For our friends on the Denver Metro Association of Realtors Market Trends Committee, this has been the most action-packed season they have studied in quite some time. Just as we are winding down another year of low inventory and lower interest rates, something happened that many did not see coming.
In September, housing inventory continued to move higher, even though it typically decreases this time of year, and home prices dropped nearly 5%, since its record-peak highs this past May and June. A quick departure from what had become the norm, as sales of single-family homes over $500,000 dropped 33% from August to September, causing sellers some turbulence they were not braced for. Price reductions and longer days on the market are grabbing the attention of buyers who were taking a break from the buying frenzy, to now trying to find a “deal” that did not exist even a month or two ago.
More signs of cooling can be seen with months of inventory increasing to 2.33 months for single-family homes in September compared to 1.68 months the month prior and increasing to 1.93 months for condos compared to 1.48 months in August.
Going forward, expect interest rates to rise into 2019 and beyond as economic indicators stay strong, which will shelf some buyer’s opportunity to make a move. Also, look for listing inventory to find higher levels than we have seen, which could bring investors back to the table looking for fresh opportunity. The sky is most certainly not falling but things are shifting a bit back towards a balanced market.
Blurb courtesy of Justin Knoll
Madison & Company Properties
Denver, CO — Denver Realtors Larina McClain and Kelly VanHee of The McClain Group at Madison & Company Properties host the fourth annual Birdies for Butterflies Golf Tournament to benefit The Butterfly Fund and raise awareness of a life-threatening condition, epidermolysis bullosa (EB).
This year’s golf tournament took place on Monday, September 10, 2018, at Blackstone Country Club in Aurora, CO.
Epidermolysis bullosa, often referred to as “The Worst Disease You’ve Never Heard Of”, is a rare genetic condition which occurs in only 1 in 50,000 live births. The condition has no known effective treatment or cure, and life expectancy is roughly 15 years.
The tournament’s honoree is Larina McClain’s nephew William “Lil’ Bill” Vinson, who was diagnosed with EB back in 2010. William initially appeared to be a very healthy little boy, but within a few short hours of life, he developed signs of a serious complication with his skin.
Children with EB are known as “butterfly children” because their skin is as delicate as a butterfly’s wings. In severe cases such as William’s, even the slightest friction can cause their skin to blister and tear. Most children with this condition must be wrapped in bandages 24/7 to protect their skin, and it can take three adults up to four hours to change their bandages every other day.
Despite his debilitating condition, William continues to bring joy into the lives of those who know him.
“William is an angel. He smiles all the time despite the pain,” says McClain. “This tournament has changed people’s lives, and there is never a dry eye in the room when people hear William’s story.”
Though it started as a small event, The Birdies for Butterflies Golf Tournament has grown into one of the most popular and anticipated tournaments of the year. The event is run in shotgun start/scramble-style on one of the best courses in Colorado, and includes a banquet dinner, silent and live auction, putting contests and several prizes and awards.
“I’m a full-time Realtor and love my job,” says McClain. “But my real passion is being able to give back from my success and help this tournament and event grow! It is life changing and satisfying. We hope that people will learn more about this amazing story and be inclined to help.”
Last year, tournament participants helped raise over $30,000, and McClain and VanHee hope to exceed that goal this year. Proceeds from the tournament benefit The Butterfly Fund, a nonprofit charity helping provide a better quality of life for to any child who suffers from a chronic, painful, rare, and life-altering condition such as EB. The organization promises that 100 percent of the net proceeds from this event will go directly to assist those children and their families in the form of financial aid, food, housing, clothing, and care.
To find out how you can help, go to www.Birdies4Butterflies.com.
About The McClain Group, Madison & Company Properties
Larina McClain is the managing partner of Madison’s Cherry Creek office and broker associate at Madison & Company Properties, one of Denver’s highest grossing real estate firms. Along with her counterpart Kelly VanHee, they focus primarily on the luxury market of Denver. The McClain Group is a recipient of 5280’s 5-Star award for 2013, 2014, 2015, 2016 and 2017 based off of customer service and satisfaction, Platinum Excellence Award winner for 2016 and 2017 and top producers at Madison. For more information, please call (720) 275-9663, or visit www.mcclaingroup.co.
About the NALA™
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Congratulations are in order for all of our brokers and managers who were recently elected to leadership positions in various organizations:
- Euan Graham, Chair-Elect, Denver Metro Association of Realtors (DMAR)
- Scott Grossman, Director, Colorado Association of Realtors (CAR)
- Heather Hankins, Chair-Elect, South Metro Denver Realtor Association
- Justin Knoll, Chair 2019, Colorado Association of Realtors (CAR)
- Piper Knoll, Director, National Association of Realtors (NAR)
- Todd Narlinger, Director, REcolorado
- Jen Routon, Director, Denver Metro Association of Realtors (DMAR), South/ East District
We are so proud of our brokers for stepping up to impact the real estate industry and affect change in a positive way.
Continue to care deeply and act directly!