#DenverMarketWatch 2/19/2018 #ShortSupply

Supply vs. Demand

Supply vs. Demand

Good Morning Everyone!

Once again, New Listings are up for the week, BUT can you see it?  Under Contracts are killing it!

Never fear, Dee and I have 4 new listings #ComingSoon.  #GreewoodHills, #HomesteadontheParkway, #RidgeviewHills and #HarvardGulch.

As you can see, we are doing our best to keep up with demand, but we need more active listings!

New Listing (1144)  Nice add to supply…
Back On Market (176)
Price Increase (121)
Price Decrease (474)
Under Contract (1447)  WOW, another HUGE week of activity!
Withdrawn (114)
Leased (34)
Sold (941)  Closings are down from last week, but still strong.
Expired (151)

When all is said and done, the big picture still looks extremely bright for the Denver Residential Market.  That being said, there are still going to be pockets where market conditions are stronger and weaker than the averages.  Please keep this in mind, and don’t be hesitant to give us a call and hear our take on the Denver Market.

 

 

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Denver Market Watch 2/13/2018 #Denver

22334 E Idyllwilde Dr Parker-print-034-39-Koi Pond-2700x1800-300dpiCan you believe it?  923 New Listings this week with 1,500 Under Contract…  This is living proof, listing earlier in the year brings faster sales and higher prices.  As my mother would always say, “Make hay…”.  So, what does this mean?

If you are a potential seller, call us!  Call us sooner rather than later.  Low supply makes your home stand out.

We wrote an offer this weekend in Castle Rock.  The list price was $700,000.  We offered $715,000 and lost out to a buyer offering well over $730,000.  No question this was a great house.  Buyers are ravenous for the right house in the right location at the right price.  Timing, Timing Timing!

New Listing (923)  This is a shortage!
Back On Market (188)
Price Increase (134)
Price Decrease (502)
Under Contract (1500)  This is a super week.  String 4 of these together, and you have a record month.
Withdrawn (87)
Leased (28)
Sold (863)
Expired (134)

2018 Should be your year to “Make it happen”.  If you are contemplating moving up, making a first time buyer purchase or moving to more accomodating surrounds, let’s talk.  Call sooner rather than later.  Timing, Timing, Timing…

By the way, We just listed one this morning where we sat down with the sellers almost a year ago to develop a plan.

LISTINGS COMING SOON:

Harvard Gulch Golf Course:  Around $500,000

Homestead on the Parkway:  Around $1,250,000

Orchard Hills:  Around: $1,600,000

Ridgeview Hills North:  Around $420,000

 

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2018 Winter Olympic Schedule #Olympics2018

This is the easiest and quickest guide to the Winter Games:

2018 Olympic Schedule - High Res JPEG

USA USA USA USA USA USA USA!!!

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#DenverMarketWatch 2-5-2018

Supply vs. Demand

Supply vs. Demand

Once again, Under Contract Listings have exceeded the supply of new incoming listings by more than 20% over the last 7 days.  We

New Listing (1038)  Still, Not enough new listings!
Back On Market (191)
Price Increase (191)
Price Decrease (388)  Let’s keep an eye on this one.
Under Contract (1373)
Withdrawn (105)
Leased (28)
Sold (1006)  This is a great week for so early in the year.
Expired (344)

Dee and I have been very busy.  This is a good thing!  Sellers are gearing up for the new “selling season” and buyers are getting their paperwork in place.  We always have something coming on the market.  Don’t hesitate to call and keep an eye out for our “Coming Soon” updates.

 

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#DenverMarketWatch 1/29/2018

Bullish on Homeownership

Bullish on Homeownership

Wow!  Let me apologize right up front.  What more can I say.  This market is not letting up.  Take a moment and look at our MLS activity over the last 7 days.  Remember, this is January, the first month of the year.  Yes, we are still bullish on the market.  All the signs are present.

New Listing (910)  This is way too low for a market heading into a spring selling season!
Back On Market (146)
Price Increase (120)
Price Decrease (374)
Under Contract (1325)  400 More contracts than New Listings.  We will run short of inventory again this year.
Withdrawn (102)
Leased (24)
Sold (746)  Typically, there is a +/-30 closing window.  There was some major activity during the holiday season.
Expired (147)  We keep this from happening by offering our sellers a unique tracking system taking all the major real estate sites into consideration.

When all is said and done, the Denver Market is setting itself up again for another run of short supply, multiple offer activity and price appreciation.

Rates are still low, rents are still high.  It just might be the time to be a seller and a buyer.  This is a great move-up market!

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#AndTheWinnerIs #DenverMarketWatch 2018

Piece of the PieI will not make you wait, Denver County hits it out of the park for 2017, as well as years past.  It’s attached style living units’ dollar volume is increasing every year.  The chart below outlines the Winner and those that are close.  The percentage of the market highlights that differential with Detached and Attached Living Units.

With all the “Infill” development taking place within our urban core, Denver will continue to lead this trend in the foreseeable future.

Residential Dollar Volume All Types by County

County Name

Residential Dollar Volume Detached Single Family by County % Of the market Detached Single Family

$6,281,852,469

Denver

$3,970,683,931

63%

$4,864,641,223

Arapahoe

$3,823,704,429

79%

$4,531,403,007

Jefferson

$3,783,029,034

83%

$3,955,969,441

Douglas

$3,561,941,577

90%

$2,922,261,953

Adams

$2,453,606,850

84%

$1,538,425,011

Boulder*

$1,289,737,378

84%

$24,094,553,104

Total

$18,882,703,199

78%

*Boulder County Reports to REColorado and IRIS MLS Systems.  This report only includes REColorado.

