Let’s get right into it this week. By the numbers, there are a few very interesting things going on.
First Note; it took 265 Expired Listings, 227 Withdrawn Listings, and 1,594 Price Reductions to obtain 1,441 Under Contracts this week. This means 2,086 Sellers made significant changes to their Listing to obtain just 1,441 Under Contracts. This is the widest disparity I’ve reported this year.
Second; 1,940 New Listings came on the market. This is 500 more new listings this week than last week. Once again, this is the largest number jump I’ve witnessed this year!
What does it mean? We have the lowest interest rates right now than we’ve had all year. This is a typical seasonal number of Under Contracts, but the number of New Listings is way out of balance compared to previous weeks.
New Listing (1940)
Back On Market (279)
Price Increase (91)
Price Decrease (1594)
Under Contract (1441)
Now more than ever this year, we need to watch this very closely. Is this an aberration, or is this an early indicator of a significant market change? Only time will tell. Let’s Bookmark this post and revisit it later in the year.
In the meantime, do you want or need a Millennial Mansion? Most of us don’t. Just the thought of a house or home too big is frightening for most. Who wants to take care of it, and who wants the hassle? Is #Greenland too big? Who remembers Seward’s Foley?
“U.S. Secretary of State William H. Seward signs a treaty with Russia for the purchase of Alaska for $7 million. Despite the bargain price of roughly two cents an acre, the Alaskan purchase was ridiculed in Congress and in the press as “Seward’s Folly,” “Seward’s icebox,” and President Andrew Johnson’s “polar bear garden.”
Interesting times we live in, but are they any more interesting than 1867? “Manifest Destiny” was still a dream of just a few. But, how would the USofA look today without those in favor pushing the idea for years?
In no way am I suggesting the US needs or should want to “buy Greenland”, but it serves as an example of interesting times. The one thing the study of history allows us to do is to compare and contrast. There have been battles over all sorts of “Land Grabs” everywhere for centuries. It will never end. It’s human nature for some to live in that “mansion”.
In the meantime, if your “land grab” includes a new home or requires that you sell a home, Dee and I are here for you every step of the way. TheCryerTeam@Kentwood.com and 303-773-3399. Don’t hesitate to reach out to us. Thank you…