As we turn the corner on summer and move toward fall, I can say unequivocally, this market is off the charts! This week’s MLS numbers come to us with record low new listings and extremely high under contract and closing numbers. The pent up demand in this market has not been satiated.
Megan Aller writes; “The competitive nature of the Denver Market post COVID-19 quarantine in July reported that 23.8% of closed transactions sold at a full price offer with 40.5% selling over asking price.”
The depth of this market is also remarkable. Dee and I are seeing numbers in the market over $1M showing strength beyond years in recent memory. Under Contract listings over $1M were almost double the same time last year (2019).
So, let’s take a look at all the excitement!
New Listing (1278) This is too low! We need more listings!!!!
Coming Soon (180)
Back On Market (274)
Price Increase (215)
Price Decrease (953)
Pending (1912) This is a tremendous number; Herculean in fact!
Closed (1528) A record number by no means, but still very strong!
Dee and I have been sittings at a number of “kitchen tables” in recent weeks. Sellers are making the initial steps to ready their homes for the market. We always have something new coming up, so don’t hesitate to ask.
Well, what does all this mean to you?
If you are a seller, this is the perfect market to be a seller! Buyers are waiting in line to buy. Interest rates are teasing buyers to “pay more”. Finally, Inventory is so at an all time low. As a seller, your Listing will be alone on your street, but buyers will be lining up assuming price, condition, appeal and location appropriately converge.
If you are a buyer in this market, you’ll need to think like a seller. The seller wants to know a buyer will close. As a buyer, you want a lender who will go to bat for you and be your advocate. You will also want to know your market. Do your homework, and lean in on your chosen Broker to lead you through the process. Finally, your income, credit score and downpayment need to be transparent. Get your house in order! As a buyer in this market, you need to place yourself into a position of power. A weak buyer in this market is going to lose.
If you are struggling with what’s happening on Wall Street or Main Street, Dee and I are here for you. Tom loves to talk about individual stocks. Owning a part of a great American Company gives him a lot of pride, but owning a piece of America is a feeling you can’t get from anything else. Being able to walk in your front door and say, “I’m home”, is simply an incredible feeling. The grass needs to be mowed, the gutters need cleaning and the garage is a mess, but you are home! It may be great to own a few shares of #Amazon or #Tesla these days, but in the long run, the feeling of #homeownership is seldom duplicated by anything else.
So, let’s talk about your plans, your goals, your dreams, and let us be your trusted adviser homeownership business. From our “concierge” list of services, to our attentive natures, our professional approach to the process leaving no loose ends, you will not be disappointed with your Realtor choice. We want to be your trusted advisor and source for all things real estate.
In the meantime, get outside and enjoy Colorful Colorado…tc
TheCryerTeam@Kentwood.com Dee and Tom Cryer 303-638-3202