Townhome construction has surged in the last 12 months. This is welcome news for first-time buyers who benefit from the lower prices that multi-family product tends to provide.
According to the National Association of Home Builders, townhome construction has jumped up 28% compared to the previous year.
Townhomes now represent 13% of all new residential construction starts.
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Records continue to be broken in real estate, including the rental market.
Rents just rose another $2 per month to $1,594, a new record.
The annual rent growth of 13.5% nationally in 2021 was more than double any previous year, and apartment absorption counted nearly 600,000 units, which is roughly 50 percent more than the previous annual high, set in 2015.
The single-family rental market continues to outperform the multifamily sector.
Throughout 2021, the average U.S. asking rent gained $190 and 2022 is forecasted to increase by another 5%.
Source: Multi-Housing News
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Along the Front Range we have gone from two weeks of inventory to three weeks.
For much of the Spring, there was only two weeks of inventory on the market in most areas. Meaning, it would only take 14 days to sell all of the homes currently for sale.
Now, because the pace of sales has slightly slowed down and there is a bit more inventory, there is roughly three weeks.
We can actually measure inventory in number of days based on the pace of sales in July so far:
This is obviously good news for buyers as they have better selection and slightly less competition.
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We are noticing a trend that is very good news for buyers.
Inventory has been increasing over the last month which means that buyers now have more properties to consider.
Just in the last week, the number of homes for sale has increased:
13% in Larimer County
12% in Weld County
11% in Metro Denver
If you are a buyer who has been waiting for home properties to look at, now is the time!
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New home construction is behind by 5.5 million homes over the last 14 years.
Since 2007, new home starts have lagged significantly behind the long-term average.
The Census Bureau started tracking National new home starts in 1958.
Between 1958 and 2007, an average of 1,102,938 new homes were started each year.
Between 2007 and 2020 the average fell to 708,186 which represents a shortfall of 394,752 per year.
That adds up to a total shortfall of 5,526,525.
The under-supply of new homes is of course a significant reason why the market is under-supplied overall.
credit Inman News as the source of this story
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The following analysis of the Metro Denver & Northern Colorado real estate market is provided by Windermere Real Estate Chief Economist Matthew Gardner. We hope that this information may assist you with making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to contact your Windermere agent.
REGIONAL ECONOMIC OVERVIEW
The job recovery that appeared to be firmly in place in the summer has started to wane. Though Colorado has recovered more than 209,000 of the jobs lost due to COVID-19, employment levels remain almost 210,000 below the level seen last February. Even with employment growth stalling, the unemployment rate stands at a relatively respectable 6.4%, down from a peak of 12.2%. Regionally, unemployment levels range from a low of 5.4% in Boulder to a high of 6.9% in Greeley. Rising COVID-19 infection rates continue to impact the job recovery, and I do not see much in the way of palpable improvement until a vaccine becomes freely available, likely in the second half of this year.
❱ In the final quarter of 2020, 12,207 homes sold. This represents an increase of 21.8% compared to the fourth quarter of 2019, but 19% lower than in the third quarter. I am not concerned, though, because seasonal influences tend to impact sales in the winter.
❱ Sales rose in all markets other than El Paso compared to the fourth quarter of 2019. I believe sales are only limited by the number of homes on the market.
❱ Inventory levels remain well below what I would like to see. The average number of homes on the market in the fourth quarter was down 55% from the same period in 2019.
❱ Pending sales were 34% lower compared to the third quarter. Again, seasonality and a lack of homes to buy impact this figure. Pending sales are still 13% higher than a year ago.
❱ Home prices rose significantly in the fourth quarter, with the average price increasing 13.7% year-over-year to $532,492. Prices were up 1.8% compared to the third quarter of this year.
❱ Interest rates are unlikely to drop much further and this will lead price growth to slow as we move through 2021.
❱ Year-over-year, prices rose across all markets covered by this report, with significant appreciation in Clear Creek, Gilpin, Park, and El Paso counties. Every county but Arapahoe saw double-digit price gains.
❱ Affordability in many Colorado markets remains a concern as prices continue to rise at well-above-average rates. That said, I anticipate we will see price growth moderate in 2021.
❱ The average number of days it took to sell a home in the markets contained in this report dropped 15 days compared to the final quarter of 2019.
