Happy Wednesday, Denver. As the city starts to slowly open, we have seen real estate take off, not that it completely slowed down in Denver, and are now hearing we may be one of the top ten cities in the country to bounce back.
A recent report released by Moody’s Analytics reviewed the top 100 metro cities and their anticipated recovery from Covid-19. “Cities that were fast-growing pre-coronavirus will continue their rise. ‘Denver and Salt Lake City are well-positioned to retake their crown as two of the fastest-rising metro areas in the US,’ says Kamins,” author of the report and senior regional economist at Moody’s. ~ Forbes May 12, 2020, Laura Begley Bloom
Last week we saw just under 3,000 properties go under contract in the Denver Metro area. May closings will more than likely be down compared to last year but that is primarily due to those who are pausing and not putting their homes on the market at the moment. It is definitely a seller’s market. Inventory is low and buyers are searching. Showing appointments are almost equal to this same time last year.
Home loan applications increased for a third consecutive week. According to the Mortgage Bankers Association’s Purchase Index, which measures the weekly volume of applications for loans to buy a home, the index rose 6% on a seasonally-adjusted basis and 7% on an unadjusted basis for the week ending May 1.
We are hearing mixed feelings from developers in RiNo, who are a bit more conservative on their outlook regarding future plans, to those developers who are looking forward to proceeding with current plans in the Golden Triangle and the new Globeville neighborhoods.
Our goal is to ensure everybody’s health and safety, while at the same time taking the necessary steps to respond to client’s requests and assisting them in their real estate needs each day. That process might look a little different, but for those who want to act now, our commitment to an overall exceptional experience remains the same.
The Denver High-Rise Living Team