Check out this graph. In 2008 there were over 26,000 homes for sale in the Denver metro area. In 2019 there were 9,600 homes for sale. Today there are right around 1,000. That is 96% less than 2008, and 89% less than 2019!
This is the smallest amount of inventory in metro-Denver history (well, perhaps after the year 1800). We are not in a bubble crisis, we are in an inventory crisis...
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The Denver House Guy Lesson of the Day:
What Showing Trends Teach Us About Demand
This very interesting showing graph showing the amount of showings per listing.
2021 is still averaging much higher showings per listing than the previous 4 years, even in 2020.
This shows that demand is even higher than supply in 2021 than in 2020, or previous years.
No bubble in sight, no crash in sight.
Supply and demand are the crystal ball of real estate!
Out of communities on this year's list, Parker ranked No. 2, and Broomfield ranked No. 18.
To determine this year's Best Places To Live, Money analyzed a list of 1,890 communities with a population of at least 25,000. The publication then analyzed 115 separate data points on each community's economy, housing market, education system, employment, weather and more.
Reporters then researched each location to ensure the statistics were an accurate representation of each community.
Here is the top 20 list:
Colorado has 2 spots in the top 10 according to a new study on the best places to work from home, released Tuesday by the National Association of REALTORS®.
NAR assigned “Work from Home” scores to 3,142 U.S. counties, identifying the best places for working remotely. The study considers internet connectivity, the percentage of workers in office-related jobs, home affordability, urbanization, and a county’s population growth.
“The coronavirus pandemic greatly accelerated the number of workers who are able to work from home,” says NAR Chief Economist Lawrence Yun. “Possibly a quarter of the labor force may be permitted to work from anywhere outside of the office even after a vaccine is discovered—compared to only 5% prior to the pandemic—and this will greatly change the landscape of where people buy homes.”
Texas leads all states with seven counties among the top 30 for remote work, followed by Virginia with four, and Colorado and Georgia with three each.
NAR identified the following top 10 counties for working from home, out of 3,142 counties:
“With some organizations expanding remote work options and as more people show an ability to remain productive from home, we may see buyers see larger properties that offer space for a potential home office and other features that have become more valuable as a result of this pandemic,” says Vince Malta, NAR’s president. “The growing trend and historically low mortgage rates are spurring potential home buyers to consider a broader range of options and rethink what’s important to them in the long term.”
The growth of remote work will undoubtedly have an impact on the commercial real estate and office sector too, potentially changing the future office sizes and locations.
“The commercial real estate outlook appears uncertain as office spaces may get smaller and organizations consider moving from having a central business district headquarters to several suburban satellite offices,” Yun says. “However, in the retail sector, one can reasonably expect to see some growth in the number of smaller stores in the top 30 counties coming at the expense of similar establishments near downtown office buildings.”
-National Association of REALTORS, Realtor Magazine
There's no point in sugarcoating it: The U.S. economy is a hot mess. The continuing coronavirus pandemic has led to scores of business closures, the worst unemployment since the Great Depression, and the steepest economic contraction on record.
Yet, despite it all, the U.S. housing market has come back—and then some. After monthslong pauses in many parts of the country, bidding wars and offers over asking price have returned. Cooped-up buyers seeking larger homes and wanting to cash in on record-low mortgage interest rates are battling it out over a very limited supply of properties for sale. Median list prices are up more than 9% over last year, a result of the lack of homes on the market, according to weekly realtor.com® data. (The median home price nationally rose to an all-time high of $349,000 in July.)
“Housing tends to be immune from economic downturns and slowdowns," says realtor.com Director of Economic Research Javier Vivas. That's excluding the past recession, which was caused by a housing bubble. “Right now we’re seeing markets recover faster where they’re able to contain the virus better. Markets with strong technology sectors have been more resilient.”
So where are these comeback kids—the housing markets rebounding the most since the start of the COVID-19 crisis?
Realtor.com found that more than half of the largest metropolitan areas have recovered from their pandemic lows.
A score of 100% means the market is performing the same as it was in January. Anything higher shows how much better it's doing. (The list was narrowed to just two metropolitan areas per state to ensure geographic diversity.)
These are the markets that have recovered the most since the beginning of the COVID-19 crisis:
Under the temporary eligibility guidelines, effective immediately, homeowners who missed payments and entered into a loss mitigation solution – such as a repayment plan, payment deferral, or loan modification – are eligible for a new refinance or purchase mortgage after three timely payments.There is no waiting period for borrowers who missed payments due to a COVID-19 financial hardship but have since completed reinstatement by repaying the full amount of the outstanding payments missed during the forbearance period.There also is no waiting period for borrowers who requested forbearance due to a COVID-19 financial hardship but ultimately were able to make all their payments in full and on time.
