LEAP provides energy assistance to lower home heating costs.
LEAP proporciona asistencia de energía para bajar los gastos de calefacción.
LEAP helps eligible Coloradans pay a portion of their winter home heating costs.
LEAP ayuda a los residentes elegibles de Colorado a pagar una parte de sus gastos de calefacción de invierno.
Drop in Consumer Confidence & Concerns About Trade War Are Not Yet Reflected in Real Estate Statistics
Last Friday, CNN reported on a survey by the University of Michigan about consumer confidence, which showed a significant decline — 30% since December 2024.
“This decline was, like the last month’s, pervasive and unanimous across age, income, education, geographic region and political affiliation,” Joanne Hsu, the survey’s director, said in a release.
According to CNN, “the Federal Reserve and Wall Street are watching closely how souring sentiment translates into consumer spending, which accounts for about 70% of the US economy, and whether Americans lose faith that inflation will return to normal in the coming years.”
Sales are continuing to rise, and an increasing number of sellers are putting their homes on the MLS. Here are statistics for the previ-
can vary significantly. Here’s that chart:
measure of both seller hopes versus what the market will bear.
ous seven days (as of last Friday):
New listings — 1,425
That decline is consumer sentiment is not yet reflected in real estate statistics which I researched on REcolorado, Denver’s MLS. The charts shown in this report are for the 13 months from March 2024 through March 2025, so that you can see both year-over-year and month-over-month changes.
Coming soon — 90
Price reductions — 1,466
Under contract — 932
Withdrawn from MLS — 95
Back on Market — 198
Expired without selling — 153
Closed — 589
This is not an easy time to list and sell a home, and I would describe it as a “buyer’s market.” Even in a buyer’s market, however, keep in mind that a home which is priced correctly and has appealing qualities can sell quickly and even be in a bidding war.
How fast? Here’s the change in months of inventory and median days on the MLS:
The blue line is the asking price per square foot, and the green line is the sold price per square foot. In December, that price was bid up, but since then it has fallen, which is a
April statistics will be available in time for my column on May 8th. Since the greatest political and economic disruption is happening this month, it will be interesting to see how this month’s real estate activity is affected by current “externalities.” If you’re interested in my thoughts about those, you’ll want to check out my political blog, which is at http://TalkingTurkey.substack.com
Redfin Report Highlights Increasing Cost of Buying vs. Renting
The financial gap between purchasing a home and renting a home or apartment has grown significantly, making the dream of homeownership more distant, according to a report released by Redfin last Thursday.
According to the report, the typical American now needs to earn over $116,600 annually to afford a median-priced home in the U.S., compared to just $64,160 needed to afford an average apartment. That’s an 81.1 percent income gap — the widest it has been in recent years.
Homes are still being put on the MLS and are still selling. I limited my analysis to an 18-mile radius of downtown Denver, as shown in the map at right, not the “metro area” defined by county boundaries, as preferred by the Market Trends Committee of REcolorado.
First I looked at the count of active versus closed listing by month:
At the current rate of sales, it would take 3 months to sell the number of currently active listings, but the median days on market fell from over 40 in January to 17 in March.
Meanwhile, the average and median sold prices have remained steady. Average is always higher because of the number of million dollar homes sold.
I like to look at the change in price per finished square foot, since the size of homes
Those are national statistics, however. Here in the Denver metro area, the differential is much higher — 131.7 percent — according to Redfin. It takes an income of $155,717 to afford a median-priced home ($580,719) and $67,200 to afford a medianpriced apartment ($1,680 per month). That’s a year-over-year income increase of 4% for buying and a 1.1% decrease for renting. That reflects the national pattern of increased differential between the affordability of buying versus the affordability of renting.
The income needed to afford the typical home is calculated using the prevailing median home sale price and average mortgageinterest rate over rolling three-month periods, and assumes a 15% down payment. The typical housing payments noted in Redfin’s report include the mortgage principal, interest, property taxes, homeowners’ insurance and mortgage insurance.
The income needed to afford the typical apartment is calculated using the prevailing median asking rent over rolling three-month periods. Median asking rent figures cover newly listed units in apartment buildings with five or more units. Asking rents reflect the current costs of new leases during each time period. In other words, the amount shown as the median asking rent is not the median of what all renters are paying, but the median asking price of apartments that were available for new renters during the report period.
Redfin considers a home affordable if a buyer spends no more than 30% of their income on their housing payment. They use the same threshold for rental affordability.
The San Francisco Bay Area had the highest income differentials in the Redfin study. In San Jose, someone needs an annual income of $408,557 to afford the typical home for sale. That’s 218% more than they need to afford the typical apartment for rent—the biggest premium among the metro areas which Redfin analyzed. Next came San Francisco (176%), Seattle (145%), Austin (143%) and Los Angeles (141%).
Cincinnati saw the biggest drop in the homebuying premium. There someone needs an annual income of $80,752 to afford the typical home for sale. That’s 38.9% more than they need to afford the typical rental. A year ago they would have needed to earn 47.7% more to buy versus rent.
Charities Which Used Our Free Box Truck Miss It. Our GoFundMe Campaign Is Off to a Good Start.