❱ The amount of time it took to sell a home dropped in every county contained in this report compared to the fourth quarter of 2019.
❱ It took an average of 26 days to sell a home in the region, down 3 days compared to the third quarter of 2020.
❱ The Colorado housing market continues to demonstrate solid demand, and buyers are clearly competitive as suggested by the short length of time it is taking to sell a home.
CONCLUSIONS
This speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors.
Home sales and prices are significantly higher than a year ago, and demand for housing is very much in place. Naturally, this favors home sellers who are still in control of the market. I do expect to see some improvement in listing activity this year, which, in concert with modestly rising interest rates, will likely start to take some of the steam out of the market. However, any moderation in the market has yet to appear. Even given the possible headwinds mentioned above, I am moving the needle a little more in favor of sellers, as demand is likely to exceed supply for the time being.
ABOUT MATTHEW GARDNER
As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew has over 30 years of professional experience both in the U.S. and U.K.
In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics.
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For the second time ever, Pantone’s Color of the Year is actually two colors: Ultimate Gray and Illuminating Yellow. Ultimate Gray is emblematic of natural elements that stand the test of time, while Illuminating Yellow is a cheerful sunshine yellow, symbolizing energy and clarity.
Here are some ways you can harness this color harmony in your home.
With a foundation of Ultimate Gray, Illuminating yellow will brighten your bedroom, livening up the space and radiating positivity. Mix and match different furniture and accent wall combinations to get the right balance of sunny yellow and solid gray.
Home offices have become more important than ever. As working from home continues in 2021, your remote workspace is the perfect location to add in Pantone’s Color of the Year. We all could use some added stimulation to keep our workdays going smoothly and productively. Use Illuminating to add some colorful accents or to paint your wall, balance it out with some Ultimate Gray, and let the positivity fill your home office. 
Pantone’s Illuminating is a perfect accent color for your home. Incorporate this energetic sunshine yellow in your living room in the form of decorative throw pillows, blankets, and accent décor 
pieces like vases and curtains. Ultimate Gray is a perfect color for large furniture items and will help to balance out the tone of your living room. It provides a neutral backdrop, which gives you the freedom to decorate brightly.
Your front entrance plays a significant role in the first impressions of your home. What better way to use Pantone’s striking yellow than a front door makeover? Illuminating yellow presents an opportunity to bring a little sunshine to your family and guests every time they approach. Ultimate Gray as both a wall color and an accent color will help to solidify your new, strikingly optimistic front door. Accent pieces like house numbers, your mailbox, and plant pots will help create harmony between the two colors.
Read more about this year’s color trends and how you can incorporate them into your home here: 2021 Paint Color Trends
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After a weary 2020, expect to see a return to prominence for nostalgic, neutral colors. The resurgence of neutrals signals a focus on simple comfort, healing, a return towards wellness, and is representative of a lifestyle with a slower pace. Colors to look for include oatmeal hues, cerulean and Aegean blues, and earthy tones.
Comforting colors
More than ever we are looking to our homes to provide us the chance to relax and recharge. Accordingly, serene, warm colors and soft pastels are making a strong comeback. They set the mood by providing a calm foundation, leaving room to add colorful decorations. Keep your eye out for rejuvenating colors including soft reds and creamy off-whites.
To build upon your neutral palette, add touches of vibrant colors for an exciting contrast. This coming spring, you can expect to see nature-based hues on the rise. In 2021, these nature colors will reflect a return to vibrance after homeowners have spent most of 2020—and, in some places, remain—cooped up due to the COVID-19 pandemic. Colors to look for include rust tones and hues in the gold-to-orange range.
Color trends in your home
The calm, soothing presence of neutrals is best delivered when given ample space, so look to use the neutral palette on large surface areas. Good use cases in your home include painting whole walls, as well as furniture and carpeting choices. For vibrant colors, sprinkle them throughout the home in your décor and through smaller accents.
60-30-10 Rule
After you’ve chosen your colors, follow the 60-30-10 color design rule. It states that 60% of a room’s color should be the dominant color, 30% should be the secondary color, and 10% should be the accent color.
Here are three 2021 paint colors that will deliver the serene home environment you’re looking for while providing a solid foundation to add decorations.
