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Statistics Confirm That the Seller’s Market Evaporated by the End of 2024
Now that 2024 has ended, we can see quite clearly that the seller’s market created during the Covid pandemic is now a thing of the past. December was a particularly slow month in a year that saw a great increase in the number of active listings, but little or no corresponding increase in sales, plus some other negative metrics, as shown in the charts at right.
As always, I derive these statistics from REcolorado, the Denver MLS, within a 25-mile radius of downtown Denver instead of using the multicounty “metro Denver” stats reported by the Denver Metro Association of Realtors.
that there were now more homebuyers than homes for sale, which fostered competition and drove home prices to unforeseen levels.
From the start of the pandemic in March 2020 until the Federal Reserve began hiking rates in March 2022, home prices grew 37%, per Case-Shiller.
The most obvious indicator of a slowing market is how many listings expire without selling, and that number reached nearly 3,000 in December, about triple the figures for the first two Decembers of the pandemic, 2020 and 2021.
“In late 2022, home sales activity came to an abrupt halt when mortgage rates climbed from about 3% to above 7% in a matter of months. Buyers are still facing higher mortgage rates than they've seen in recent memory – on top of that, home prices are still staying stubbornly high after the pandemic housing boom. For many, especially first-time homebuyers who lack tappable equity, monthly mortgage payments have become too expensive at these new interest rates.
The ratio of closed price to listing price is another key indicator of a seller’s market. It peaked at 106.1% in April 2022, but has been as low as 92.0% since then.
The median sold price has leveled off but is still higher this December than all previous Decembers. It’s just that sellers are still overpricing their homes when they first put them on the market, producing that lower ratio.
The median time on market stayed well below 10 days throughout the pandemic, but has risen steadily since the fall of 2022 and is at its highest level in recent history now — 39 days. The average days on market is at 56 days. This compares to 30 days and 47 days respectively a year ago.
A big factor in the real estate market is always the cost of mortgage loans. At right is a graphic from USNews that charts the impact of interest rates on home prices from 1987 to present. Here’s that website’s interpretation of the chart:
“The housing market is in a mortgage rate stalemate: Homebuyers are priced out, and homeowners are reluctant to sell and trade in their low mortgage rates.”
So what should we expect in 2025?
Whenever there’s a market slowdown, it produces pent-up demand later on. And I foresee that pent-up demand expressing itself this month and this year in a more balanced market. The big increase is inventory shows that sellers are accepting that interest rates
“With mortgage rates at 3% or even lower, more homebuyers could afford to enter the market in the early 2020s. Home sales activity picked up, but housing inventory was insufficient to keep up with demand. Decades of housing underproduction in the U.S. meant
will stay at present levels, so they are no longer waiting for them to go down before sacrificing their current low interest rate loan to purchase a replacement home. Likewise, I see buyers accepting current interest rates as the “new normal” and getting off the fence.
Open House at 2-BR Condo in Downtown Golden
New App Adds Neighborhood Politics to Criteria
Nearly one-quarter of Americans say local and national politics highly influence their decision about where to live, according to a recent survey from Realtor.com. In some age groups, that percentage is even higher.
“With both local and national politicians making decisions that impact daily life, both socially and fiscally, it makes sense that many would prefer to live in areas where the politics align with their own beliefs,” according to Danielle Hale, Realtor.com’s chief economist.
Many of the respondents to a Realtor.com survey said their political views do not align with those of their neighbors, and 17% have considered moving for that reason.
That percentage was 28% for the millennial generation, who are also the most likely –at 33% - to report that their decisions about where to live are highly influenced by national politics. Among Gen Z respondents, 25% say politics influence their decisions, and among Gen X, it’s 21%. Only 16% of baby boomers felt that way.
Now a company called Oyssey has entered the home search business with an app that includes all the usual criteria plus neighbor-
hood politics — even block-by-block. Calling Oyssey an “app” minimizes the company’s intention, which is to replace Zillow as the go-to real estate search engine by providing more information about listings — including neighborhood politics. Currently, the app is sold to individual real estate brokers who can invite individual buyers to access it. It’s strictly a buyer’s tool, and brokers will still be using their current MLS for listing homes for sale. The idea is that Oyssey would replace buyer tools, such as email alerts, built into the MLS, and that the buyer agency agreements now required by the NAR settlement would be built into its functionality.
