October brings us deep into the fall season—a time full of festive celebrations, amber and auburn foliage, autumnal spices, and spooky decor.
Read on for seasonal ideas and discover lifestyle tips to enjoy all that October offers!
MARKET UPDATE
Denver homes continue to appreciate but demand is slowing down as interest rates hit 7 percent in September. Buyer demand has drastically cooled compared to last year's red hot market. While we are still technically in a seller's market, homes are taking longer to sell and homebuyers are enjoying more flexibility mixed with the pain of higher rates. Sellers will need to adjust their expectations as the landscape for demand looks very different than it did this time last year, especially as interest rates are expected to continue to increase in an attempt by the Fed to temper inflation.
Will Mortgage Rates Keep Rising?
While mortgage rates are expected to continue to drift higher over the coming months, much of the rapid increase in rates is likely behind us. . . . Nationally, while month-over-month house prices may decline, annual house price declines are not expected, given the ongoing supply-demand imbalance and continued strength in the labor market.
- Mark Fleming, Chief Economist, First American
SEPTEMBER STATS
Attached & Detached Single Family Homes
Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson,
and Park.
Are We in a Buyer's Market?
"Traditionally, a market with less than three months of inventory is considered a seller's market. In direct relation to that, a market with more than six months of inventory is considered a buyer's market - meaning that the sweet spot of three
to six months of inventory is defined as a balanced market."
- Libby Levinson-Katz,
Chair of the DMAR Market Trends Committee & Denver REALTOR®
- The Average sold price for attached + detached homes rose 8.41% (to $671,024) from September 2021 to September 2022. Even with fewer buyers out there, homes appreciated year-over-year by 8.41 percent on average. Month-over-month, prices are up 2.2 percent.
- The Average sold price for detached single family homes in September was $745,947 and $486,773 for condos.
- According to the Denver Metro Association of REALTOR® (DMAR), the average home is took 13 days to sell in 2021 and jumped to an average of 26 days in 2022, which is a much more typical number for this time of year.
- The close-price-to-list-price ratio (sales price of a home divided by the last list price) was down to 98.91 percent. This means that most buyers are paying almost exactly the asking price.
- Buyer demand has drastically cooled compared to last year's red hot market. While we are still technically in a seller's market, homes are taking longer to sell and homebuyers have more options with the pain of higher mortgage rates.
- Sellers will need to adjust their expectations as the landscape for demand looks very different than it did this time last year.
LUXURY LIFESTYLE
FEATURED LISTINGS & SALES
1308 Elbert Avenue
Loveland
Offered at $600,000
2450 South Hoyt Court
Lakewood
Pending
6680 Canosa Street
Denver
Pending
10143 Wyandott Circle North
Lakewood
Pending
11714 Olive Street
Thornton
Sold | Represented Buyer
3520 Chase Street
Wheat Ridge
Sold | Represented Buyer
LOCAL HAPPENINGS
OCTOBER 18TH - 23RD
Glow at the Gardens
Wander through a spooky, illuminated landscape as the Gardens dresses up for Halloween. Using all real pumpkins harvested from local farms, these pumpkin artists push the boundaries of traditional pumpkin carving to create larger-than-life sculptures. Learn more here!
OCTOBER 23RD
Howl-a-Ween Parade
Unleash your favorite superhero, ladybug, policeman or princess costume for your four-legged friend for a Halloween-themed pet parade and costume contest. This outdoor event will be held on the Terminal Bar patio, with the Denver Animal Shelter on-site with adoptable dogs and adoption information. Learn more here!
OCTOBER 30TH
Bloody Mary Festival
Head downtown and try a variety of delicious, local Bloody Marys, and vote for the Best of Denver! Learn more here!
LIFESTYLE TIPS AND TRICKS
What You Should Be Planting in the Fall
This may be a little known fact, but fall is the key planting time for a beautiful garden. It's also the key time to give your plants one last manicure before winter sets in. Now that summer's heat is cooling off, it's time for you to switch out your summer annuals for fall appropriate annuals and plant spring bulbs before the first frost.
Courtesy of Southern Living
The Hottest Restaurants in Denver for Fall 2022
Tons of exciting new restaurants are opening all around Denver! Check out this list and plan a festive night out this month.
Courtesy of Denver Eater
Skip the Starbucks PSL Run and Try These Local Denver Alternatives
If you're craving an autumn inspired latte, try one of these wonderful Denver coffee shop's take on them!
Courtesy of Westworld
15 Best Fall Books of 2022 You Have to Read This Season
As the heat begins to break, the trees change into their autumnal finest, and we're looking to swap our best beach reads for a new book to usher in the season. Add these books to your shelf, stat.
Courtesy of Good Housekeeping
Meg Pitkin
REALTOR®
M: 815.608.7482
[email protected]
