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Metro Denver has moved solidly into the buyer’s camp, with home sellers outnumbering buyers by a widening margin, according to a report Thursday from Redfin, a Seattle-based residential real estate brokerage firm.
Nationally, there were an estimated 1.9 million home sellers in the U.S. housing market and an estimated 1.5 million homebuyers in April, according to Redfin, which works out to a 33.7% advantage to buyers. Metro Denver had 16,357 sellers active in April, compared to 11,526 buyers, giving Denver a 42% ratio in favor of buyers.
Nationally, 32 markets of the 50 examined were in the buyer’s camp. Denver ranked 19th, sandwiched between Los Angeles and Anaheim.
“At no other point in records dating back to 2013 have sellers outnumbered buyers by this large of a number or percentage. A year ago, sellers outnumbered buyers by just 6.5%, and two years ago, buyers outnumbered sellers,” noted Lily Katz and Asad Khan, authors of the report.
Cooper Thayer, a Realtor with The Thayer Group Keller Williams Action Realty in Castle Rock, said May’s numbers will provide more clarity when they come out in early June, but added he would “definitely agree” that metro Denver is now a buyer’s market.
“The ratio of buyers to sellers is skewed, and with more listings on the market, the smaller buyer pool holds even more leverage as sellers compete for attention,” he said in an email.
Sellers face the most pressure in southern Florida. In Miami, sellers outnumber buyers three-to-one, and West Palm Beach and Fort Lauderdale aren’t too far behind. Austin, Texas, is another glutted market, with sellers outnumbering buyers by 124%. And in Phoenix, there are twice as many sellers as buyers.
One contributor to Florida’s lopsidedness is a heavier preponderance of condos, which have seen a surge in insurance premiums and HOA dues following more severe storms and the collapse of the Surfside condo in July 2021, which killed 98 people, including Colorado resident Cassondra Stratton.
Florida also experienced a surge in population following the pandemic, which temporarily boosted demand and helped push up real estate prices. Some of those newbies, as well as longtime Canadian snowbirds, are wanting out.
Nationally, the condo market is the segment that has swung most solidly in favor of buyers, with 259,137 sellers vs. 141,223 buyers last month — an 83.5% overrepresentation by sellers, Katz and Kahn said in their report. For single-family homes, the seller overrepresentation is 27.8% and for townhomes, it is 33%.
Prices still aren’t falling in most markets that have tilted in favor of buyers, but if current trends hold and mortgage rates don’t fall and reignite buyer demand, then it is likely only a matter of time.
Redfin estimates that the median price of a home sold in metro Denver is down 0.1% over the past year, compared to a 1.6% gain nationally. Although it doesn’t have a forecast for Denver, it predicts home prices nationally will drop 1% this year and is advising sellers in Colorado and elsewhere to get moving before they lose the bargaining power they have left.
“Inventory is piling up as buyers are pulling back due to high costs and ongoing economic uncertainty. Prices are already starting to drop slightly with the median sale price down 0.1% compared to a year ago and likely to fall more by year-end,” predicted Chen Zhao, Redfin’s head of economic research.
Denver’s home price decline could be a rounding error, but it could also represent a tipping point. Zillow, which had predicted home price gains averaging 0.1% for metro Denver at the start of the year, now predicts they will fall 0.9% by next April.
But Zillow, in a report published Thursday, also shows above-average demand still at play in metro Denver. Listings in March had 6.2 engaged buyers in Denver compared to 5.5 nationally. About 32% of homes sell above the list price in Denver compared to only 27% nationally. Half of listings go under contract within 11 days compared to 17 days required nationally.
And the inventory of homes listed for sale in metro Denver remains below the historical averages going back to 1985, according to the Denver Metro Association of Realtors. But that gap is closing rapidly.
Sunday, June 15 is a day to honor the impact that dads, grandpas, and father figures have on our lives. A new necktie may not fully capture how much they mean to you, but time shared over a special meal, well that might just fit the bill.
To help you plan a meaningful outing, we’ve rounded up options for every dad’s unique taste. From classic steakhouses to limited-time specials and exciting food festivals, here’s how to celebrate Father’s Day in Denver and across the state.
