Supply vs. Demand

Good Monday Morning to You All!

Please follow along below.  This is the MLS update for the Denver Metro Area for the last 7 days:

New Listing (1600)  Another typical week on this side.
Back On Market (313)
Price Increase (131)
Price Decreases (1903)  Wow, this number is BIG!  Sellers adapting to the market quickly!  They want it “done” by year’s end!
Under Contract (1523) Typical of the last 6-8 weeks.  Still strong!
Withdrawn (259)
Leased (38)
Sold (1301) This is a little bit lower than expected.
Expired (558)

So, I would I characterize this market?

First, buyers are still very active and well priced, located and presented listings are still going under contract very quickly.

Second, listings with “issues”, Location, Physical Limitations, Condition, Appeal Factors, Dated, and basically not meeting the market’s expectations are being critically reviewed by buyers, and as a result, are experiencing extended marketing times and subsequent price reductions.

Third, we have to remember, “The market is not always kind”.  What was in high demand last month, this yesterday’s news today.

So, in closing this week, the #MondayMarketUpdate paints a picture of a busy market.  Buyers are our there.  They are intently and strategically looking.  Long story short, we better get it right the first time, or buyers will walking away.

In this meantime, if you have plans to buy, sell, move, buy a 2nd home, have family needing help, we can assist all over the world with the largest network anywhere.  Please let us help.  303-773-3399  TheCryerTeam@Kentwood.com