This week I traveled to Ouray, Colorado. (Your-Ray for the uninitiated) I have traveled around the famed Alpine Loop. This part of Colorado captures one’s imagination of Men and Women overcoming incredible odds to carve out an existence under the harshest conditions. Laboring to get men and gear up over 10-13,000 foot passes again and again and again had to have been epic!
Well, this week we do not have anything quite this tough to overcome in our residential market, but it is alway something to ponder… Let’s take a look at Denver’s MLS numbers.
We often talk about the “summer malaise” or “vacation season” or the end of the “first half summer slump”. What every you want to call it, the numbers show it is here.
New Listing (1479) Listings keep coming, buyers keep your eye’s peeled!
Back On Market (291)
Price Increase (257)
Price Decrease (1624) This number has moved to “Market Change” status!
Under Contract (1610) This is a nice seasonal number, and better than last week.
Sold (1499) This is a nice seasonal number, and better than last week.
The reason the “Price Decrease” numbers are so alarming is simple. To create all those under contract listings, price improvements had to be endorsed by the the sellers, and agents had to work to get those listings in line with the market place.
So, with another #avalanche of price reductions, we can look for an #avalanche of under contract properties next week, but this is typically not how a market improves.
Don’t get snowed under, give us a call, let’s create a plan and get you out of harm’s way….tc
Dee and Tom Cryer 303-773-3399 Thank You!