Ultimately, the company wants to partner with the nation’s MLSs to have their app be an included feature of that MLS instead of something brokers need to purchase on the side.
The app was introduced last month in south Florida and some New York cities, but should be available elsewhere, including Colorado, by the end of March 2025.
I am the first Colorado broker to have signed up for it when it comes to our market.
Condos in this building at 722 Washington Avenue (called Washington Station) are in great demand because of its location right in downtown Golden. This listing is Unit 201, which has a great corner location directly above the unit’s deeded parking spot. Moreover, the stairs to the parking garage are right next to the door to this unit. (There’s also an elevator.) This is a mixed use building, with commercial units on the main floor. The unit itself features an open floor plan, with slab granite countertops and cherry cabinets with handles, and an island with breakfast bar to complement the dining area. There’s a balcony outside the living room. It an all windows have mountain view. The bathrooms and kitchen have ceramic tile floors, and the rest of the unit has carpeting in like-new condition. There’s a 7’deep storage room and laundry closet with vinyl flooring. Take a narrated video tour at www.GoldenCondo.info, then come to the open house this Saturday, 11am to 1pm. Or call Kathy Jonke at 303-990-7428 to request a private showing.
$650,000
Originally listed for $750,000, the price is now $100,000 less! There’s so much to love about this home at 7085 W. 32nd Pl.! For starters, it’s a handyman’s delight with an oversized 2-car garage that is heated and has 200 Amps of power, including two 240-Volt circuits! Also, one of the basement bedrooms has been converted into a sound studio with professional soundproofing such that neighbors and the people upstairs wouldn’t be aware of it! Altogether, including that studio with its ensuite bathroom, this home has five bedrooms and three full bathrooms. And it has a full-size bar with bar stools next to that studio in the basement that is to die for. Under the new state law, the basement could be adapted into a 2-bedroom/1-bathroom accessory dwelling unit (ADU) to provide extra income for the owner. To fully appreciate this impressive home, which has been owned and lovingly maintained by the seller for 43 years, take the narrated video tour at www.GRElistings.com, then come to the open house this Saturday, 11 a.m. to 1 p.m. Or call Kathy at 303-990-7428.
NOTE: All prior “Real Estate Today” columns are archived at www.JimSmithColumns.com.
Jim Smith
Broker/Owner, 303-525-1851
Jim@GoldenRealEstate.com 1214 Washington Ave., Golden 80401 Broker Associates: JIM SWANSON, 303-929-2727
BROWN, 303-885-7855
Big Price Reduction on Brick Ranch in Wheat Ridge
LIFESTYLES
AN ADVERTISING SECTION OF COLORADO COMMUNITY
Rely on Specialists to Ensure Your Financial Health
FEATURE OF THE MONTH
By Cindy Lempke Special to Lifestyles
Investing in your children’s education, planning for your retirement, saving for a second home, ensuring your assets are protected if the unexpected occurs, and securing your family’s nancial legacy are impactful decisions requiring a well-conceived strategy. Your nancial health, just like your physical health, deserves the care, attention and expertise of knowledgeable professionals. e collaborative relationship between Robert & Associates, LLC certi ed public accountants, and the Savvy Advisors wealth management team o ers clients the full spectrum of nancial guidance – from the preparation of annual tax returns to business start-ups, to the creation of a customized, multi-faceted investment portfolio and outlining a nancial legacy plan.
Savvy Advisors – Combining Technology with the Personal Touch
A forward-thinking FinTech company headquartered in New York, Savvy was co-founded in 2021 by Ritik Malhotra. Ritik’s vision was to create a technology platform that would not only enhance operational e ciency, but also give advisors the freedom to focus most of their time on serving clients.
Senior Wealth Management Advisor, Cindy Alvarez, opened a Savvy o ce in Evergreen in November, with plans to add a Littleton o ce in 2025. Joining her team are Janelle van Meel, a seasoned advisor with more than 25 years of industry experience, who advises clients on investment strategies across both public and private markets; Evan Coats, a Tax Specialist, who works closely with clients to develop tax-saving strategies; Mitchell Gerschick, a Wealth Manager who leads the o ce’s nancial planning e orts, ensuring clients receive a comprehensive plan, operational support and access to expert resources; and Hillary Peterson, Client Service Manager, an invaluable resource for money movements, establishing new accounts and handling operational needs.