Back in February, I announced that our truck needed a new engine and other repairs and that we decided to retire it instead. This was a big loss to such non-profits as Operation Feed the Troops, Family Promise, BGoldN, Christian Action Guild, Buffalo Bill Days, and the International Rescue Committee, among others, which used the truck more often than our clients!
The truck is off the road but still available to be repaired. So far, we’ve received about $1,500 in donations. If you’d like to contribute, visit www.BringItBack.info. Thanks!
REAL ESTATE & RENTAL MARKETPLACE
Home for Sale
Erin Adams
Broker Associate
303-917-7870
erin@oldcountryre.com
www.oldcountryre.com
Classifieds
Misc. Notices
COMMUNITY SHREDDING DAY
BRING YOUR DOCUMENTS April 26th
SATURDAY, 10AM – 1PM ON SITE UNLIMITED PROFESSIONAL SHREDDING
1400 S. University Blvd St. Michael & All Angels’ CHURCH PARKING LOT behind the church
$6.00 / banker box or $25/car trunk load/ pick-ups negotiable
TELL YOUR FRIENDS
Merchandise
Health & Beauty
Dental insurance from Physicians Mutual Insurance Company. Coverage for 400+ procedures. Real dental insurance - not just a discount plan. Get your free Information Kit with details!
1-855-526-1060
www.dental50plus.com/ads #6258
VIAGRA and CIALIS USERS!
50 Generic Pills SPECIAL $119.00! Shipped discreetly to your home. 100% guaranteed. 24/7 CALL NOW! 800-709-3080
Miscellaneous
Wesley Financial Group, LLC
Timeshare Cancellation Experts Over $50,000,000 in timeshare debt & fees cancelled in 2019. Get free info package & learn how to get rid of your timeshare! Free consultations. Over 450 positive reviews. Call 833-308-1971
Bath & shower updates in as little as 1 day! Affordable prices - No payments for 18 months! Lifetime warranty & professional installs. Senior & military discounts available. 1-877-5439189
Home break-ins take less than 60 seconds. Don’t wait! Protect your family, your home, your assets now for as little as 70¢/ day! 1-844-591-7951
DIRECTV Stream - Carries the most local MLB Games! Choice Package $89.99/mo for 12 mos Stream on 20 devices at once. HBO Max included for 3 mos (w/ Choice Package or higher.) No contract or hidden fees! Some restrictions apply. Call IVS 1-866859-0405
Inflation is at 40 year highs. Interest rates are way up. Credit cards. Medical bills. Car loans. Do you have $10k or more in debt? Call National Debt Relief and find out how to pay off your debt for significantly less than what you owe! Free quote: Call 1-844-9554930
Miscellaneous
Don’t let the stairs limit your mobility! Discover the ideal solution for anyone who struggles on the stairs, is concerned about a fall or wants to regain access to their entire home. Call AmeriGlide today! 1-833-399-3595
Portable Oxygen Concentrator May Be Covered by Medicare! Reclaim independence and mobility with the compact design and long-lasting battery of Inogen One. Free information kit! Call 877-305-1535
Become a published author We want to read your book!
Dorrance Publishing trusted since 1920. Consultation, production, promotion & distribution. Call for free author`s guide 1-877-7294998 or visit dorranceinfo.com/ ads
Water damage cleanup & restoration: A small amount of water can lead to major damage in your home. Our trusted professionals do complete repairs to protect your family and your home’s value!
Call 24/7: 1-888-872-2809. Have zip code of service location ready when you call!
MobileHelp America’s premier mobile medical alert system. Whether you’re home or away. For safety & peace of mind. No long term contracts! Free brochure! Call 1-888-489-3936
Prepare for power outages today with a Generac Home Standby Generator. Act now to receive a FREE 5-Year warranty with qualifying purchase* Call 1-855948-6176 today to schedule a free quote. It’s not just a generator. It’s a power move.
Jacuzzi Bath Remodel can install a new, custom bath or shower in as little as one day. For a lim-ited time, waving all installation costs! (Additional terms apply. Subject to change and vary by dealer. Offer ends 6/30/25. 1-844-5013208
AGING ROOF? NEW HOMEOWNER? STORM DAMAGE? You need a local expert provider that proudly stands behind their work. Fast, free estimate. Financing available. Call 1-888-878-9091 Have zip code of property ready when calling!
!!OLD GUITARS WANTED!! GIBSON, FENDER, MARTIN, Etc. 1930’s to 1980’s. TOP DOLLAR PAID. CALL TOLL FREE 1-866-4338277
Consumer Cellular - same reliable, nationwide coverage as the largest carriers. No longterm contract, no hidden fees free activation. All plans feature unlimited talk & text, starting at just $20/mo. Call 1-877-751-0866
Replace your roof w/the best looking & longest lasting material steel from Erie Metal Roofs! 3 styles & multiple colors available. Guaranteed to last a lifetime! Limited Time Offer up to 50% off install + Additional 10% off install (military, health & 1st responders.) 1-833-370-1234
We buy houses for cash as is! No repairs. No fuss. Any condition. Easy three step process: Call, get cash offer & get paid. Get your fair cash offer today by calling Liz Buys Houses: 1-844-8775833
Eliminate gutter cleaning forever! LeafFilter, the most advanced debris -blocking gutter protection. Schedule free LeafFilter estimate today. 20% off Entire Purchase. 10% Senior & Military Discounts. Call 1-833610-1936
