Home prices see biggest sustained dip in years

Will pattern hold?

BY ELLIS ARNOLD EARNOLD@COLORADOCOMMUNITYMEDIA.COM

It’s a statistic that, not long ago, homebuyers could have only dreamed of: e median price of a single-family home in the Denver area dropped by more than $90,000.

e drop from $660,000 in April to $569,800 this January represented the steepest, longest sustained decline in median sales price for single-family homes in the Denver metro area since the start of 2010.

at’s according to the Colorado Association of Realtors, whose data goes back to that year.

Statewide, the decline in the median price of a single-family home from April to January also represented the steepest, longest sustained decline in that same period.

While that warrants some celebration, that downslide only erased 2022’s price increases — the steep hikes of 2020 and 2021 haven’t been wiped away, and housing a ordability remains dismal in the metro area and around Colorado.

Cooper ayer, a young Realtor in Douglas County, knows people his age can struggle to a ord homes even with the right tools on their side.

“Last year, when I graduated college, I make a slightly-above-median income for my age, but I wouldn’t be able to a ord a home in the next ve years without external help,” said ayer, 21, who was born and raised in Castle Rock.

Entry-level housing “just isn’t there” in the Denver metro area, especially in Douglas County, ayer said.

“I think the lesson there is that even with good nancial planning and budgeting and nancial literacy, I’m just constrained by the high housing prices and the lack of inventory on the entry-level segment in Douglas County,” ayer said.

What’s ahead e Fed’s raising of rates is a signi cant — if not the primary — factor driving home prices lower, ayer said.

After Colorado’s already-expensive housing market saw prices increase even more steeply during the economic trends of the coronavirus pandemic, the Federal Reserve’s raising of interest rates to battle in ation has pushed prices back down.

Interest rates are the amount a lender charges a borrower for a loan, and when they change, it can a ect mortgage rates but also car loans and credit card debt, which can dampen people’s ability to a ord housing, ayer noted.

If the Fed lowers interest rates later this year, it’s di cult to say whether home prices will shoot back up, erasing recent gains in a ordability, ayer said.

SEE HOUSING, P23

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“Real estate can vary greatly quarter over quarter. I like to think of it more of a year-overyear trend,” Thayer said.

For example, if rates were to return to the level seen in December 2021, home prices in Douglas County in spring 2024 could come back to the highs of spring 2022, Thayer said.

A caveat, though, is the broader economic conditions that may arrive. If interest rates go down in response to an overall economic downturn, people might not be spending as much as they did in spring 2022, Thayer said.

“But we have such a constrained supply, (including) here in Douglas County,” that prices are also propped up by a lack of available homes, Thayer noted.

After a decade, some relief

Although the Denver area and Colorado as a whole have recently seen a big price drop, much of the downslide occurred during the fall and winter, when prices tend to drop each year as homebuying typically slows down after the usual price increases of summer or fall.

Comparing this January to last January, the drop in median price of a single-family home in metro Denver is more modest: a 1.4% decrease. Statewide, the median price was flat, a 0% change.

Still, even a slight decrease or flattening can come as a relief to Coloradans who have watched prices on a seemingly neverending climb.

This year saw the first January-to-January, year-over-year decrease in median sales price in the Denver metro area since 2010 to 2011, when price stayed relatively flat, according to the Realtor association.

Even amid the recent trends, Thayer says a big downward reset in housing prices isn’t for sure.

“On a scale compared to something like 2008? Probably not, because of the place the Denver metro area is in right now,” Thayer said. “It is certainly one of the most desirable places to live in the country … so the effects of a nationwide or global economic downturn are going to be lessened here because of that inherent supply constraint and that inherent (desire) to be here.”

Some type of downturn is likely imminent because the economy is cyclical, Thayer said. But he doesn’t foresee a drop in prices of 20% or more in the next 10 years in the Denver metro area relative to the rest of the world.

“I think a 10% drop over the next decade would be more feasible,” said Thayer, noting that even that is not necessarily likely.

What’s more, “it wouldn’t be permanent; it would be cyclical,” he noted.

Affordability an issue in Douglas Douglas County’s housing affordability is low even compared to the rest of the region, with median housing prices around $100,000 higher than the average in the rest of the metro area, Thayer said.

“And while we do have higher income, the problem is for those service jobs and all those support roles,” Thayer said. He added: “There isn’t housing for entry-level jobs or younger people in the service workforce and in those kind of lower- to middle-income careers.”

