International Airport, which closed in 1995. It is the largest residential neighborhood within the city of Denver. The Central Park Neighborhood contains twelve specifically named sub-neighborhoods, 11 public/private schools, 50 parks (including city regional and community pocket-parks), 7 pools, several shopping and business districts, a city of Denver recreation center, and a Denver library. The latest population as of 2021 is estimated at 27,000.
Since April 2016, the Central Park neighborhood has been connected to the Denver metro area by RTD's A line, a recently opened commuter rail service that runs from the downtown Denver transit hub to Denver International Airport.
The neighborhood consists of varying architectural styles (from ultra-modern to traditional). The vast majority of single-family homes have alley-loaded garages. The types of housing also varies (including single-family, condos, live-work townhomes, row homes, duplexes, and high-density apartments).
The 80238 zip code (which encompasses almost all of the Central Park community and is entirely within the neighborhood) is known as one of the wealthiest or highest average household income zip codes in the Denver metro area.
In 2020 the local community voted to change its long-established name from Stapleton to Central Park. (Wikipedia)
We know you expect us to be in the know when it comes to real estate news in and around Denver and Colorado, and now you can be too. We hope you find this latest version of our newsletter interesting and helpful. I cannot thank you enough for all the referrals. Have a great day!
magazine.realtor - House hunters are watching mortgage rates closely. After all, every increase could have an impact on affordability, particularly given escalating home prices.
keepingcurrentmatters.com - After almost two years of double-digit increases, many experts thought home price appreciation would decelerate or happen at a slower pace in the last quarter of 2021.
5280.com - Biophilic design inspired by Colorado's great outdoors is at the heart of this RiNo building that is certain to become a new Mile High City landmark. Biophilic design inspired by Colorado's great out…
keepingcurrentmatters.com - If you’re following along with the news today, you’re probably hearing a lot about record-breaking home prices, rising consumer costs, supply chain constraints, and more.
bloomberg.com - Covid-inspired traffic restrictions and street changes have swept scores of U.S. cities since the start of the pandemic. But not all communities have welcomed them.
magazine.realtor - Home prices may be growing faster than rents in most places across the country, but homeownership still beats renting financially, shows a new study from ATTOM Data Solutions, a real estate data firm.
koaa.com - As costly damage estimates continue to add up for those impacted by the Marshall Fire insurance experts say we should be paying attention because these costs will impact consumers across the state. E…
gibsonhomeloans.com - December 2021 Metro Denver Market Stats 30 Day Snapshot - Check out the latest real estate market statistics and market reports for metro Denver.
denvergazette.com - Metro Denver homebuyers who thought it was tough to find for-sale homes in December will be sorely disappointed if they thought a new year would bring more inventory.
denverpost.com - As the clock ticked away on low mortgage rates, desperate homebuyers in metro Denver just couldn't find enough properties to purchase as 2021 came to a close -- and the extreme seller's market could …
realtytimes.com - Making a New Year’s resolution is nothing new. Most of us have done it at one time or another. Making good on that resolution is another thing. “The s...
magazine.realtor - Homeowners who are renewing their home insurance policies are finding their rates are drastically climbing. Insurance companies point to rising material costs and climate change
denverpost.com - Colorado housing markets defied the odds in 2021, with price increases breaking all kinds of records. As to what happens in 2022, forecasts are all over the place, from the good times rolling into an…
denverpost.com - Real estate experts predict Metro Denver's real estate will stay hot in 2022, with record demand for homes pushing double-digit appreciation.
magazine.realtor - Home buyers may have felt more determined in November to purchase before 2021 comes to an end and mortgage rates and borrowing costs increase, as largely is forecasted to happen.
Located in an area shielded from the harsh winter storms of the mountains and just outside the reach of the extreme heat of the plains, the Colorado Front Range foothills offered an excellent location for Native Americans and the game they sought for food. Timberlands, grassy plains, and foothills, drained by the Arkansas and the Platte rivers, created a sufficient supply of vegetation and water to maintain the antelope, buffalo, deer, and rabbit essential to the Native American diet.
White settlers were drawn by rumors of gold and by land made available through the Homestead Act of 1864. However, the discovery of rhyolite stone in the butte near Plum Creek is what put Castle Rock on the map.
