Denver Market Watch with 2020 Vision 12/15/2020

#IfMyLifeWasaChristmasMovie” is trending on Twitter this morning. This caused me to pause. After a few moments of reflection, I said to myself, “My life is a Christmas Movie”. I didn’t even have to spend the night in the wet and cold like Jimmy Stewart to realize this fact. Now, in now way am I bragging. What ever has happened in my life, has been the result of the people around me. My wife, my children, their children and the business associates to which I have aligned myself and the clients, yes our clients. Advising with the home sale or the home purchase process, in my humble opinion, is THE most insightful event. Long story short, I hope my Christmas Movie will play over and over again for many, many more years, and I want to thank each and everyone of you, and there is no question, we enjoy watching your Christmas Movie too!

But, most of you click onto this post to read about the market and not to see me wax poetically about human nature. As the 2020 closes out, I’d like to offer some vision into 2021. I feel like a broken record, however, when it comes to the Denver Residential Market. Once again, Under Contract Listings and Closed Listings far out strip Active New Listings. Think about this for just one moment. Between contracts and closings, we are in the neighborhood of 2,600 transactions in the last week with only 653 New Listings and the anticipation of 52 Coming Soon Listings. Can you say, “Shortage”?

New Listing (653) Inventory continues to be insufficient for current demand.
Coming Soon (52)
Back On Market (157)
Price Increase (218)
Price Decrease (345)
Pending (1229) This would be a strong week in July!
Withdrawn (187)
Leased (63)
Closed (1385) This is just incredible!!!
Expired (169)
A Clear Vision for 2021

NOW is the perfect time for Buyers and Sellers to be making their plan for 2021, but making a plan without a Vision is tough. We understand that. Here’s my vision for 2021. A Clear, Concise and Cogent look into Denver’s Residential Market for 2021.

  1. Rates will remain low. 30 Year Fixed Rates will not go higher than 3-3.5%.
  2. The supply of homes will remain extremely low, but builders will start to catch up in the 2nd half of 2021 in some of our suburban markets.
  3. Buyer demand will remain strong. Lifestyle locational amenities will be a strong attraction for them. Schools, Pools and Entertainment weigh heavily on demand.
  4. Denver’s employment trends may be even stronger in 2021 now that the vaccine has arrived. Denver’s Geographical Location and Lifestyle Opportunities are not going away.
  5. Sellers will finally have more choices in the move up price ranges allowing them to be more confident about a “convenient” sale. This means more supply!
  6. AND, Dee and I will be here to advise and assist; before, during and after the sale.

Education is power! The source of your knowledge is important. Take the time to understand this market. We have so many ways to converse. Let’s take advantage of the seas while the waters are calm. Going into this market with a position of power is the right course of action. Let’s talk… or 303-638-3202

About Tom & Dee Cryer

Your Trusted Advisors in the Homeownership Business!
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