August was record breaking in many ways this year. Denver was hot. Not only on the thermometer, but hot in transactions with residential real estate. The stock exchanges were also record breaking; up in a big way.
But, now it is September, and it is snowing in Denver, the thermometer has moved to COLD overnight, the stock exchanges have “burst”, and it’s a brave new world.
I see good news everywhere. I went to the dentist this morning; business as usual. Dee and I had a haircut last week. Dee and I went “out” to dinner. Everyone at the grocery store is wearing a mask. People seem less fearful.
Overall, the mood of the market is very strong, and this weeks MLS numbers below confirm this notion.
New Listing (1164) Still a major concern! No new inventory!!! Coming Soon (177) Back On Market (274) Price Increase (325) Price Decrease (796) Pending (1720) A strong weekly number not unlike August. Withdrawn (167) Leased (70) Closed (1500) Another strong weekly number. Strong enough to set records! Expired (415)
We will not be posting an update next week. So our next post will be September 22nd. Let’s hope we have some strong numbers to finish out the 3rd Quarter.
Stay Safe, Healthy and Remember, the Realtor you choose does make a difference…tc
A new week, but the same old story. Not enough New Listings, but very strong Pending activity and another week of very strong Closed numbers; Denver is resisting all the economic pitfalls of both coasts. “Fly-Over” Country is winning!
New Listing (1227) Not enough! Coming Soon (190) Back On Market (306) Price Increase (385) Price Decrease (985) Pending (2071) Very strong demand!!! Withdrawn (199) Leased (111) Closed (1808) A very strong number here! Expired (235)
Let’s talk antidotally this week. We are observing the awakening of corporate and agency relocation again. We are logging calls from “Lifestyle” movers. We are seeing younger generations reaching out to buy their first home; triggered by interest rates and family support. This market is broad based in all price ranges, well supported by its diversity of age and economic strength and its move up market is well funded by years of positive appreciation. Denver is that “enigma, surrounded by a conundrum wrapped in a riddle”. Long story short, there is no bubble in sight.
The successes we have logged this year all share a cooperative partner seeking a well executed plan, a defined timeline and the desire for change. We can assist you with the same kind of professional service as your trusted advisor. Let’s discuss your plan of action today!
Denver is seeing new construction starts catching up with market demand. Rates are making those big bathrooms, walk-in closets and three car garages very affordable!
Homebuilder sentiment is at its highest level since 1998, starts are up 23.4% Y-o-Y, all-important single-family starts are up 7.4% Y-o-Y, and overall starts are up 4.7% YTD! At the current rate of 1.496 million, starts are nearing their best level in 14 years! Topping it off, existing sales are at their best level since 2006 and are down just 5% YTD! If only the rest of the economy…