Castle Rock's beginning
One of the original homesteaders, Jeremiah Gould, owned 160 acres south of "The Rock." At that time, the community consisted of just a few shacks for prospectors, quarry workers and other hired hands. In 1874, Gould donated 120 acres to "be known as Castle Rock." It was then that the six streets named Elbert, Jerry, Wilcox, Perry, Castle and Front were laid out. The Courthouse Square was designated, and 77 lots, each 50 by 112 feet, were auctioned for a total of $3,400.
Train depot
Within a year, the new train depot brought the Denver and Rio Grande Railway to the community. Soon, it was unloading supplies for ranchers and shipping rhyolite from the three local quarries and cheese from the dairy farms in the surrounding area. The depot is now home to the Castle Rock Historical Museum on Elbert Street, where visitors can relive the nearly 140 years since the Town's inception.
Castle Rock has continued to prosper and grow, with a current population of more than 70,000. Rhyolite remains a material of choice for decorative rock work and can be seen in many historic buildings. (http://www.crgov.com)
From Wikipedia - https://en.wikipedia.org/wiki/Red_Rocks_Amphitheatre
Red Rocks Amphitheatre is an open-air amphitheater built into a rock structure in the western United States, near Morrison, Colorado, ten miles (16 km) west of Denver. There is a large, tilted, disc-shaped rock behind the stage, a huge vertical rock angled outwards from stage right, several large outcrops angled outwards from stage left, and a seating area for up to 9,525.
In 1927, the City of Denver purchased the area of Red Rocks; construction of the amphitheater began in 1936, and was opened to the public in June 1941. Since then, many notable performances and recordings for film and television have taken place there. In June 2015, the Colorado Music Hall of Fame opened in the Trading Post at Red Rocks.
The elevation of the amphitheater's top row is approximately 6,450 feet (1,965 m) above sea level, and the surrounding Red Rocks Park covers 868 acres (1.4 sq mi; 3.5 km2). The amphitheater is owned and operated by the City and County of Denver and is located in Red Rocks Park, part of the Denver Mountain Parks. The audience faces east-northeast, toward southern Denver, with the skyline of downtown visible to the left.
In 1957, the American Institute of Architects selected Red Rocks to be Colorado's entry at the National Gallery of Art for the AIA's Centennial Exhibition.
In 1999, after Pollstar magazine awarded Red Rocks the annual honor of best small outdoor venue for the eleventh time, the magazine changed the name of the award to the Red Rocks Award and removed Red Rocks from the running.
Construction began in October 2020 to replace the existing stage roof and structure
Here is a quick 30-day snapshot of the real estate market in the metro Denver area.
December 2021 Metro Denver Market Stats
Denver metro is generally composed of Adams, Arapahoe, Broomfield, Denver, Douglas, Elbert, and Jefferson Counties. From December 6, 2021, until today (January 6, 2022), the average price of homes sold in the metro Denver area was $643,079. The total number of homes sold in the metro Denver area was 4,479. The total number of homes currently available in the metro Denver area is 1,797. And finally, the average number of days a home was on the market in the metro Denver area was 19 days.
We know you expect us to be in the know when it comes to real estate news in and around Denver and Colorado, and now you can be too. We hope you find this latest version of our newsletter interesting and helpful. We cannot thank you enough for all the referrals. Have a great day!
denverpost.com - The number of homes in Denver that sold for at least $1 million quadrupled, jumping 310 percent during that period, the analysis found. There were 1,353 such sales in 2016, and 5,548 in the first 11 …
denverpost.com - The big jump in home values across Colorado during the pandemic is translating into unprecedented gains in homeowner equity in the state, and that added wealth could fuel additional spending in the m…
realtytimes.com - The biggest question people tend to have when thinking about buying a house is how much money they’ll need. You might focus only on the down payment i...
5280.com - Every winter, a select few Coloradans spend weeks transforming their homes into over-the-top holiday displays that put even Santa's workshop to shame.
realtytimes.com - It’s hard to believe we’re already approaching 2022, yet here we are. The new year has a lot of people planning for what’s ahead financially. As part...
denverpost.com - The Biden administration is looking to expand reporting requirements on all-cash real estate deals to help crack down on bad actors’ use of the U.S. market to launder money made through illicit activ…
realtytimes.com - When you think about a home project, you really have to consider how it will affect the value of your property if you ever want to sell it. It’s best...
outtherecolorado.com - The editors of Condé Nast Traveler teamed up to create a list of the best spots in the United States to visit during Christmas and one place in Colorado made the cut.
denverpost.com - Home listings are once again in very short supply in metro Denver, with the inventory of available properties down by a third from October, according to a monthly update from the Denver Metro Associa…
finance.yahoo.com - For the second year straight, the real estate market has been nothing short of unprecedented. Historically low interest rates, combined with minimal inventory and an influx in demand, has made 2021 a…
gibsonhomeloans.com - Colorado Real Estate Market Report and Statistics - Check out the latest real estate market statistics and market reports for Colorado
housingwire.com - Home prices posted their largest-ever yearly gain since the inception of the Federal Housing Finance Agency (FHFA) House Price Index.
skyhinews.com - This year is on track to see record real estate sales in Grand County, driven by a high demand for mountain properties and limited availability.