Alvarez and her team are dedicated to nurturing client connections and aligning their nancial roadmaps to help them meet immediate and long-term goals. “Human interaction is still important when it comes to wealth management,” says Alvarez. “ ere is no replacement for client conversations with an advisor who can educate them, allay their fears, and share in the pursuit of their dreams and goals.”
Alvarez was attracted to Savvy because of its boutique client service model and the rm’s robust support of its advisors. With advisors across the country, Savvy promotes collaboration and the sharing of best practices among advisors. Savvy’s partnerships with asset custodians
Robert & Associates, LLC
Photos by Andrea Flanagan Photography
FINANCE
From Page 4
Charles Schwab and Fidelity make it convenient for new clients with existing accounts with these entities.
“Joining such an accomplished and dynamic team has only strengthened my commitment to o ering tailored solutions and fostering long-term relationships with the families and businesses we serve,” added Alvarez.
A Solid Professional Relationship Bene ts Clients
While Alvarez leads an o ce with a new rm, her professional collaboration with Susanne Robert and Robert & Associates, LLC remains unchanged.
“Our relationship with Savvy is ‘the right t’ for our clients and our teams,” said Susanne C. Robert, CPA. “Together we evaluate each client’s nancial goals and tax situations to determine the best options for each client’s risk/reward
pro le, while minimizing tax burdens. A good example of this interaction occurs when we have the opportunity to help clients take advantage of alternative investment strategies.”
For accredited investors (individuals earning $200,00 annually or $300,00 combined income with a spouse over a consecutive two-year period) Cindy may recommend the option of Alternative, or Private Investments. ese investments, including private equity, real estate, art, commodities and venture capital are options for creating a more diversi ed portfolio rather than solely relying on returns from the stock and bond markets.
“Private investments give clients the choice of placing their money into more speci c industries or geographic areas that align with their interests,” said Alvarez. “Investing in private markets can provide investors the risk/reward balance they’re seeking, which can allow them to reinvest capital gains, and o ers tax bene ts not otherwise available through public markets.”
Please see FINANCE, Page 9
Clients of Robert & Associates bene t from the expertise of two CPAs – Susanne C. Robert and Kelly Haley.
Photo by Andrea Flanagan Photography
Attention Homeowners…
Brewster Says A Home Equity Line of Credit Might Be YOUR Perfect Answer for Debt Consolidation or Home Improvements in this New Year
By Jo Ann M. Colton Special to Lifestyles
For over thirty years, Colorado Foothills native and Mortgage Broker Grant Brewster of Edge Home Finance Corporation has been providing his customers with mortgage services that exceed their expectations. If the recent gi -giving holiday season has le you strapped for funds, call Grant to discuss how a Home Equity Line of Credit (HELOC), might help ease your nancial burden.
A HELOC, a type of loan that allows homeowners to borrow against their home equity, works similarly to a credit card in that it provides a line of credit up to a certain limit, from which you can borrow, repay, and borrow again. Equity is the di erence between the current market value of your home and your outstanding mortgage balance.
“Whether you have high-interest credit card debt, need education/home improvement monies or need cash for unexpected expenses, a HELOC loan o ers exibility and relatively
low borrowing costs,” say Grant Brewster. “It can be a useful nancial tool, but it’s important to borrow responsibly and be mindful of the risks associated with using your home as collateral.”
Conveniently located at Flow eory Coworks, 3540 Evergreen Parkway, contact Grant Brewster today (720-668-4183/grant. brewster@edgehome nance.com/www. grantbrewster.com) for more information about HELOC loans and for all your nancing needs.
Any Lab Test Now® O ers Private and A ordable Medical Testing
By Jo Ann M. Colton Special to Lifestyles
Any Lab Test Now® of Lakewood at 7650 West Virginia Avenue, Suite C o ers uninsured/self-pay individuals medical tests that are private/a ordable and convenient. e lab provides the doctor’s order; no insurance
needed or ever accepted. With thousands of service options, the facility can accommodate your speci c need , including Single or Bundle Nutritional B12 Injections, DNA, TB, A1C, and STI (sexually transmitted infection) testing.