One of the best steakhouses in Denver, Guard and Grace offers a contemporary menu starring marbled prime cuts, grass-fed beef, and flavorful Wagyu. Sample all three oak-fired varieties as a $110 Filet Flight, selecting from enhancements like blue cheese butter and brandy-peppercorn sauce. Sides such as black truffle mac and cheese and raw bar selections including chilled king crab and crispy tuna sushi add to the available offerings. Save room for dessert, as chef Troy Guard’s triple chocolate chip cookies are too good to pass up. 1801 California St., guardandgrace.com
From its refined, rustic ambiance to the robust seafood selection, Water Grill is a winner for special occasions. Slide into a tufted leather booth and toast glasses of wine before tucking into signatures like its classic New England Lobster Roll ($38), Chilean Sea Bass ($55), and buttery Shrimp Scampi ($39). The menu also includes first-catch seasonal selections, such as wild Columbia River king salmon and soft shell blue crab, which are flown in extra fresh from Maryland. See them alive and kicking in the restaurant’s saltwater tanks. 1691 Market St., Denver, watergrill.com
Ranked among the city’s top Italian restaurants and a Michelin Bib Gourmand to boot, Tavernetta is an excellent choice for Father’s Day dinner. Come together as a family to celebrate and break bread — specifically, airy and crisp Focaccia ($7) dipped in good olive oil and served with creamy Burrata ($21) on a bed of trapanese pesto. Handmade pastas like its slow-braised lamb ragu with Rigatoni ($34) and flaky, citrusy Branzino ($40) pair deliciously with an all-Italian wine list, which was curated by master sommelier and Frasca Hospitality Group co-founder Bobby Stuckey. 1889 16th St. Mall, Denver, tavernettadenver.com
Recognized by the 2024 World Whiskies Awards for producing the “world’s best small-batch bourbon,” Laws Whiskey House is a must for dads who love a good, stiff drink. Sample its spirits made from locally-grown grains at its new Whiskey Sanctuary or better yet, book an in-depth distillery tour. Beyond the hand-built wooden pews and two-story Gothic windows, guests are taken past grain silos and through the production facility, where they learn about the art and science of whiskey-making. The experience concludes with an intimate guided tasting and costs $25 per person, with each ticket including a $10 credit toward any bottle or merch in the tasting room. 80 W. Arkansas Ave., Denver, lawswhiskeyhouse.com
With its June 5 debut, Riot BBQ will bring a fresh take on barbecue fare, blending the smoky asado customs of Northern Mexico and classic Texas-style techniques. Co-founded by chef Manny Barella and celebrated pitmaster Patrick Klaiber, the counter-serve concept will offer beef brisket tacos on locally sourced bison tallow tortillas; pulled pork infused with ancho, guajillo, and morita peppers; plus sweet banana pudding for dessert. Draft cocktails, self-serve beer taps, and a backyard cookout vibe add reasons to visit its new indoor-outdoor space. Bonus, Barella is a newly minted dad himself, so this year marks his first Father’s Day. 2180 S. Delaware St., Denver, riotbbqcompany.com
From Friday, June 13 through Father’s Day, modern chophouse STK will offer several specials including a Dungeness Crab Salad ($43), Sesame-Seared Ahi Tuna ($54), and a Prime Rib Surf and Turf entree ($79) served with charred baby carrots and salsa verde. Additionally, stake your claim on its limited-time Wagyu Sampler ($119) featuring Masami Ranch bone marrow, A5 prime dip, Stone Axe top sirloin, and Margaret River bottom skirt. The swanky eatery’s standard dinner menu and signature cocktails will also be available daily. 1550 Market St., stksteakhouse.com
In addition to its standard menu starring Steamed PEI Mussels ($25), Chargrilled Oysters ($49 per dozen), and raw bar selections, this homegrown chain will serve several grilled seafood specials for Father’s Day. Savor Mangrove Tiger Shrimp ($13) with yuzu kosho aioli, scallions, and cilantro ($13); Colorado Whole Striped Bass ($47); or a juicy New York Strip (market price). Outposts appear in Denver, Glendale, Boulder, Fort Collins, and Colorado Springs. Multiple locations, jaxfishhouse.com
On Wednesday, June 11 from 5:30 to 9 p.m., Elway’s at The Ritz-Carlton will host a luxurious Dad’s Reserve Dinner in partnership with Breckenridge Distillery. Begin the evening with a welcome beverage, followed by cocktail-paired courses including A5 steak tartare alongside caramel-rich bourbon, green chili lamb roulade with port cask whiskey, Colorado trout complemented by a rum cask whiskey, and more. The celebratory evening concludes with a cigar session on the restaurant’s terrace and a limited-edition bottle of Denver Broncos Bourbon Blend to take home. Book the experience for $300 per duo, with additional reservations available for $150 per person. 1881 Curtis St., Denver, elways.com
