Real Estate Agent Danny Skelly Gives His 2022 Market Update as Of Feb 3

0.03 Hi my name is Danny SKelly I’m the broker owner from Orson Hill Realty in Evergreen Colorado.

0:10 I wanted to talk to you a little bit about the real estate market here in the Denver Foothills especially …

0:17 touch a little bit on all of Colorado and maybe a little bit of Denver but our wheelhouse is mostly …

0:23 up in the Denver Foothills which is Evergreen Conifer Morrison.

0:29 Bailey.

0:30 In the golden.

0:33 Yeah there’s that there’s a lot of people out there that are a little bit worried about what’s going on …

0:38 with the market so just to put that he’s a little bit they compared to 2008.

0:43 I don’t see this being anything like 2008 there’s no predatory lending there’s nothing going on with the lending Market …

0:52 actually they’re getting to the point where they are starting to discuss even raising the rates a little bit the …

1:00 feds Stay Gold maybe even doing five rate hikes in 2022 and I’m going to do another video on what …

1:07 that impact will have that’ll be you know that all that that’ll hurt the.

1:14 Fires a little bit cuz our purchasing power in a debt-to-income ratio is going to be be a little bit …

1:22 off and they’re not going to you know when it’s when the rates go up you know their payment goes …

1:29 up for borrowing the same amount of money so that that may impact things a little bit but in our …

1:36 market up here in the Foothills our Market is always been a little bit higher and anyways so that should …

1:44 really have a whole lot of impact on again that’ll be a different video so let’s just start out with …

1:51 the what’s going on with the beginning of 2022 and also kind of the last 12 months or what’s been …

1:58 going on taking a look at the first the first slide here on this is the average days on market …

2:05 and you can tell you.. It’s kind of the same story every year if we even had this for …

2:11 2020 and 2019 even with code. Said we still see the same sort of patterns days on Market in the …

2:18 summertime or always a little bit less than the winter time January is a little bit of an anomaly here …

2:26 not sure exactly why that did that but as you can see doesn’t really fit in.

2:34 With the with the trajectory or the trend that we saw.

2:40 So if you look at this obviously July like 11 days on Market by the way this is for Conifer …

2:48Evergreen golden Morrison which is butyl gives us 2345 results which is pretty pretty consistent with the amount of sales.

2:59 Over the last couple years.

3:02 So get if you look at it you know we’ve been hovering around 30 days on market for the last …

3:08four months and then you also see that in April May.

3:13 So there’s nothing really different going on here so let’s let’s take a look at the next slide this is …

3:21 the average close price in that again has been hovering around around 800,000 give or take a little bit here …

3:29 and there this right you know we’re we’re we’re still slowly increasing people are concerned about how fast the values …

3:38 of gone up you know if you look at the last 12 months they really haven’t gone up that fast …

3:46 it seems like it if you’re a buyer and a real estate broker it does kind of seem that way …

3:53 but really it it’s it’s not.

3:57 It’s it’s it’s not really going up that that much worse if you don’t we’re seeing its value has proved …

4:04 over and over and over again month after month after month so it’s not the same is back in 08 …

4:10 where everything shot up really fast and we was getting loans that they shouldn’t they couldn’t afford and then all …

4:18 of a sudden the market try to take a turn and people are upside down you know we are seeing …

4:24 a huge appreciation over the last five years but again you know they’re praising appraisals. Frank have gotten more strict …

4:32 policies is Dodd-Frank gotten more strict so I’m not really that concerned on my crystal ball is telling me that …

4:39 we are going to continue to see appreciation probably not the same rate that we have seen over the last …

4:46 few years cuz you can’t really appreciate it 25% a year.

4:52 Year after year after year after year before you know it a one bedroom 600 square foot cabin on a …

4:58 quarter acre is going to cost you 15 million dollars we will see a little bit of Leverage calling off …

5:04 here soon and we’ll start to see a normal appreciation again for Foothills very desirable area a lot of people …

5:11 want to live here and there aren’t a lot of units available.

5:16 In.

5:18 That will be our.

5:20 Next slide this is the number of active listings which is you know it’s this is an important indicator right …

5:29 here.

5:30 Even you. But if you look back and forth so you look at July 2021 we still had 375 ish …

5:39active listings but you go back here in July.

5:44 You’re even a little bit lower.

5:47 When you are right here.

5:49 Where you only have.

5:52 I was fighting over 150 in this to these trajectories are pretty normal as well obviously during the holidays people …

5:59 don’t want people you know traipsing through their houses they got other stuff going on so you know we always …

6:06 see a little bit of a drop off here this time of year for this trajectory is is absolutely normal.

6:13 It again coming back to we look at all three of them together.

6:21 We don’t really necessarily seem antsy a normal trend line that you would do that you would anticipate within our …

6:28 supply and demand is always a real estate market driver just like any other commodity that you may need or …

6:35 want.

6:37 So for supply and demand you look at let’s see you would look at.

6:43 Pointer out here so you would look at the number of active listings are active listings are going down and …

6:51 hovering around 1:50 but we’re not seeing overseen the price increased slightly almost up to about 900,000 right here so …

6:59 you are still seeing as the the number listings go down demand continues to stay about the same we’re seeing …

7:07 about the same if not maybe a little bit less offers you know back here in June July and August …

7:13 of this year you know we are writing contracts and we are having.

7:19 567 Computing offers and they were all very competitive buyers were doing some pretty crazy things as far as.

7:30 Is running their offers in and removing a lot of contingencies or making things a little bit dangerous as far …

7:37 as I’m concerned contracts are written in the favor of the buyer for a reason you know the whole buyer …

7:44 beware the buyers should have the ability to terminate a contract and received the earnest money under certain situation and …

7:52 it was getting a little bit scary I mean people remove an appraisal contingencies luckily we were hitting appraisals on …

8:00 the number on the most appraisals but we are seeing a few that weren’t coming in and they were having …

8:06 Gap so they’re going to have to bring an extra fifty thousand to the table something to that effect but …

8:13 you know what the way appraisers do it is you know comparables are a trailing indicator indicator cuz we don’t …

8:20 really know the price you know that the actual clothes price right here we don’t know that until they go …

8:27 to the closing table so let’s say that there is a million dollar house a listing for. $10 house and …

8:34 you know that they offer of 1.2 million on it it may not be worth 1.2 at the time of …

8:39 the contract being written but we’ve seen appreciation so quickly and so fast those 30 to 45 days we would …

8:46 actually see.

8:49 Properties recording closing prices to actually get up to make that property worth 1.2 million dollars so you don’t keep …

8:57 that in mind if your agent your agent should know what they’re doing really do always as always consult your …

9:03 agent your accountant or your attorney whenever you feel it necessary.

9:08 So that’s basically what’s going on here at the beginning of 2020 to the date the date of this cell …

9:15 recording was February 3rd of 2022 and this data is pretty much up-to-date as of that date this data was …

9:22 downloaded today.

9:24 So as always if you have any questions about real estate looking for a real estate agent to help you …

9:30 in any transaction my name is dance Kelly on the broker owner in Orson Hill Realty were based out of …

9:37 Evergreen we worked all over Denver in the Denver Foothills so if you need to list your house or buy …

9:44 another house to buy second home whatever just give us a call or check us out online.

9:51 It worsened he’ll realty.com dance Kelly realestate.com Foothills real property..

10:01 Give us a call at 303-503-8793 thank you so much have a great day and.

10:11 Good luck with your next Real Estate.