Good Morning Everyone!
This is going to my my anecdotal rant on the market 8/6/2018, today. A few years ago, I wrote about our bifurcated market. What I meant then as well as today is simple. We have a HOT MARKET, and we have a not so hot market. For instance, I was showing homes on Saturday under $600K east and west of Denver University. Most everything we viewed was physically old and tired, but some of it was well priced and I’ve been notified that at least one has a full price offer in place.
So, under $600K around DU is HOT. We can sell not so nice properties around DU with not much effort. Other price ranges and neighborhoods might not be so hot.
As we creep up in price and move away from the city center, demand is not so crazy, activity not so brisk and price appreciation may have left these market segments for the time being. On the surface these stats are very strong, but is there a crack in the dam?
Weekly MLS Stats 8/6/2018
New Listing (1746) Interesting to note New Listings vs. Under Contracts vs. Sold…
Back On Market (355)
Price Increase (177)
Price Decrease (1578) As we reported last week, earlier in the year this number was 300/week. This is a “bellwether” number. It may be predicting the future!
Under Contract (1776) This is a very strong week.
Sold (1815) Wow! This is a good week!
So, what does all this mean? In the last 5 years, there has never been a more important time PRICE APPROPRIATELY! Heard last week: “The market is smart, you can’t under price a listing“. Effectively, in today’s market, it is not the time to price ahead of the market. In fact, it may be the time to price behind the market. Historically, buyers are seeking a home value at last years prices and a seller is seeking a sale price at next years prices. Don’t swing with the market, your list price strategy should lead the way to success.
With rates inching up, election distractions, global tensions and the bifurcated market trends noted above, it just might be the time to reach out, discuss your plans, become armed and ready for what’s to come. We do it all the time, come stop by our new office and we can make it happen for you too! TheCryerTeam@Kentwood.com
Great insights from a guy actually immersed in the Denver real estate market full of sub-sets. Some still strong. Some not.