STIs (HIV/Syphilis/Gonorrhea/ Chalmydia…) are prevalent throughout the
country due to increases in substance abuse tied to unsafe sexual behavior, decreased condom usage, ongoing social/economic conditions, and reductions in local/state STI services. Sexually transmitted diseases are treatable, and many are curable. However, if le untreated these infections can cause serious health problems.
“Many people with STIs are asymptomatic and are unaware they have an infection.” said Lakewood franchise owner Drew Scarbrough, who moved to Colorado from Florida where he worked as a Veterinary Doctor. “If you are concerned about STIs, make an appointment with our lab to be tested as soon as possible.”
Most Any Lab Test Now® tests take less than 15 minutes; many results are ready within 24-72 hours. For lab hours/test information/fees and appointments, contact Any Lab Test Now® of Lakewood (720-543-2280 / https//www.anylabtestnow/lakewood-80226).
Your Home Has A New Year’s Resolution Too!
Do you have goals for your home this year? Do they include warmth, efficiency, aesthetics, AND saving you money? Here are the top 5 goals our customers achieve with a new fireplace, stove or insert from Mountain Hearth & Patio!
More heat and less spent on heating bills.
Today’s gas or woodburning hearth appliances are designed to be the most efficient ever, with more heat coming into your home while using less fuel. Gas is the most cost-effective source of heat for your home, and a new high-efficiency gas-fired hearth appliance will pay for itself in the long-term by reducing the amount of fuel you use to heat your home. If you have a lot of cordwood sitting around, a new high-efficiency EPA-Certified wood burning fireplace, stove, or insert will heat your home without relying on your conventional utilities.
Changing fuel for convenience.
Our most common project is to convert
an outdated inefficient wood burning fireplace to gas. Many of our customers are switching to the convenience of a gas-fueled fireplace, stove, or insert. With the push of a button, the fireplace turns on or it can be thermostatically remote controlled to keep your room consistently comfortable. You can even control your thermostat temperature or heat-circulating blower from your couch.
Improved safety and air quality.
New EPA-Certified wood burning units burn efficiently and cleanly, reducing creosote buildup and risk of a hostile chimney fire. The key to that efficiency is a combustion air control, which slows the burn of wood, saving fuel. If your existing wood fireplace isn’t EPA-Certified, you are throwing money away on wasted wood and a drafty appliance.
Newer gas fireplaces, stoves, and inserts are also safer than previous models because of Direct Vent technology, which brings air from outside to fuel the flames,
and exhaust combustion byproducts out a separate channel, so there is no chance of carbon monoxide or soot entering your home from these appliances.
Create a centerpiece for your home! Today’s hearth appliances have a wide variety of design options to complement any style. They offer nearly endless options for customization, such as choices for log sets or glass bead burner media, traditional to contemporary firebox panels, and choices of metal finishes on the fronts.
New fireplaces come in nearly any shape and size and can be installed even where there was no fireplace before. If you want extra heat in your bedroom, TV room, basement, or addition, give us a call to discuss your project!
Perfecting and Protecting what you have.
Does your living room currently have a drafty, inefficient open wood burning fireplace? You can seal out the cold and bring heat into your home by updating it with an
efficient gas or woodstove insert. If you’re happy with your fireplace but want to stop the draft, we can replace the conventional damper; or we can help you design and install a new set of doors that will help retain heat, save money on energy bills, and update the look of your fireplace.
Lastly, protect your investment and your home with proper annual maintenance. Our technicians are certified by the Chimney Safety Institute of America and the National Fireplace Institute. Their expertise can help you to make the most of your hearth appliance and keep it running efficiently for years to come.
For 2025, make your home’s beauty, safety, warmth, and cost savings a priority! Give us a call today at 303-679-1601, email Office@MtnHP.com, or visit our showroom at 7001 Highway 73, Evergreen. You can also learn more about our energy-saving products at www.MtnHP.com. Happy New Year from Mountain Hearth & Patio!
Tax implications of alternative investments is an area of expertise for Robert & Associates who advise clients on how their speci c investment will impact their tax picture.
A Full Service Certi ed Public Accounting Firm
With more than 30 years of public accounting experience, Robert & Associates provides guidance to a variety of clients – small businesses, larger corporations, and individuals at every stage of their nancial circumstances. Clients can expect to bene t from the expertise of a well-educated team that prides themselves on delivering excellent customer service.
