DC Homes - David Elson Real Estate

“I just bought my dream mountain property! Thanks Dave for making it happen!” …Congratulations Jack, thank you for your trust.

WHAT WILL HAPPEN WITH INTEREST RATES??!!
The expectation of a rate cut in September is influencing both sellers and buyers. Buyers are waiting on the sidelines for the cut, while sellers are holding off on price adjustments, anticipating a market "improvement" once rates drop. November's election is said to have a hand in a rate drop as well. Thoughts? What is your guess on what will happen with rates?

July Market Update:
- Active Inventory has grown from the previous month, reaching the highest level for July since 2014. Sellers are recognizing that the optimal time to list is from March to May, with inventory expected to grow until September or October.
- Pending transactions have decreased from the previous month, and closed transactions have also seen a decline.
- Months of inventory have increased month over month, reflecting a market lag due to closed transactions initiated 30-45 days prior.
- Average sold prices have remained relatively flat, with a slight decrease from the previous month. The median price has also declined slightly. This price softening is driven by increasing supply and decreasing demand, which indicating an early entry into the retraction phase and is to be seasonally expected.
- A significant percentage of homes sold for below asking price, showing sellers’ willingness to negotiate.
- Concessions were prevalent in many closed transactions, with a notable average amount primarily used for buyer’s closing costs or interest rate buy-downs.
- Average and median days on market have increased from the previous month, higher than seasonal averages.
- A healthy percentage of homes went under contract within 7 days, often achieving slightly above the original list price.

Need help with a new build? I got you! Lennar in Castle Rock offering a 4.5% fixed rate. Several inventory homes to choose from. Let’s go look.

A potential rate cut this fall could increase buyer demand. This increased competition may take us back to a landscape where home prices rise as multiple buyers bid on the same homes. Buying now allows for a thoughtful search with room for negotiation and a refinance down the road. Buyers, aware of the rise in inventory, have also been negotiating as close-price-to-list-price ratio is the lowest it has been year to date since July 2020.

Full monthly report available for DMAR members at member.dmarealtors.com.
Thank you to our exclusive MTR partner The Rueth Team Powered by Movement Mortgage #239840

106th DC Fair and Rodeo client appreciation event was a huge success! Thank you all for attending. The winning bull ride shot out of the #2 RE/MAX chute!
Hit me up if you’d like to attend next year- more the merrier!

I have three extra $35 tickets to the rodeo today at the Douglas County fair! Come on down it starts at 1 o’clock!

June Market Update:

June 2024 marked a significant shift from traditional trends, as retraction grips the metro Denver market. Typically one of the busiest months for closings, this year saw buyers exercising significant negotiating power. Properties selling over asking price declined, and concessions became the norm. The fallout rate of pending transactions has been notably high, primarily due to inspection issues, higher-than-expected insurance quotes, and increased HOA costs for attached properties. It is crucial for listings to pre-inspect, correct major issues, and be prepared to negotiate to successfully reach the closing table.

- Active inventory is growing, transitioning from last month with a significant increase, reaching the highest levels since 2014.
- Demand for homes decreased, with fewer homes going under contract and a notable decline in closed transactions.
- Months of inventory grew substantially month-over-month.
- Average sold prices declined slightly, while median sold prices saw a small increase, indicating early entry into the retraction phase.
- Multiple offers are less severe compared to previous years, with a significant portion of homes selling for over asking price.
- Concessions are prevalent, with a large percentage of transactions reporting concessions, primarily used for buyer’s closing costs or seller points to buy down the interest rate.
- Average and median days on market increased, with homes taking longer to sell than in recent years.
- A smaller percentage of homes were under contract quickly, but those that did often received offers above the original list price.

Congratulations Joe and Gloria, Repeat clients. Thank you for your trust (again). Thanks also to Christine Elson and Joshua Nielsen-Mayer, we make a great team!

Congratulations to these lucky buyers for the purchase of their new home 🏠 And it couldn't be done without Dave Elson - reach out to him today to get started on your journey home 🤩

Inventory up 75%

Metro Denver saw record surge in home listings at end of May Metro Denver experienced a record surge in active home and condo listings at the end of May, while home prices were mostly flat, according to a monthly update from the Denver Metro Association of Realtors. There were 9,159 homes and condos listed on the market on May 31 — 31% more than the 6,990 l...

