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MADISON

Report Q3 2016 Real Estate Market Update


Q3 quarter 3 real estate market recap 2016 These stats are based on the following 11 Counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park County As expected, the summer of 2016 was a very active one for Denver real estate buyers and sellers. Buyers continued to struggle to find a home as inventory levels remained near all-time lows for much of the 3rd quarter, while most sellers had tremendous success finding a buyer willing to pay a record price in just a matter of days. Interest rates leading up to the election remain at unheard of levels making it hard for a buyer to leave the market even with the frustration of not being able to find a home. That being said, we saw a somewhat dramatic shift as we moved into September, and our typical seasonal slowdown, as indicators point to above-normal numbers of active listings coming on to the market. The bottom line, more homes and lower rates equal perhaps the best opportunity for many buyers to make a move that we have seen in quite some time. This could make for another record setting quarter ahead as we round out the year madison quarter 3 report

While these trends may be welcome news to many, there are some concerns to be mindful of. In September, it took 41.2 days to close on a home, compared to 37.6 last year - a change of 9.6% (all finance types). Cash transactions showed little change from 2015 to last month (28.2 versus 28.9); however, financed sales saw a significant change. Many in the industry would conclude that the increase of days under contract is not a result of TRID (new regulations) but rather a direct result of an appraiser shortage. This is a major concern for the long term outlook a there seems to be no relief in sight For the entire residential market in September (single-family and condos), 5,994 new listings came on the market, 4,927 homes were placed under contract (down 12%), and 4,936 homes sold and closed, representing a decrease of 11% from the previous month and 5.55% from the previous year. September closed with 7,599 active listings – representing a

3.7% increase in inventory over the previous month. Average and median sold home prices were down for the third straight month with appreciation slipping 1.4% to $396,706 and 0.57% to $348,000, respectively. Days on Market closed the month at 32, up from 28 in August. The bottom line, Denver remains a hot market and all signs seem to point toward at least another year of reaching new heights in property values and buyer demand. As always, rely on the expertise of a Realtor to help navigate what this means to you. - Justin Knoll, President Madison & Company Properties

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Indicators

quarter

Economic downtown denver employees

h3.3%

Up 13.2% since 2010, “one byproduct of $2.5 billion in public and private investment in projects being planned or already underway.” 5280 Magazine

unemployment Down from YTD average of 4.0%

h

7.46%

front range population Projected to grow 72% between 2010 and 2050. 5280 Magazine

sales volume The total sales volume YTD is up 7.46% with $16.7 billion

$37,946 Colorado’s Median Wage

$

* Source: MetroDenver Economic Development Corporation, Denver Metro Association of REALTORS®, 5280 Magazine article “The New (and Improved?) Denver”

madison quarter 3 report

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Residential - Detached, Single Family

quarter

11 County Denver Metro Real Estate Stats

July | August | September Residential Detached, Single Family JUL AUG SEP ACTIVE LISTINGS

YTD 2016 6,021 YTD 2015 6,080 YTD 2014 6,155

AVERAGE Days on Market

25

29

32

MEDIAN Sold Price

$389,900

$380,250

$380,000

TOTAL Active Homes

5,988

5,854

6,021

TOTAL Sold Homes

3,632

3,879

3,517

Average Sales Price

$443,726 Year To Date

© 2016 Copyright | All rights reserved to Denver Metro Association of REALTORS®

madison quarter 3 report

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Residential - Attached, Condominium

quarter

11 County Denver Metro Real Estate Stats

July | August | September Residential Attached, Condominium JUL AUG SEP ACTIVE LISTINGS

YTD 2016 1,578

AVERAGE Days on Market

22

25

32

YTD 2015 1,436

MEDIAN Sold Price

$243,000

$244,000

$241,000

YTD 2014 1,401

TOTAL Active Homes

1,480

1,473

1,578

TOTAL Sold Homes

1,384

1,499

1,419

Average Sales Price

$287,290 Year To Date

© 2016 Copyright | All rights reserved to Denver Metro Association of REALTORS®

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Report

quarter

madison

Single Family - Detached | 11 County Overview Active

7,000

New Listings

Under Contract

Sold

6,000 5,000 4,000 3,000 2,000 1,000

Sept, ‘15

Oct, ‘15

Nov, ‘15

Dec, ‘15

Jan, ‘16

Feb, ‘16

Mar, ‘16

Apr, ‘16

May, ‘16

Single Family - Attached | 11 County Overview

Active

Jun, ‘16

July, ‘16

Aug, ‘16

New Listings

Sept, ‘16

Under Contract

Sold

2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200 Sept, ‘15

Oct, ‘15

Nov, ‘15

Dec, ‘15

Jan, ‘16

Feb, ‘16

Mar, ‘16

Apr, ‘16

May, ‘16

Jun, ‘16

July, ‘16

Aug, ‘16

Sept, ‘16

© 2016 Copyright | All rights reserved to Denver Metro Association of REALTORS®

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Report

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madison Days on the Market | Single Family vs Condo 55