He sees a “middle ground” in government policy that would incentivize entry-level housing, such as condos, townhomes and duplexes, so local residents can have a place to live where they work. He thinks that will take shape on the city and county level rather than statewide or nationally.

“As a Realtor, we certainly believe in homeownership in the U.S.,” Thayer said, “so providing homeownership opportunity not just to high-income households but also to the low- and medium-income households so they can build wealth.”

Legals

Districts Public Notice NOTICE OF CANCELLATION OF REGULAR ELECTION BY THE DESIGNATED ELECTION OFFICIAL FOR THE ELIZABETH PARK AND RECREATION DISTRICT

NOTICE IS HEREBY GIVEN by the Elizabeth Park and Recreation District, Elbert County, Colorado, that at the close of business on the sixty-third (63rd) day before the election there were not more candidates for Director than offices to be filled, including candidates filing affidavits of intent to be write-in candidates; therefore, the election to be held on May 2, 2023, is hereby cancelled.

The following candidates are declared elected: Douglas A. Severinsen: Four-Year Term Vacant: Four-Year Term Vacant: Four-Year Term Vacant: Two-Year Term ELIZABETH PARK AND RECREATION DISTRICT

By: /s/ Michael Barney Designated Election Official Legal Notice No. 24973

First Publication: March 23, 2023

Last Publication: March 23, 2023

Publisher: Elbert County News

Public Notice

NOTICE OF CANCELATION OF ELECTION

NOTICE IS HEREBY GIVEN by the Deer Creek Water and Sanitation District, Elbert County, Colorado, that at the close of business on the sixty-third day before the election, there were not more candidates for director than offices to be filled, including candidates filing affidavits of intent to be write-in candidates; therefore, the election to be held on May 2, 2023 is hereby canceled pursuant to section 1-13.5-513 (1), C.R.S.

The following candidates are hereby declared elected:

Kirk Schroeder: 4 Year Term Until May 2027

Nicholas Linch: 4 Year Term Until May 2027

VACANCY: 4 Year Term Until May 2027

/s/ Sue Blair

Designated Election Official Contact Person for the District:

7995 E. Prentice Avenue, Suite 103E Greenwood Village, CO 80111 303.381.4960 (voice) 303. 381.4961 (fax) sblair@crsofcolorado.com of intent to be write-in candidates; therefore, the election to be held on May 2, 2023 is hereby cancelled pursuant to §1-13.5-513, C.R.S.

The following candidates for director are declared elected by acclamation:

Laura Puca: 4-year Term, Until May 2027

By: /s/ Michael E. Davis

Designated Election Official Elkhorn Ranch Metropolitan District No. 1

Legal Notice No. 24969

First Publication: March 23, 2023

Last Publication: March 23, 2023

Publisher: Elbert County News

The East Central BOCES member schools are: Bennett, Strasburg, Byers, Deer Trail, Agate, Woodlin, Arickaree, Limon, Genoa-Hugo, Karval, Kiowa, Kit Carson, Cheyenne Wells, ArribaFlagler, Hi-Plains, Stratton, Bethune, Burlington, Liberty, and Idalia.

References: IDEA, Part B, Section 300.125 ECEA CCR 301-8 2220-R-4.01-4.04(4) East Central BOCES Comprehensive Plan Section III Process of Identifying

Legal Notice No. 24976

First Publication: March 23, 2023 Last Publication: March 23, 2023

Publisher: Elbert County News

TO CREDITORS Estate of Victor Soderquist, Deceased Case Number: 23PR5

All persons having claims against the abovenamed estate are required to present them to the Personal Representative or to the District Court of Elbert County, Colorado on or before July 9, 2023, or the claims may be forever barred. Valerie Hartman, Personal Representative 24 Woodsong Rancho Santa Margarita, CA 92688

Legal Notice No. 24961

First Publication: March 9, 2023

NOTICE IS HEREBY GIVEN by the Spring Valley Metropolitan District Nos. 1-6, Elbert County, Colorado, that at the close of business on the sixty-third day before the elections, there were not more candidates for director than offices to be filled, including candidates filing affidavits of intent to be write-in candidates; therefore, the elections to be held on May 2, 2023 are hereby canceled pursuant to section 1-13.5-513(6) C.R.S.