Denver Realtor Reviews: Colorado Real Estate Market Statistics for November 2021
Real Estate Market Statistics for the metro Denver area, Colorado Springs Pikes Peak region, and Northern Colorado.
Metro Denver Colorado Real Estate Market Statistics as of November 2021
Denver metro is generally composed of Adams, Arapahoe, Broomfield, Denver, Douglas, Elbert, and Jefferson Counties. Metro Denver in Colorado saw a 56.8% decrease in the real estate inventory, which is the number of homes available for sale. Additionally, the Denver front range which includes Denver, Aurora, Lakewood, Thornton, Arvada, Westminster, Centennial, and Highlands Ranch as the largest cities in the area saw a 3.1% increase in new listings and a 0.8% decrease in closed home sales. The median home price in Denver metro increased by 16.8% from $459,600 to $537,000.
Southern Front Range Colorado Real Estate Market Statistics as of November 2021
Colorado Springs is generally composed of El Paso County and Teller Counties. The Pikes Peak region in Colorado saw a 5.7% increase in the real estate inventory, which is the number of homes available for sale. Additionally, the southern front range around Colorado Springs, which includes Colorado Springs, Monument, Falcon, Fountain, Manitou Springs, and Woodland Park saw a 47.0% increase in new listings and a 10.4% increase in closed home sales. The median home price in Colorado Springs metro increased by 8.7% from $430,000 to $467,500.
Northern Colorado Real Estate Market Statistics as of November 2021
Northern Colorado is generally composed of Boulder, Larimer, Logan, Moran, and Weld Counties. The Northern Front Range region in Colorado saw a 66.0% decrease in the real estate inventory, which is the number of homes available for sale. Additionally, the northern front range area that includes Boulder, Broomfield, Fort Collins, Greeley, Longmont, and Loveland saw a 4.2% decrease in new listings and a 2.1% decrease in closed home sales. The median home price in northern Colorado increased by 18.3% from $419,900 to $496,900.
The new metro Denver conforming loan limit for 2022 is $684,250. It used to be $596,850, a jump of $87,400. Many counties conforming loan limits for Fannie Mae and Freddie Mac will rise to $647,200 in 2022, a jump of nearly $100,000 from 2021’s previous record high.
The conforming loan limit is the annually adjusted dollar cap on the size of a mortgage that the Federal National Mortgage Association (known colloquially as Fannie Mae) and the Federal Home Loan Mortgage Corp. (aka Freddie Mac) will purchase or guarantee.
A conforming loan meets the guidelines to be sold to either Fannie Mae or Freddie Mac, two of the largest mortgage buyers in the U.S. Non-conforming loans, on the other hand, are those that fall outside those guidelines, so they can't be sold to Fannie Mae or Freddie Mac.
Conforming lenders underwrite and fund the loans and then sell them to investors like Fannie Mae and Freddie Mac. Then the loans are sold to investors on the open markets. Because of their liquidity and the government regulations, conforming loans often have lower interest rates than non-conforming loans.
Why does the conforming loan limit matter?
If you are not getting a conforming loan, you are left with a jumbo, high balance, or non-conforming loan. Downpayment requirements are higher on jumbo, high balance, and non-conforming loans, making them less attractive to some borrowers. Interest rates are also, usually higher on these loan types. Increasing the conforming loan limit increases the amount a borrower can borrower with a lower interest rate and a lower down payment.
What does the conforming loan limit mean for the purchase price?
With a conforming loan limit of $684,250, a first-time homebuyer only putting down 3% could purchase a home costing $705,412. Or if a buyer is wanting to put the minimum down to avoid mortgage insurance, 20%, they could purchase a home up to $855,312.
Additional Information
The conforming loan limit will rise in all but four U.S. counties. For most of the U.S., the 2022 conforming loan limit for one-unit properties will be $647,200, an increase of $98,950 18.5% from 2021. While 95% of U.S. counties will be subject to the new baseline limit of $647,200, nearly 100 counties will have conforming loan limits approaching $1 million.