“Our goal is to fully understand your nancial needs so we can be your go-to resource both during tax season and throughout the year,” said Robert.
“We distinguish ourselves by having two CPAs on our team. Each tax return is reviewed by both of us before it leaves our o ce – we think this extra layer of accountability truly sets us apart.”
A Trusted Partner for Small Business and Individuals
For current or prospective business owners, Robert & Associates can reduce administrative burdens by helping to establish business enterprises in the most tax-advantaged situation, preparing business tax returns, and providing hands-on accounting services.
Individual clients seeking to reduce their tax burden o en work with both Robert & Associates and Savvy Advisors. e Robert & Associates tax projections provide valuable insight to Savvy Advisors for recommending investment strat-
egies to o set that client’s taxable income. is model is particularly helpful to clients experiencing or anticipating a major nancial change due to the start-up or sale of their business, an inheritance, or a signi cant loss.
Two Women-Led Businesses Making a Mark Susanne Robert and Cindy Alvarez are committed to running their businesses according to the highest level of integrity, realizing they are helping to set the standard for women-owned rms in the nancial industry.
“It’s important to me to maintain my integrity and ethics in all of my interactions,” said Robert, a member of the Mountain Area Women in
Business Hall of Fame. “I want to be a role model for my daughter, my granddaughter, and the young women considering the accounting eld. It means a great deal to me personally and professionally.”
“I believe in a culture that celebrates diversity, and Savvy is particularly focused on supporting more female-led rms across the country,” said Alvarez. “Women make up 33% of advisors in the
nancial services industry1. I am honored to be part of this growing minority and look forward to helping expand this pool through education and mentoring the next generation.”
To learn more about Savvy Advisors, go to www.savvywealth.com or email cindy.Alvarez@ savvyadvisors.com. To contact Robert & Associates, visit www.robert-associates.com
1https://www.primerica.com/public/White_Paper_ Primerica_Financial_Security_Monitor_September_2024.pdf
recommendation. All investments involve risk, including loss of principal.
Alternative investments, hedge funds, and private placements involve a high degree of risk and can be illiquid due to restrictions on transfer and lack of a secondary trading market. ey can be highly leveraged, speculative and volatile, and an investor could lose all or a substantial amount of an investment. Alternative investments may lack transparency as to share price, valuation and portfolio holdings. Complex tax structures o en result in delayed tax reporting. Compared to mutual funds, private funds are subject to less regulation and o en charge higher fees.
Savvy Advisors, Inc. (“Savvy Advisors”) is an investment advisor registered with the Securities and Exchange Commission (“SEC”). All advisory services are o ered through Savvy Advisors. Robert & Associates is not a liated with or related to Savvy Advisors. Savvy Advisors does not provide legal or tax advice. Please consult your tax and/or legal counsel for speci c tax or legal questions and concerns.
HAPPY NEW YEAR!
A womanizing US president. Gin-drinking, poker-playing, skirt-chasing Cabinet members. And a plot from the inside to usurp control of the Navy’s oil reserves. Wild and juicy stuff this. And all of it a true chapter of America’s history.
There may not be another US scandal that is so heavy with corruption and criminality that weighs so lightly on our collective consciousness as the Teapot Dome Scandal. From 1920 to 1922, power-hungry politicians and corporate tycoons boldly schemed to steal the nation’s newest energy resourcel. In so doing these crooks put a black mark on the pioneering work of those who gave birth to Wyoming’s incredible bonanza.
With a deft researcher’s hand and the heart and attention of a creative writer, Constance Bierkan has written a rst-of-its-kind ctionalized recounting of what led up to this nearly forgotten nugget from the past, the Teapot Dome Scandal. Like No Place on Earth is a spirited coming-of-age story set in Wyoming at the start of the madcap Roaring Twenties and the birth of the oil industry. As much a love story as it is a historical deep-dive, Like No Place on Earth will be irresistible to book clubs and history buffs alike.
Dustin Swenson and Brock Anderson focus on providing Robert & Associates’ clients with responsive service and accurate results.
Photos by Andrea Flanagan Photography
Savvy Advisors team member Janelle van Meel is a seasoned advisor with more than 25 years of industry experience.
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