The following candidates are declared elected for the following terms of office:

E. Marshall: Second Regular Election, May 2027

Second Regular Election, May 2027

Vacant: Second Regular Election, May 2027

/s/ James Ruthven

(Designated Election Official)

Contact Person for the District: James Ruthven

Telephone Number of the District: 303-987-0835

Address of the District: 141 Union Boulevard, Suite 150, Lakewood, CO 80228

District Facsimile Number: 303-987-2032 District Email: jruthven@sdmsi.com

Legal Notice No. 24977

First Publication: March 23, 2023

Last Publication: March 23, 2023

Publisher: Elbert County News

Public Notice

NOTICE OF

Misc. Private Legals

PUBLIC NOTICE

CHILD FIND

East Central BOCES and/or its member districts would like to locate all 3 through 21 year olds, who may have a disability.

The Colorado Department of Education maintains a comprehensive child identification system consistent with Part B of IDEA and ensures that each Local Education Agency (LEA), in collaboration with a variety of community resources, assumes the leadership role in establishing and maintaining a process in their community for the purpose of locating, identifying and evaluating all children, 3 through 21 years, who may have a disability and may be eligible for special education services under Part B of IDEA.

Ages 3 through 5 year-old concerns should be directed to the following:

•Cheyenne County (Cheyenne Wells and Kit Carson Schools)

•Lincoln County (Genoa-Hugo School)

•Yuma County (Idalia & Liberty Schools)

• Kit Carson County (Bethune, Stratton, Arriba-Flagler & Hi-Plains Schools)

•Arapahoe County (Byers, Deer Trail, Strasburg & Bennett Schools)

•Washington County (Arickaree & Woodlin Schools)

•Adams County (Bennett, Strasburg, Byers and Deer Trail Schools)

•Lincoln County (Limon & Karval Schools)

•Elbert County (Agate & Kiowa Schools)

•Kit Carson County (Burlington Schools)

Please contact: Stacey Brown, Child Find Coordinator(719) 775-2342, ext. 133

All 5 through 21 year-old concerns should be directed to the local school district administrator, special education teacher, East Central BOCES (719) 775-2342, ext. 101.

Notice to Creditors

Public Notice

NOTICE TO CREDITORS

ESTATE OF CARL F. PITCHFORD, aka CARL FREDRICK PITCHFORD, aka CARL PITCHFORD, aka FRED PITCHFORD, DECEASED Case Number: 2023 PR 30016

All persons having claims against the abovenamed estate are required to present them to the personal representative or to the District Court of ELBERT County, Colorado on or before August 5, 2023, or the claims may be forever barred.

W. Douglas Hoak, Reg. #43148

Attorney to the Personal Representative 8055 E. Tufts Ave., Suite 1350 Denver, CO 80237

Legal Notice No. 24970

First Publication: March 23, 2023

Last Publication: April 6, 2023 Publisher: Elbert County News Public Notice NOTICE TO CREDITORS: Estate of Noel Claire Dalbey, a.k.a. Noel Dalbey, a.k.a. Noel C. Dalbey Deceased Case Number: 23PR30017

All persons having claims against the abovenamed estate are required to present them to the Personal Representative or the District Court, Elbert County, Colorado, on or before July 23, 2023, or the claims may be forever barred.

Carla Dalbey Schwartzkopf, Personal Representative, 11634 E Evans Ave. Aurora, Colorado 80014

Last Publication: March 23, 2023 Publisher: Elbert County News

Name Changes

PUBLIC NOTICE

Public Notice of Petition for Change of Name

Public notice is given on March 6, 2023, that a Petition for a Change of Name of an adult has been filed with the Elbert County Court.

The Petition requests that the name of Erica Shinya Kim be changed to Erica Kim Shinya Case No.: 23C81

By: Brian Fields, Magistrate

Legal Notice No. 24972

First Publication: March 23, 2023

Last Publication: April 6, 2023

Publisher: Elbert County News

PUBLIC NOTICE

Public Notice of Petition for Change of Name

Public notice is given on February 16, 2023, that a Petition for a Change of Name of an adult has been filed with the Elbert County Court.

The Petition requests that the name of Jodell Rennae Mutschler be changed to Jody Rennae Mutschler Case No.: 23C7

By: Jafeen Jenkins, Clerk of Court / Deputy Clerk

Legal Notice No. 24971

First Publication: March 23, 2023

Last Publication: April 6, 2023

Publisher: Elbert County News ### Elbert County Legals March 23, 2022 *