We enjoy living, don’t we? We enjoy Mother’s Day, Father’s Day, and Bigfoot Day. There is always a “Day”. Soon, there will be no regular ordinary everyday Days left. I’m sure today in Boston is the Celtic’s Day. Congratulations NBA World Champion Boston Celtics!

I follow a dozen or so X Accounts pretty regularly. These accounts range from our President to our Governor, and everyone in between. Some are for fun, and some are downright too serious, and I have to look away. There is one thing in common, particularly from the political accounts, #NameCalling has become pervasive! It becomes void of content or ideas. It is just name-calling. If name-calling is all you can offer, you are not offering much (However, I do giggle sometimes). Let’s all try to be a little more thoughtful. Thank You!

This week in our Denver MLS System, the last 7 days have been very interesting.

Denver Market Watch

New Listings
1598 Holy Moly, this is the most New Listings in a 7 day window this year!
Coming Soon
247
Back On Market
261
Price Increase
78
Price Decrease
1939 Holy Cow! I’ve never seen this many price reductions in a week!
Pending
1272 This is a nice strong week, but in light of all the new listings, this should be higher.
Withdrawn
185
Leased
72
Closed
1069 This number has always been higher by this time of the year.
264

We have learned in 7 simple days, this market has switched from a level of balance to a complete imbalance. Let’s take a look at Total Active Listings now. This will tell us how fast we are moving toward or if we are moving toward a Buyer’s Market.

Total Active Single Family Listings as of 06/18/2024.

To watch the numbers from this market week in and week out, and then all of a sudden to see a jump like this is surprising to say the least. Moving up to 7,699 (7,700) Active Listings has not been seen since July, 2014. We are going in on a wild ride folks. Fasten your seatbelts and raise your tray tables. Turbulence has just taken over the show!

We have increased from 4,591 in January to 4,960 in February to 5,039 in March to 5,669 in April to 7,335 at the end of May, and now 7,699 as we move deeper into June. Last year at this same time, we had about 5,440 Active Listings. This is a dramatic change in a short time. Is the “Black Swan” nipping at our heels? When will we declare this to be a Buyers’ Market? Clearly, with the number of Price Reductions, the increase in Active Listings, and Pending/Closings not keeping up, I am going to formally declare Denver has become a Buyer’s Market. Remember, residential real estate is ultra local, and all neighborhoods do not react to market friction the same way.

And, that is why, Dee and I are here to assist, guide, and educate you on the trends, the neighborhoods, and when it might be best for you to dip your toes into this market. Please reach out to TheCryerTeam@Kentwood.com