Chef Richard Sandoval’s Latin American restaurant will offer bottomless brunch from 11:30 a.m. to 2 p.m. on Father’s Day. Enjoy unlimited antojitos and postres alongside your choice of one especialidades dish, such as pork belly tacos, huevos rancheros, and Colorado skirt steak with eggs and sweet plantain hash for $85. Free-flowing mimosas, margaritas, or Bloody Marys are available for an extra $25. After your feast, challenge dad to a “closest to the hole” contest on the eatery’s golf simulator and leave with a complimentary bottle of Toro’s signature BBQ rub or chimichurri. 150 Clayton Ln., Denver, torodenver.com
Set within the Oxford Hotel, this sustainability-minded steakhouse will offer three dine-in specials on Father’s Day: A 24-ounce Porterhouse ($140), a twenty-ounce T-Bone ($110), and an eighteen-ounce bone-in New York Strip ($98), all sourced from Omaha Prime Ranch. If you’d rather host a cookout at home, opt for Urban Farmer’s Grill Kit featuring three sixteen-ounce ribeyes, smoked and marinated chicken, tiger shrimp, and its signature prime rib rub. Homestyle sides like marbled potato salad, roasted corn, baked mac and cheese, and local greens complete the six-person feast, which is priced at $350. Pre-order by Friday, June 13 at 5 p.m. for pick-up on Father’s Day. 1659 Wazee St., Denver, urbanfarmersteakhouse.com
Perfect for dads who love classic Southern fare, The Post is offering a $35 meat-and-three take-home meal featuring your choice of protein including a half roasted or fried chicken, a half rack of ribs, or an eight-ounce smoked pork shoulder. The meal also comes with three selected sides, a cherry hand pie, and two complimentary cans of either its house-brewed Townie IPA or Top Rope Mexican lager. If you’re looking to feed a crowd, pre-order the $110 “Throwdown” to-go kit including sixteen pieces of fried chicken, four large sides, eight rosemary-cheddar biscuits, pickles, and a complimentary four-pack of beer. Multiple locations, thepostcolorado.com
Limelight Denver and the hotel’s signature eatery, Ajax Downtown, will host a special event in collaboration with Woody Creek Distillers and Palma Cigars. Starting at 6:30 p.m. on Friday, June 13, “Smoke & Oak” will involve whisky tastings, cigar rolling, and curated bites including dry-aged beef skewers and charcuterie on the Nordic Terrace overlooking Union Station. Tickets range between $75 and $125. Add-ons including a 32-ounce Dry-Aged, Bone-In Ribeye ($115) and Woody Creek whiskey will also be available for additional purchase. 1600 Wewatta St., Denver, limelighthotels.com
Find a range of entertainment at this family-friendly brewpub, from bowling lanes and sport suites to arcade games, axe throwing, and even free access to its eighteen-hole mini golf course on Father’s Day. Formerly part of the Stapleton International Airport, FlyteCo also offers tours of the historic 11-story air traffic control tower on-site. Fuel up for all the fun with an extensive food and drink menu, which will also include a $14 foot-long hotdog special served with a side of fries and your choice of select beer. 3120 Uinta St., Denver, flytecotower.com
Inspired by the American Frontier Era and listed on the National Register of Historic Places, this adobe-built steakhouse will delight dads with a thing for the past. Those who love wild game will also feel right at home, as the menu features several regional specialties like Elk St. Vrain ($54) and Herb Butter Buffalo Tenderloin Filet Mignon ($75). From June 13 through Father’s Day, The Fort will also serve a $52 special entree including a twelve-ounce New York strip steak; small red potatoes tossed in caramelized onions, corn, and Anasazi beans; seasonal vegetables; plus a complimentary draft beer. 19192 CO-8, Morrison, thefort.com
On Father’s Day from 9:30 a.m. to 3:30 p.m., Gattara within the Warwick hotel will host a special brunch buffet featuring classic Italian dishes. Fill your plate with charcuterie and fresh salads; carving station selections including turkey breast, roast beef, and Jack Daniel’s-braised short ribs; risotto with Italian sausage and saffron; and more chef-curated bites. Desserts including lemon tarts, tiramisu, and macaroons will add to the celebratory spread, which is priced at $75 per adult and $25 per child ages eleven and under. 1776 Grant St., Denver, gattararestaurant.com
From June 12 to 15, purchase a $100 e-gift card from this premium chain and receive $20 off with promo code “Dad20.” The credit can be used on the entire Eddie Merlot’s menu including its Bison Filet ($52), signature Prime Bourbon Ribeye ($72), and limited-time Tomahawk Trio for Two ($199) featuring a tender 32-ounce Australian Wagyu steak, two North Atlantic lobster tails, plus a red blend bottle from Daou Vineyards. If you’d prefer to feast with the family at home, order its Table for Five take-and-heat kit ($210). 10110 E. Dry Creek Rd., Englewood, eddiemerlots.com