Single Family

50

Condo

45 40 35 30 25 20 15 10 Sept, ‘15

Oct, ‘15

Nov, ‘15

Dec, ‘15

Jan, ‘16

Feb, ‘16

Mar, ‘16

Apr, ‘16

May, ‘16

Jun, ‘16

July, ‘16

Aug, ‘16

Sept, ‘16

Residential | Average Sold vs. Median Sold Price Average Sold

Median Sold

$450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 Sept, ‘15

Oct, ‘15

Nov, ‘15

Dec, ‘15

Jan, ‘16

Feb, ‘16

Mar, ‘16

Apr, ‘16

May, ‘16

June ‘16

July, ‘16

Aug, ‘16

Sept, ‘16

© 2016 Copyright | All rights reserved to Denver Metro Association of REALTORS®

madison quarter 3 report

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3

quarter

Report

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madison

Month End Active Listings vs Month End Sold Listings

Š 2016 | All rights reserved to Denver Metro Association of REALTORSŽ

madison quarter 3 report

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The Place to Be Stanley Market

Denver’s incredible views, glorious weather, accessibility to the mountains, and the promise of snowboarding and skiing in the winters make it an easy city to love. But recently Denver has proven it is more than just a hip, cool place to hang. The city is a leading place in business and forward progress. Huge developments and influential conferences and events show this city is serious about its growth, and will continue to progress forward.

This 23-acre development in Aurora is truly one-of-a-kind. Bringing the popular urban feel of RiNo to the suburbs, the Stanley Market creates a unique, vibrant space. Built around an old plane hangar, Stanley Market is filled with places to eat, drink, work out, hang out, and host events. Its mission is to creatively build a community of like-minded businesses and people. Being a good neighbor, making a difference, and creating a space where everyone feels at home are central to their mission.

Denver Startup Week | 2016 An inspiring event held in the very heart of the city, Denver Startup Week is a unique conference bringing entrepreneurial and innovative minds together from all over the city. It is the largest event of its kind in the country, fostering a space where designers, creatives, leaders, techies, sales teams, and product managers can learn, grow, and be challenged to be their very best selves in their industry. Denver Startup Week is about celebration, community, connection, and change.

Central Market Denver’s third food hall, Central Market is not like the other ones. Food artisans, new businesses, and seasoned restaurateurs and coffee-makers all join together to create the marketplace. More than a conglomeration of restaurants, Central Market is a food hall and open-market grocery. A collaborative space, part of the market’s mission is to foster community and create a neighborly space. The market’s food tenants are of the highest quality, filling the space with gourmet coffee, food, and beverages.

Great American Beer Festival | 2016 The first Great American Beer Festival was in 1982, this year was the 35th annual festival, held at the Colorado Convention Center in Downtown Denver. This city has made its mark on the craft beer world. Both a tasting and a competition, GABF represents the largest collection of U.S. beers ever served, bringing together the finest brewers and beers from all over the country. The craft brewing industry is a growing part of American culture, and Denver is at the center of it all. madison quarter 3 report

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RINO

2658 Walnut Street |Denver, CO 80205

NEW OFFICE LOCATION! We are so excited to move into our new office in RiNo. In one of Denver’s vibrant places, this new office embodies our Madison culture. Sharing the block with Central Market, a new one-of-a-kind open-market in the heart of Denver, and surrounded by restaurants, coffee, shops, and bars, we can’t wait to office out of this incredible space. Riverfront North Art District (RiNo) is home to Denver’s spectacular art scene, and we were honored to have our new building be one of the spaces adorned with the city’s finest street art. The new office fosters community and collaboration, with open space and glass walls between offices. An incredible view of the city can be seen from the patio. We can’t wait for this new development in Madison’s business. Come stop by, say hello, see the views, grab a bite at Central Market, and enjoy the city!

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Birdies

for

Butterflies

Philanthropy is an important part of the Madison & Company Properties culture. We encourage our agents to get involved in their communities and in giving back, and as a company we host a large fundraiser annually. We partner with The Butterfly Fund, a non-profit that supports research for children suffering from Epidermolysis Bullosa (EB), or other life-altering conditions. This year we were honored to host the Birdies for Butterflies Charity Golf Event, for the third year in a row. Families, friends, and co-workers came together for the golf tournament, dinner, and auction, raising over $30,000 for this incredible cause. The event was a huge success, not only in the dollars raised, but also in the lives touched. Many of the participants came forward in tears, telling staff this was one of the most meaningful and heart-touching events they had ever been part of. William, a young boy who suffers from EB, was the guest of honor. His mother shared his story, of the struggles he endures, and of the many lives he has touched through his joyful spirit in the midst of great pain. The event was a huge success. We are so grateful to be part of giving back in this capacity, and thankful for all the support and donations from friends, family, and partners who made this possible!

“It is truly one of the best events of the year, and one of our proudest moments.� - Larina McClain, Madison Luxury RealtorŽ and organizer of Birdies for Butterflies

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Madison & Company Properties | www.madisonprops.com | 303.771.3850 Š2016 Madison & Company Properties, LLC. Madison & Company Properties is a registered trademark licensed to Madison & Company Properties, LLC. Locally owned and operated. An equal opportunity company. All information deemed reliable but not guaranteed. If you have a brokerage relationship with another agency, this is not intended as a solicitation.

Madison Report | Q3 2016  
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