Benjamin Moore’s 2021 color of the year is Aegean Teal. It combines a calming blue, a natural green, and a soothing grey. Its qualities make it a sound choice for bedroom or living room walls, as well as cabinets and other large surface areas. Aegean Teal is the perfect choice for homeowners looking to incorporate a bluish hue into their home without the melancholy undertones that come with blue.
Say hello to Urbane Bronze—Sherwin Williams’ 2021 color of the year. Their selection is founded in the desire to create a sense of calm at home. Urbane Bronze helps to deliver the sense of a sanctuary at home, given its organic appeal. Use this color to give your home a relaxed feel by painting your trim or accent walls. Urbane Bronze pairs nicely with greys and modern greens.
PPG has selected Big Cypress as part of their “Be Well” 2021 Palette of the Year. This ginger orange pairs well with cherry and mahogany woods, as well as touches of gold. Homeowners looking to create a soothing feeling without missing a sense of warmth can depend on Big Cypress to do the job. Another earthy tone, this color is the perfect choice to create what PPG calls a “huggable” room.
2020 has been a unique year, changing how we perceive and live in our homes. The new year presents an opportunity for a fresh start, so consider exploring these colors and trends to find the right combination for your home in 2021.
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It’s natural for sellers to want to get every step of the selling process right, but a successful home sale depends on an accurate listing price. Your real estate agent will work closely with you to set the price, but in the meantime, you can use the following information to better understand what goes into this process.
Understanding what factors influence home prices will give you a deeper knowledge of the market, give clarity to the selling process, and help you work toward the accurate listing price of your home.
Comparable home sales—or “comps”—have a major impact on the price of your home. Comps refer to the comparable homes in your area, both pending and sold, within the last six months. Your Windermere agent can provide you with a Comparative Market Analysis (CMA) to better determine the price of your home. CMAs factor in aspects, such as square footage, age, and lot size compared to other homes in your area, to determine how your home should be priced among the competition.
Naturally, you home’s location plays a significant role in its asking price. Depending on the market conditions in your area, whether you reside in a metropolitan, suburban, or rural location, and the home’s proximity to amenities, schools, and entertainment all contribute to the price.
If you have recently invested in upgrades or other maintenance projects for your home, they could increase your asking price. However, the price increase potential depends on the kind of renovation, its ROI, and how valuable it is to buyers in your area. If the home is in need of repair, it will likely fetch less interest than better-maintained homes at your price point. Any outstanding repairs or projects looming overhead will make the home less attractive to buyers and could lead to a low appraisal.
Any factors that impact market supply and demand are worth taking into consideration when preparing to price your home, and seasonality is one that cannot be overlooked. Typically, market activity slows in the winter and picks up during the spring and summer months. However, market seasonality varies region to region. Talk to your Windermere agent about the seasonality trends in your area and how they factor into your asking price.
Market conditions
Naturally, all sellers want to price their home competitively, but what a competitive price looks like depends on the market conditions, such as whether it’s a buyer’s or seller’s market. Some sellers think that pricing their home over market value means they’ll sell for more money, but the opposite is often true. Overpricing your home presents various dangers, such as sitting on the market too long, which can result in selling for well below what it’s worth.
Nothing can replace the professional knowledge and local expertise of a real estate agent, but automated valuation models (AVMs) can be a helpful first step in determining what your home is worth. Like comps, AVMs assess your home by comparing its information with the listings in your area.
If you’re curious about your home’s value, Windermere offers a tool that provides a series of evaluations on your property and the surrounding market. You can find it here.
These are the basic tenets for understanding what goes into the price of a home. When you’re ready, we’re happy to connect you with an agent who can interpret and expand on this information, perform a CMA for your home, and be the expert in your selling journey.
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Exclusive Invitation!!!
Tune in on Tuesday, October 6, 2020 at 9:00am to meet with Matthew Gardner, Windermere Real Estate’s Chief Economist LIVE and get your chance to ask him questions. He’ll be discussing the housing market, employment and the effects of COVID-19 on the local and national economy.
As one of the only real estate companies in the US that has a Chief Economist on staff, we have exclusive insights into the housing market, economy and government happenings. This is a one of a kind event for clients and friends of Windermere Real Estate in Colorado.
To sign up, please contact your Windermere Agent or message us to get the link. Seating is limited in digital meeting room so get your seat!
(If you can’t attend live, you can register to automatically get the recording.)
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