October 2018 Market Update

Happy October!

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

Cheers,

Madison & Company Properties

Madison Monthly Market Stats: December 2017

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Madison Monthly Market Stats: November 2017

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See full DMAR Report here.

Change Is in the Air at DIA

Denver International Aiport (DIA) has been in negotiations for months over upcoming changes to the airport. The project has been highly contested, with strong and vocal opinions on all sides. In August the renovation plan was approved. Ultimately the project will be massive, introducing new partnerships, adding gates, changing layout, and totaling over $1 billion.

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• 26 new gates added to DIA’s three concourses. This will happen over the next few years. 

• $650 – $775 million in terminal renovations that will consolidate ticketing, relocate security to the upper level, and add more spots for food and shopping. This is part of the anticipation of increased traffic and an ultimate goal of increasing the terminal’s capacity to 80 million passengers per year.

• The project will take approximately 4 years to complete and costs over $1 billion. 

• The renovation aims to utilize the airport’s limited space more effectively and strategically. 

• Safer airport security is a huge part of the renovation plan, updates have been needed for years, especially post-9/11.

• A seventh runway. 

• Widening of Peña Boulevard, the airport’s access highway. 

 

 

Madison Monthly Market Stats: Madison Market Report: September 2017

Sept17_Madison Blog Stats

Your Oktoberfest Guide: Denver 2017

OKtoberfest 2017

 

Despite having October in its name, Oktoberfest is celebrated in late August or early September. Typically a three-to-six day festival, Oktoberfest is filled with dancing and games, beer, brats, and saur kraut, and endless fun. The origins of Oktoberfest trace back to 1810 and a five-day wedding celebration for the crown prince of Bavaria. Held in Munich, the celebration was attended by over forty thousand people and was such an enjoyable event they decided to throw an anniversary party the next year, and the next, and the next…and so Oktoberfest was born! Denver is home to one of the biggest and most popular Oktoberfests in the country, but there are numerous other Oktoberfest celebrations around Colorado!

Denver Oktoberfest

The 48th annual Denver Oktoberfest, this festival has been ranked one of the country’s finest. This four-day event promises lots of fun, delicious food, and excellent beer because, as the website reminds us, “Denver drinks beer really well.”

WHEN: September 22-23 & September 29-30

WHERE: Between 20th St & 22nd St on Larimer St, Downtown Denver

Drink RiNo Oktoberfest

Some of RiNo’s favorite breweries are coming together to celebrate their favorite beverage. The website proudly announces, this “is NOT a beir tasting event, it’s a beir drinking event!” So come together to enjoy RiNo’s finest fall beer selection.

WHENSeptember 16

WHERE2875 Blake Street, Denver 80205

Highlands Ranch Oktoberfest Celebration and 5k

What better way to start your Oktoberfest celebration than with a run? Join the Highlands Ranch Community Association in their annual Oktoberfest festivities and 5k. The race will be followed by Oktoberfest’s usual fare with German food, dancing, beer, music, and lots of kiddo-oriented entertainment for an afternoon of fun for the whole family!

WHEN: September 23

WEREHighlands Ranch Town Center, 9344 Dorchester St, Highlands Ranch 80129

Castle Rock Oktoberfest

Reminiscent of childhood block parties, the Castle Rock Oktoberfest (hosted by Downtown Castle Rock) will have a street fair vibe, with live music, food vendors, and of course a multitude of local breweries. Don’t miss the live demonstrations, and of course the bounce house to keep the inner child alive!

WHEN: September 30

WEREWilcox Square, Downtown Castle Rock, 80104

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These are just a few of the many Oktoberfest celebrations going on in Colorado throughout September and October! If you’re looking for more of a mountain getaway and time away from the busy city, check out these mountain town festivities:

Vail: September 8 – 19, 15-17

Loveland: September 15 – 16

Woodland ParkSeptember 16-17

Longmont: September 22-23

Montrose: September 30

 

Madison & Company Properties is a Denver Post Top Workplace!

Top Workplaces Blog BannerThe Denver Post Top Workplaces program believes that “the most successful companies are the ones that employees believe in.” Madison & Company Properties is a company employees most certainly believe in.

Ranked 5th of 3,500 businesses in the Small Business category, this is the fourth consecutive year that Madison & Company Properties has received the prestigious Denver Post Top Workplaces award. Placement is made based on anonymous reviews and testimonials from employees. The purpose of the Top Workplaces program is to recognize the state’s top employers. It honors companies that are “doing right by their workers,” acknowledging companies that encourage growth and commitment in their employees.

Madison & Company Properties is honored to be a workplace where employees believe in their company. Here we are dedicated to continuing to strive for excellence, cultivating an environment where all employees feel believed in and pushed to reach their highest potential. Thank you for being part of this journey.