The overall market being 78% Detached demonstrates the transition over the last 10 years toward more attached living units coming into the marketplace.  We predict this trend will continue in the years to come due to the high cost of land in this market.

If you have any questions, please reach out.  Thank you!

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#DenverMarketWatch 1/17/2018

Supply vs. Demand

Supply vs. Demand

OK, we’re back to putting more under contract that we list.  Dee and I have been fielding calls during these first two weeks of the year from potential buyers.  Where are our sellers?  We need listings!

As you can see below, we placed 400 more listings under contract than came to the market.  This is killing us for our buyers.  If you have any intention of selling Denver Real Estate in 2018, now is the time to get started.

New Listing (890)  This is too low!  WE NEED LISTINGS…
Back On Market (188)
Price Increase (202)
Price Decrease (432)
Under Contract (1312)  400 More than new listings, NO SUPPLY…
Withdrawn (136)
Leased (32)
Sold (947)  Strong first couple of weeks in this new year.  More to come…
Expired (228)

As we move into 2018, let’s keep an eye on this phenomenon.  If supply goes much lower, there will be bidding wars like never before.  I can’t over emphasize what a great time it is to be a seller.

As always, this data is straight from our MLS System.

 

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#DENVERMARKETWATCH SINCE 2008

I’ve been reviewing the last ten years to make sense of it all.  Sometimes, when one is in the trenches day in and day out, it becomes difficult to see the forest for the trees.  With a little investigation, however, there is much to be learned from this chart.

LAST 10 YEARS LISTINGS VS SALES

During 2010, we had an incredible incoming supply of New Listings, but our lowest level of demand was fueled inventory into 2011.  As we came out of the national recession, demand started to increase.  By 2013, “peak demand” had occurred, BUT, by 2014, inventory had declined to a point where we have now arrived at the start to a new year with limited supply and what appears to be insatiable demand.

Now, this is data from the 6 major counties surrounding Denver and not extending into Boulder on the north or El Paso on the south.

So, I’m going out on a limb, and I will unequivocally predict that demand will continue at current levels, but I think this year will see inventories increase around the edges.  Why?

Three main factors for more inventory and a slow down on price appreciation.

  1. Interest rates are going to inch up.  This will take some buyer’s out of the market.
  2. Affordability issues have already started to make an appearance.  In lower price ranges, buyers are already renting or staying in their rentals rather than “fight the battle”.
  3. Last, but not least, new inventory is making its way to the market.  Builders are catching up with demand.  “Flippers” are not seeing the profits once found from their sinister acts.  This inventory may make it “as is” to the market for those adventurous owners.  And finally, this is my own opinion, the “Boomers” are going to finally give up on homeownership.  They will move to assisted living, in with family or out of state.

None of these items are going create huge margins of inventory, but they will make a dent, and we will take a “breather” for 2018.  With that being said, there will still be plenty of enclaves attracting multiple offers.  Close in 1st Tier communities will enjoy stronger demand than more removed 3rd Tier locations with longer commutes and builder competition.

With all this being said, Homeownership is an important component of any family’s pursuit of stability.  This chart of Average Sales Price over the last 10 years speaks to this well.

Average Sales Price

Embrace the market.  Now is the time to be a buyer, and it is still a great time to be a seller.

 

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#DenverMarketWatch 1-8-2018

Profile Artistic ImageAs the new year begins, everyone is ready.  The rush to be the first new listing on the market is upon us.  The buyer who has been without dreams of the “sugar plums” of fresh inventory on a landscape of low interest rates and little or no competition.  Well we didn’t get a foot of fresh powder, but we are getting some.  We could absorb about 2,500 new listings overnight.  Denver picked up so many “Top Ten” awards in 2017, is there anything left for 2018?

New Listing (826)  This is unique in recent years.  More new listings than UC’s.
Back On Market (192)  Off for the holidays but back now.
Price Increase (183)  Buyers still bidding up listings.
Price Decrease (314)  Overzealous?
Under Contract (822)  A great week coming out of the holidays.
Withdrawn (96)  Giving up so soon?
Leased (24)
Sold (858)  Who closes during the first week of the new year?
Expired (891)  Who can’t get them sold in this market?

With the first week behind us, we have 51 to go.  Follow along for my clear, concise and cogent analysis of the Denver Market.  We always love to hear from you.  What are you seeing, what is happening in neighborhood?  Do you have a new favorite place?

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“Starting from Zero”, Really?

A common expression in this business has always been “A New Year and We’re All Starting from Zero Again”.  I’ve always understood the truth in this, but at the same time, I always believed a job well done in 2016 created referrals in 2017 and so on.  That’s the truth of the matter.

Starting from ZeroAdditionally, as I observe this business change from a relationship based business into an internet lead “poptart” business to some degree, it has really always been this way.  Back in the day, today’s internet lead was called a “Floor Call”.  The floor call has become the push of a button on Zillow or Realtor.com.  We are starting to observe the unintended consequences of this consumer behavior.  In a real estate transaction, there is nothing more valuable than having an advocate.  The push of a button is easy, but a real teammate in invaluable when the waters get rough.

We are starting to sit at the “kitchen tables” of sellers this week.  They’ve have the perception appreciation has blessed them, and now they are ready for more.  Denver’s been good to us… Now is the time to make a plan.  Failure to plan is a plan for failure!

So, when the year starts over, we really aren’t starting from zero again, we really are the accumulation of experiences, contacts, clients, participants and more.  People are always watching us; all of us.  When good has been observed, that does not go unnoticed, and so often, what goes around comes around.

So as we “Start from Zero” one more time, let’s continue to become that participant with years of experience and not the one with one year of experience many times.

Let’s schedule some time to create your real estate plan in 2018.

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