Get me off this COVID-19 rollercoaster! Cases are resurging closing businesses that just opened while risking the recent good news of job creations and lower unemployment we saw from economic reopenings in May and June. The Fed is poised to act to keep rates low and urged lawmakers to accelerate the fourth stimulus package before programs end July 31st. Locally, Denver's housing market remains strong with growing pending home sales, almost full recovery of closed homes compared to 2019, and appreciating values due to scarce inventory.
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2020 has been a year of historical proportions (what else could possibly happen?) and it’s changed the real estate market. Buyers and sellers alike are no longer only asking, “Do we love this home,” but are now asking questions like, “Is it big enough to work from home?” “Does it provide opportunity and space for my children to play if schooling at home?” And, ultimately, “Is it safe?”
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We see red numbers on this month’s Market Trends Report and this is no surprise, but there are a few silver linings buried in there as well. Let’s start at the top and what’s going on in the economic market, the consumer confidence, and then how it intersects Denver’s real estate market. COVID-19 has impacted us all, some more deeply than others. The loss of jobs and the requirement to stay at home forced many transactions and businesses to a screeching halt.
Join us for this episode covering Unemployment, GDP and Consumer Confidence Rates, In Person Showings, Appreciation, Demand is Strong, Time to Navigate. These insights will help you respond to the current market and prepare for what's coming up.
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DMAR’s April Market Trends Report highlights the strength of the overall housing and economic market going into what will be known as one of the most surreal experiences you and I have – and, likely, will ever have - in our lifetimes.
Let me first acknowledge the human tragedy of COVID-19.
To those who lost loved ones, jobs, financial stability, and so much more; I hope you find the strength to help us all move past this dark chapter in history.
As optimistic I am about the future long-term future of our economy, the significant downturn and its effects will be felt throughout every industry throughout the short-term. The effects will be felt for the long-term in some industries, but I stand convinced the economy will race to normalcy once COVID-19 withdraws and we fully reopen the economy from social isolation.
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Denver Housing to Gain Despite Coronavirus, Recession Fears
Low Inventory, Again Out of the 5,122 new listings that came on the market in February, 5,083 homes were under contract in DMAR’s 11 county area, highlighting the metro area’s low inventory market dynamics. The low inventory trend seems to continue as we ended February with just 4,835 active listings, down 2.15% from January. Just what do you think is going to happen to home prices in a metro area of about 2.8 million people? Where is the Inventory? My hunch is 2020 might bring the biggest housing inventory shortage in US history.
Currently, 55.2% of all owner-occupied homes are owned by people age 50 or older. An increasing number of Baby Boomers are aging in place, unlike their parents who sold their homes to downsize or move ahead of retirement. It’s not just Baby Boomers. Homeownership tenures have reached new highs at an average of 13 years - the highest average in 18 years! Nationally, new construction just hit a 12 year high but only caters to the upper tier of housing, which leaves an estimated gap of 3.8M homes needed to meet market demand across the United States.
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