A Rate-Induced Pop

The recent drop in mortgage rates triggered a measurable uptick in sales activity.

So far through the first 10 days of November, pending activity in Northern Colorado is up versus the same 10 days last year.

This is despite interest rates being higher than they were last year.

Mortgage rates just had their biggest one-week drop in over a year and buyers clearly responded.

Pending sales through November so far are up versus last year:

48% in Larimer County

20% in Weld County

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Pendings are Popping

Temperatures may be cooling off but the Front Range real estate market is not.

 

Typically the market starts to slow down a bit in the Fall after a hot Spring and Summer.

 

Not this year.

 

The indicator we use to measure future closed sales is current pending sales.

 

Simply, we look at the number of properties under contract and scheduled to close versus the same time last year.

 

Current pending sales are way up along the Front Range when measured against 2019:

 

Metro Denver up 34.1%

Larimer County up 48.6%

Weld County up 50.2%

Based on these numbers, closed sales numbers over the next 60 days will be very strong.

bubbles

At Windermere Real Estate we are taking Safer at Home and Social Distancing very seriously.  Our people are following our Safe Showings protocol, staying connected to their clients, and providing help wherever needed.

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