Federal Housing Finance Agency (FHFA) is actively evaluating the relationship between house price growth and conforming loan limits, particularly as they relate to creating affordable and sustainable homeownership opportunities across all communities.
Over the last 18 months, housing prices have significantly increased due to record low inventory levels amidst strong demand. The higher loan limits reflect this dynamic.
For areas in which 115% of the local median home value exceeds the baseline conforming loan limit, the applicable loan limit will be higher than the baseline loan limit.
The Housing and Economic Recovery Act (HERA) establishes the high-cost area limit in those areas as a multiple of the area median home value while setting a “ceiling” at 150% of the baseline limit. Median home values generally increased in high-cost areas in 2021, which increased their conforming loan limit. The new ceiling loan limit for one-unit properties will be $970,800, which is 150% of $647,200.
HERA requires that the baseline conforming loan limit for the Enterprises be adjusted each year to reflect the change in the average U.S. home price. Also on Tuesday, FHFA published its third-quarter House Price Index report, which includes statistics for the increase in the average U.S. home value over the past four quarters. According to the nominal, seasonally adjusted, expanded-data FHFA HPI, house prices increased by 18.05%, on average, between the third quarters of 2020 and 2021, thus establishing the baseline conforming loan limit for 2022 will increase by the same percentage.
As home prices continue their record-breaking climb, the Federal Housing Finance Agency said Tuesday that loan limits for mortgages that can be bought by Fannie Mae and Freddie Mac in 2022 will rise by the largest percentage ever. For much of the United States, the divide between conforming loans and jumbo mortgages will be $647,200. That’s an 18% increase from this year’s limit of $548,250.
In pricey housing markets — including much of California, all of New York City, the District of Columbia, and the entire states of Alaska and Hawaii — the new limit is $970,800, up from $822,375 in 2021.
And some markets fall in between. In Colorado’s Boulder County, the new limit for conforming loans is $747,500. In Florida’s Monroe County, home to the Keys, the limit is $710,700. In the Nashville metro area, it’s $694,600.
The FHFA, which oversees Fannie Mae and Freddie Mac, said the increase was based on its House Price Index for the third quarter. Since the coronavirus recession began this spring, the housing market has been on fire — inventories are tight, buyer demand is strong and mortgage rates have fallen to record lows.
The agency said Tuesday that U.S. house prices rose 18.5% from the third quarter of 2020 to the third quarter of 2021, the fastest appreciation on record. Idaho led the way with a 35.8% jump in prices, followed by Utah’s 30.3% spike.
Conforming Loan Limit for Other Front-Range Counties
Here is the new 2022 conforming loan limit for these Denver-metro and front range counties in Colorado:
I know you expect me to be in the know when it comes to real estate news in and around Denver and Colorado, and now you can be too. I hope you find this latest version of my newsletter interesting and helpful. I can not thank you enough for all the referrals. Have a great day!
realtytimes.com - The median home price in the United States just surpassed $400,000 for the first time at the end of October, according to the St. Louis Federal Reserv...
denverpost.com - LIV Sotheby’s International Realty has just released its Q3 Micro Market Reports and Quarterly Luxury Report, which analyze the performance of the local housing market.
nationalmortgagenews.com - Local mortgage and real estate professionals give insight on the metro areas projected to experience the highest appreciation over the next year, according to Zillow.
forbes.com - As well as expected trends as demand continues to outpace supply, the coming years will also bring some unexpected changes as many current new homeowners look to sell again and settle into smaller, m…
houselogic.com - Here is a fall checklist to help you take care of the most important preventative maintenance tasks to make sure your home is ready for winter.
magazine.realtor - The increase has largely been driven by consumers who started with a credit score below 600. FICO usually considers a score between 670 to 739 to be good; anything below 580 is considered poor.
realtytimes.com - Hardwood flooring is valued for its beauty and charm as well as its overall durability. Wood floors are also hygienic and easy to clean, making them a...
chrisraygibson.com - Denver Realtor Reviews: Colorado Real Estate Market Statistics for October 2021 Real Estate Market Statistics for the metro Denver area, Colorado Springs Pikes Peak region, and Northern Colorado. Met…
realtytimes.com - You’ve made updates to your kitchen. Made sure your bathrooms look fresh and clean. Decluttered EVERYTHING. Even dropped your price. But your house st...