Toast to dad at the Vail Craft Beer Classic, which will host Grand Tasting sessions on Friday, June 13 from 4 to 7 p.m. and Saturday, June 14 from 2 to 5 p.m. General admission starts at $59, while $79 VIP tickets provide thirty minutes of early access to samples from more than 35 local breweries. Food trucks, vendors, and live music will add to the excitement. For the ultimate experience, treat dad to the Bavarian Brews and Bites Package ($139) which includes lunch at the charming Swiss Chalet Restaurant, plus entry to Saturday’s grand tasting at 1 p.m. 141 E. Meadow Dr., Vail, vailcraftbeerclassic.com
This premier culinary event is packed with experiences, which kick-off on Friday, July 13 from 5 to 8 p.m. Attend the evening’s “Butts, Legs, & Sides” feast featuring fried chicken and Southern fixin’s, smoked heritage pork, and free-flowing bottles of champagne. The Grillin’ and Chillin’ event will follow on Saturday, June 14 from 6 to 9 p.m., involving a family-style meal and learning session from Iron Chef Showdown winner and James Beard finalist David Bancroft. Telluride Food + Vine culminates with the $275 Grand Tasting on Father’s Day from 3 to 6 p.m. Expect hundreds of sips from wineries around the globe, along with flavorful bites from the mountain town’s finest. W. San Juan Ave., Telluride, telluridefoodandvine.com
On Saturday, June 14 from 2 to 6 p.m., Snowmass Rendezvous will entertain attendees with yard games, outdoor gear activations, vendor booths, and unlimited tastings from Colorado breweries, wineries, and distilleries. Priced at $45 per person, tickets provide access to two rendezvous points in beautiful Snowmass Village. Keep the spirits high with a free folk rock concert featuring Heavy Diamond Ring from 6 to 8 p.m. Snowmass Village, snowmassrendezvous.com
Prefer a staycation? On Friday, June 13 from 11 a.m. to 3 p.m., the posh Clayton Hotel will host a Father’s Day barbecue exclusively for members and overnight guests. Dads receive a complimentary burger, plus a chance to win a $200 gift card to New West Knife Works, one of many upscale retailers in Cherry Creek. 233 Clayton St., Denver, claytondenver.com
A lot of buyers are pressing pause on their plans these days, holding out hope that mortgage rates will come down – maybe even back to the historic-low 3% from a few years ago. But here’s the thing: those rates were never meant to last. They were a short-term response to a very specific moment in time. And as the market finds its footing again, it’s time to reset expectations.
Back in 2020 and 2021, 3% mortgage rates gave buyers a serious boost: more affordability, more buying power, and more opportunity. But those rates were a result of emergency economic policies during the height of a global pandemic. Now that the economy is in a different place, we’re seeing mortgage rates in the high 6% to low 7% range.
And while experts currently project a slight easing in the months ahead, most industry leaders agree: rates are not going back to 3%.
Instead, many forecasts suggest mortgage rates will settle in the mid-6% range by the end of the year, pending any major economic shifts. As Kara Ng, Senior Economist at Zillow, says:
“While Zillow expects mortgage rates to end the year near mid-6%, barring any unforeseen shocks, that path might be bumpy.”
Basically, waiting for 3% rates might mean waiting longer than you’d expect – and missing out along the way. Instead of putting off homebuying indefinitely, make a plan to get there and focus on what you can control: your budget, your credit, and working with a trusted professional who can explain exactly what’s happening in the current market – and how to navigate it.
Your local real estate agent and a trusted lender make all the difference in this process. The experts have insights into down payment assistance programs, alternative financing options, negotiation strategies, and overall – the experience you need on your side to understand creative ways that will make your plans work.
And here’s the biggest thing to keep in mind. Since rates are projected to ease slightly later this year, if that happens, it could bring some more buyers back into the market. Acting now gives you a head start, especially with more homes on the market than we’ve seen in years.
Think about it: if mortgage rates do come down, what do you think everyone else is going to do? That’s right – they’ll jump back in too.
Getting ahead of that rush could put you in a stronger position to find the right home with less competition. Realtor.com sums it up well:
“Staying out of the market in hopes of a rate drop that never comes can lead to missed opportunities . . . Rising home prices, rent increases, and inflation might outpace any future savings on interest. And if rates do fall sharply again, buyers could face an entirely different challenge: surging competition.”
Those 3% rates everyone remembers from a few years ago were the exception, not the rule.
Now that they’re settling into new territory, it’s a good time to adjust your expectations and learn more about where things are heading as this market shifts.
A local real estate agent and a trusted lender will be your best resources, always keeping you up-to-date and informed, so you can make sense of your options and build a game plan that works for you.