I think the 1960s band of Buffalo Springfield sang it best, “I think it’s time we stop, children, what’s that sound, Everybody look what’s going down…” It was the beginning of “folk rock” and everyone was looking for a message.
Today’s message #BytheNumbers. Denver’s MLS reports 1,513 New Listings with just 1,253 Under Contract and even fewer closings at 1,005. Granted, it was a “holiday week” on either side of Labor Day, but we have had enough successive weeks in row now to see “what’s going down”…
Several factors are at work here. First, a typical seasonal movement toward a supply and demand ratio leaning toward the buyer’s favor. Second, we watched the Denver Market crank double digit appreciation for a number of years, and it is simply natural for things to “cool off”. And, finally, there is an incredible number of rental opportunities coming to market, and some buyers are just “waiting it out”, again…
New Listing (1513)
Back On Market (250)
Price Increase (175)
Price Decrease (1561)
Under Contract (1253)
Sellers offered up 175 price reductions which is substantially down from previous weeks. Let’s see how this looks now that summer is over, school has started and fall is fast approaching. Next weeks blog post will be telling. Stick with us!
Remember, we’re here to help you see “what’s going down”. Pick up the phone, text us, or email us to start a dialogue for 2020. It’s never too soon to start planning…tc
Dee & Tom Cryer 303-638-3202 or TheCryerTeam@Kentwood.com