Colorado ski slopes could see above-average snowfall this winter thanks to a “triple-dip La Niña”

 
 

The coolest surface water temperatures since 2010 means potential pow-pow in the Rockies

Confidence is growing that Colorado skiers and snowboarders could see above-average snowfall this coming winter, based on one of the key climate factors meteorologists monitor to predict seasonal precipitation patterns in the U.S.

Because of relatively cool surface temperatures in the central and east-central equatorial Pacific Ocean, meteorologists say a “robust” La Niña phenomenon is strengthening there, and that usually means good to great mountain snow for Colorado and the northern Rockies. La Niña events typically produce storm tracks that predominantly flow from the Pacific Northwest.

The opposite phenomenon, El Niño, occurs when surface water temperatures in the central and east-central equatorial Pacific are above normal, producing storms that predominantly track across the southern U.S.

Current conditions could portend abundant powder come winter.

“These are the coolest temperatures we’ve seen in the east-central Pacific for the month of August since 2010,” said meteorologist Sam Collentine, chief operating officer for the ski-oriented OpenSnow weather forecasting and monitoring service.

“That’s telling us there’s a pretty robust La Niña setting up right now, and when we look back at the last significant La Niña event, that was a very healthy snow year — not only for Colorado, but the entire western United States,” he added.

That was the ski season of 2010-11. In a report posted Wednesday on OpenSnow, Collentine cited figures from the snowfall recording site bestsnow.net that put snowfall in Breckenridge that winter at 80% above normal. Steamboat came in at 35% above normal.

“Colorado mountains — northern, central and southern — ranged from 400-500 inches that season, which is well above average,” Collentine said. “When we look back at significant La Niña events, we typically see average to above-average snowfall in Colorado, much of the northern Rockies and the Pacific Northwest.”

In fact, Collentine reported, there have been seven significant La Niña winters since 1988, and the current La Niña surface temperature ranks fourth-coolest among them.

Also worth noting, this will be the third consecutive La Niña winter — something meteorologists have been calling a “triple-dip,” according to Open Snow — although the effect was less pronounced in 2020 and 2021.

Meteorologists necessarily hedge their bets because other weather phenomena can come into play, but the August data coming from the Pacific is encouraging.

“These are multi-year cycles we go through,” Collentine said. “For skiers and snowboarders in Colorado, it helps us get a hint at what we could see for the next few months into the winter season.”

Keep reading on The Denver Post.

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Denver housing market pendulum swinging quickly toward buyers

 
 

Market now neutral and could solidly favor buyers next year

Metro Denver’s housing market has quickly shifted from a strong seller’s market to neutral and could end up solidly in the buyer’s camp by the middle of next year, if not sooner, according to a new index from real estate financial tech firm Knock.

“Denver is now a neutral market. Prices are getting softer. We think it is headed to a buyer’s market,” said Sean Black, co-founder and CEO of Knock, a New York-based “Power Buyer” that helps consumers make cash offers on homes.

Nearly all of the 100 largest housing markets moved more in favor of buyers in July, with the biggest shifts coming in Boise, Idaho; Phoenix; Colorado Springs, and Austin, Texas, which has seen a 71% jump in home prices during the pandemic, according to Knock’s inaugural “Buyer-Seller Index.”

Three overheated and expensive California markets have now fully entered the buyer’s camp — San Diego, San Francisco and San Jose. By July 2023,  about 15 of the 100 largest housing markets are projected to favor buyers. Of the top 10 metros most in favor of buyers come next summer, Colorado Springs is expected to rank third and Denver eighth, according to the index.

Black said markets that have the highest prices and the biggest run-up in prices are most vulnerable to a reversal.  The metros most likely to remain solidly in the seller’s camp are those with a median home price below $300,000. Strong seller markets remain in place in Fayetteville, N.C.; Winston-Salem, N.C.; Little Rock, Ark.; Savannah, Ga.; and El Paso.

The Knock index weighs six measures, including the ratio of the average sales price to list price, number of homes sold, inventory of listings, median days on market, median sale price and the rolling supply of homes in a given month.

