Denver Has Hart

Do you rent? Here are the new Colorado renter rights that took place Oct 1st...

Leases and rent
- Landlords are prevented from raising rent more than once a year
- A tenant without a written rental agreement must get 60 days written notice before rent is hiked
- Renters can recover financial damages if they’re illegally locked out or wrongfully evicted by their landlord

Late fees
- Landlords can’t charge a late fee unless payment is at least seven days late
- No late fee can be more than $50 a month or 5% of monthly rent, whichever is more

Evictions
- Tenants can respond in court at any time on the day that response is due, and the court must set the trial for 7-10 days later
- Tenants can claim a breach of the Colorado Warranty of Habitability statute (for example, if a house has a pest infestation, toxic mold or an essential appliance that does not work), and the judge can reduce the amount of rent owed to the landlord
- Renters can pay owed rent to stop the eviction before a judge makes a decision
- The document that allows a sheriff to actually remove a tenant from a property cannot come until 48 hours after the judgment, and a sheriff can’t execute it until at least 10 days after the judgment is entered

September stats are in! The biggest changes that stood out are 1) increase of inventory of both SFH and condos 2) increase days on market/DOM 3) plateau of pricing. After a red hot year for sellers, the market is beginning to reach an inflection point towards a more buyer friendly environment. Next month expect to see some seasonal price depreciation as inventory continues to creep 🧟‍♀️🏠

DOM = days on market
YOY = year over year

💰🏡 Millionaire Monday 💰🏡

University Hills
4 bed / 5 bath, 4715 sqft

Contemporary minimalist design

$1,999,000

🚨🏡 Deal Alert!! 🏡🚨

Northglenn
3 bed / 3 bath, 2,247 sqft

$300k + $75k in repairs = $375k
ARV $475k
Net equity = $100k

(Finished photos of comparable sale for $475k)

DM for showing

September 2020 Market Watch 📈

Home Values Hit Record High Across Denver-Metro...Here is a snapshot:

Denver-Metro July Market Update

July 2020 Market Watch

Homes Closed
In July, a record number of homes sold in the Denver Metro area. Throughout the month, 7,186 homes closed, a year-over-year increase of 21% and a 16% increase month over month.

In July, the count of listings in Pending status was 7,099, which is 27% more than July 2019 and down 4% from last month.

Homes Closed Year-Over-Year Change

July 2019 -- 5,925
July 2020 -- 7,186
+21%

Prices
The average price of a home in the Denver metro area in July was $539,340, a year-over-year increase of 9%. As compared to last month, prices were 6% higher.

Single-family residences sold for an average price of $599,463, a 10% year-over-year increase. The average price of multi family/ condos/townhomes was $383,764, up 6% year over year.

Average Closed Prices Year-Over-Year Change

July 2019 -- $495,022
July 2020 -- $539,340
+9%

New Listings
Throughout the July 7,638 new homes hit the market , a 15% increase compared to last year, and a 3% increase from last month. This is the highest single-month count of New Listings we’ve seen in 2020.

At the end of July, there were 5,952 Active properties on the market, a 37% year-over-year decrease, and a 7% month-over-month decrease.

Currently, there are 4 weeks of inventory, 3 weeks less than this time last year and 1 week less than last month.

New Listings Year-Over-Year Change

July 2019 -- 6,636
July 2020 -- 7,638
+15%

Days in MLS
Denver Metro homes spent an average of 25 days on the market in July, one day less than this time last year and the same amount of time as last month.

On average, single-family residences were on the market 24 days, while multi-family/condos/ townhomes were on the market 26 days.

The median number of days a home spent on the market in July was 7, down 4 days from last year.

Days on Market Year-Over-Year Change
June 2019 -- 26
June 2020 -- 25
-1 day

Year to Date
Year-to-date measures indicate we’re having a strong buying and selling season despite the pandemic. Compared to last year, the count of New Listings is down just 6% and the number of Closed Listings is down 4%. As the busy season progresses, we’re seeing the year-over-year delta for these measures decrease. The average Closed Price is up 4% from last year due primarily to high buyer demand and low inventory levels. Homes spent the same amount of time on the market this year as they did the previous year.

REColorado

April 2020 Market Watch (infographic)