Good Morning Everyone!
Since I have begun posting this on Tuesday Mornings now, I have a bit more time to put this together, and more credible data too. Capturing the weekends’ work really only happens by Tuesday. I like the change, I hope you will too!
Let’s look at each number and what it means:
New Listing (1513) The number of new active listings. 1,513 is typical for this season.
Back On Market (280) These are listings that were under contract, but now are back on the market due to something related to buyer and seller negotiations or property issues.
Price Increase (115) As you can see, this is not common, but it does happen. A property is listed, goes under contract for a price higher than list price and then the broker changes the list price to something higher than the contract. Not sure if this is a good practice or a bad practice, but it does happen.
Price Decrease (1469) We have observed so many sellers starting out believing their property is something it is not, and ultimately, the price reduction is the only recourse to “get back in the market”.
Under Contract (1665) Once again this week, this is a great number. Anything over 1,500 is a great week. Listings Under Contract make the market relevant!
Withdrawn (162) Once again, occasionally, a broker and a seller part ways or change paths, the withdrawing the property from the market is the sensible thing to do.
Leased (43) This is a trivial number, but it is growing. Some clients want to keep a toe in the market by leasing rather than selling.
Sold (1327) Sold and Closed Listings make the Realtor happy! Whenever this number is over 1,000/Week, we have a healthy happy market…
Expired (195) This is a MEAN number. When sellers give up, it is never a good thing. Sometimes they are relisted, but other times, the seller stays on the sidelines. We watch this number very carefully. It can predict the future!
Well Fans, my little discussion above hopefully keeps you interested as we move deeper into the year. These numbers are from the 11 counties directly surrounding the Greater Denver Metropolitan Area. Some say this area is too large, opponents think it should even be larger. For now, it is what it is, and we like it!
Anecdotally, Dee and I have had a very healthy start to the year. With that being said, we are seeing signs of buyers being priced out, and frustration from multiple offer scenarios. We’ve seen sellers dig their feet in and wait, and wait and wait. With this being said, the smart sellers are watching the numbers and staying in the market at a prescribed list price. The buyers willing to go the distance and run the marathon to the finish are happy they did.
Homeownership is important. It makes our communities strong, it makes our schools better, it makes for respectful neighbors and safer neighborhoods. When society has “skin in the game”, it makes the community at large better too. If you are searching for something to believe in, believe in Homeownership!
Just like everything in life, sticking with it through to the end is what makes champions. In our own way we can all be champions in this world. I heard Kevin Bacon say this the other night on TV. I stole it the moment I heard it. There is no secret to longevity, longevity is the secret! KB 2019…