Those measures have recently shifted direction in metro Denver after a strong run in favor of sellers during the pandemic. The inventory of homes available for sale rose by nearly two-thirds between May and June and the number of homes sold fell 12.4%, while monthly price gains flattened, according to the Denver Metro Association of Realtors. Between June and July, home sales fell 21.2%, the inventory rose 21.5% and median sales prices fell 2.5%.

Steve Danyliw, a member of the DMAR Market Trends Committee, said the average sales to list price sellers received peaked at a very high 107% in April. By July it was 100.8%, evidence that competition was waning.

“That concept of a lot of buyers paying over the asking price is over,” Danyliw said.

So too are the days where sellers refused to budge on requests from buyers. A separate survey of 449 sellers by Realtor.com found that nine in 10 sellers had accepted buyer-friendly terms and four in 10 accepted contract contingencies, a sign that buyers were gaining more power. No sellers had refused to make repairs requested by buyers.

“The combination of higher mortgage rates and prices have noticeably cooled demand over the first half of the year. In addition, as more homeowners have been listing their properties, rising inventory is motivating more of them to resort to price cuts in order to successfully close transactions,” said George Ratiu, manager of economic research at Realtor.com in a statement.

Black said he doesn’t think the housing market is in a recession, as some analysts have argued. But the market is moving so quickly that sellers may fail to realize they no longer have the advantage they once thought.

Keep reading on The Denver Post.

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Chaffee County Real Estate Market Report from July 2022

Chaffee County Housing Market

Buyer demand pulled back in July as prospective buyers took a closer look at their finances given today’s home prices and higher interest rates. The number of July closings was lower than both last July and last month throughout the county. Although still higher than we saw last July, the median amount buyers paid for a home was 4% lower than last month, which is a sign that home prices are stabilizing. The number of listings that are currently pending sale was 27% lower than last year and 20% lower than last month. Those listings took longer to move off the market, indicating August will bring continued declines.

On a positive note, sellers continue to bring more new listings to the market, giving buyers more choices. At the end of July there were 177 listings actively available for sale, which is 127% more than July 2021.

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Just Listed: Amazing Open Floor Plan in Crystal Lakes

 

Welcome to Clear Lake!

This beautiful modern home is in quite the charming oasis. Enjoy quality time with your loved ones as warm natural light fills your open living room and dining room. You will love preparing a gourmet meal and craft cocktails from your stylish kitchen fully equipped with quartz countertops and stainless steel appliances! Spacious inside and out, plenty of rooms for all your needs whether working away at your standing desk or breaking a sweat on your Peloton. Hang out in the backyard as you best your friends at cornhole yet again or head over to the adjacent park for some outdoor fun. A short ride down Pecos takes you right into the heart of Denver. Or jump on 36 and head up to boulder for a jaunt on Pearl Street, you'll be there in no time. Come enjoy this contemporary and peaceful community with easy access to everywhere you like to be!

Listed by Jimmy Levy for West + Main Homes. Please contact Jimmy Levy for current pricing + availability.

 
 
 

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West + Main Homes
(720) 903-2912
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Just Listed: Great views from front and back in Granby Ranch

 
 
 

Welcome to Granby Ranch!

This .33 acre lot has great views from front and back and backs to open space. Very buildable lot and already has building plans included, soils testing also attached. Utilities at the lot line and paved roads. This is a place with so many activities and events year round which makes it the PERFECT getaway. Ski or golf, snowshoe, mountain bike, camp, fish on the Fraser River that passes through Granby Ranch (this portion of the river is private property and is closed to the general public for all uses), take a guided hike, go horseback riding just to mention a few options at Granby Ranch! The Clubhouse is where you'll find the pool, exercise room and game room. Perfect lot to build your mountain getaway!

Listed by Rachel Cardwell for West + Main Homes. Please contact Rachel for current pricing + availability.

 
 
 

Have questions?
West + Main Homes
(720) 903-2912
hello@westandmainhomes.com

Presented by:
Rachel Cardwell
(623) 451-5823
rachelcardwell@westandmainhomes.com


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