Good Monday Morning Denver!
Supply, Rates, Elections… Oh My!
Let’s take a close look at the Denver Residential Market. I think it is important for “cooler heads” to prevail. The sky is not falling, but the market is changing. After many years of Denver’s unbridled growth, limited new construction and artificially low rates, we’ve been observing the maturation of this market.
We have more supply than we did in 2017. We are experiencing more price reductions than we did in 2017, and we are seeing an increase in Day on Market than we did in 2017.
With all this being said, last week’s MLS numbers still look pretty darn good.
New Listing (1436)
Back On Market (283)
Price Increase (117)
Price Decrease (1704) Sellers looking to get it done before year’s end!
Under Contract (1498) This is a very strong week. Buyers are busy!
What we are seeing anecdotally continues to be true. Well Presented, Well Located, and Well Priced listings are still selling at a rapid pace. Sellers unwilling or unable to address any of these three hurdles are suffering the effects of increased supply, higher rates and the election season.
We can help! Give us a call, and we’ll be there…tc