Dang Payton-nice crib!

Legendary NFL QB Peyton Manning's 16,000 Sq.Ft. Mansion in Cherry Hills, Denver, CO. Inside Photos in Comments. Is there anyone more deserving of such a mansion? Well, know this-Peyton Manning (aka "The Sheriff") is the only player in NFL history (other than Brady) to win Super Bowls with two different teams, the Indianapolis Colts and the Denver Broncos. His miraculous recovery from injuries to lead Denver Broncos to victory in Super Bowl 50 in 2016 is now part of NFL history. Peyton Manning's Cherry Hills home is a 16,464 square foot Georgian-style mansion located in Cherry Hills Village, Colorado. The mansion was built in 2004 and features 7 bedrooms, 8 bathrooms, a seven-car heated garage, an elevator, a game room with a billiards table, a wine cellar, and a dog room with a heated indoor/outdoor kennel.

Happy Valentine’s Day! I’d ❤️ to EARN your business. Need to sell your home?…

DC Homes - David Elson Real Estate Colorado native, Gulf War Vet, Husband, Father, Realtor

MARKET UPDATE: Douglas County home values unchanged year over year. As other parts of the country are experiencing value loss, Douglas County values here in Colorado have stayed the same. Couple this with a 22% rise in inventory and declining interest rates (As of Friday, February 9, 2024, current interest rates in Colorado are 7.23% for a 30-year fixed mortgage and 6.59% for a 15-year fixed mortgage) make for a strong spring market. Now is the time to buy as soon buyers will again be facing bidding wars. Call me now to start your home buying journey!

DC Homes - David Elson Real Estate Colorado native, Gulf War Vet, Husband, Father, Realtor

569 Seth Pl. Castle Pines. $1,175,000. See it today!

Bidding wars were down considerably, with the close-price-to-list price ratio at 100.23% market-wide. Some homes are still selling in a weekend with multiple offers, but many more are sitting on the market for a few weeks with one or two price reductions before finding a buyer. The days of routinely putting a home on the market and watching it sell to the highest bidder in days are gone.

Full monthly report available for DMAR members at member.dmarealtors.com.

Thank you to our exclusive MTR partner The Rueth Team Powered by Movement Mortgage #239840

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Click link above and check out my latest CUSTOM VIDEO and listing! 5 Acres * Sedalia * VIEWS! * $1,700,000

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Video, 3d tour, floor plan and tons of photos!!!...

2815 Sandy Ridge Rd, Sedalia, CO 80135 | The Denver Creative Group View this amazing property, images, and listing information.

Visit 569 Seth Place, Castle Pines TODAY to explore this elegant and comfortable 5 bedroom, 4.5 bath home. Private, safe cul-de-sac, walkout basement, 3 car garage.

569 Seth Pl, Castle Pines, CO 80108 | The Denver Creative Group View this amazing property, images, and listing information.

💯 Truth! 🤣😂

Rent to Own. 2 bed on Littleton Golf Course with 3 patios $2300 Avail May 1st.

21455 E Mansfield $685,000

Spring has Sprung! 1% Listing discount and $1000 buyer rebate thru June. Ready for a move? Contact me today to get started!

This is what you get in Texas for $1.3m. 2 acres & a pool just N of Dallas. Who wants to move?

Home for Sale at 3200 W Fm 455, Celina, TX 75009 5 bedroom, 5 bath, 4,911 square foot House in Celina, TX is listed for $1,399,000.

Hahahaha…. Exactly 🤣

Nuggets.... all the way this year! Are you also a nuggets fan? BUY THIS HOUSE IN CASTLE ROCK... with your own Nuggets basketball court! $5m. 6428 Country Court Drive.

https://matrix.recolorado.com/Matrix/Public/Portal.aspx?p=DE-328802684-356&k=713660X5941&eml=ZWxzb25tZEBtc24uY29t

One of my favorite reviews.... Thanks for your trust! Want great service? Contact me.