Any other year, we would be relishing in the excitement of March Madness NCAA Basketball. We’d be wrapped up in friendly betting pools with the TV in the Lounge at the office tuned into at least one sports channel. BUT, this year, March Madness has everything to do with Denver’s Residential Market Madness.
Any other year, but last year and this year, basketball would be the center of attention. WE can joke about the image imbedded here, but for the buyers in Denver, there is no joy.
Anecdotally, Dee and I put a property on the market as Coming Soon last week. We allowed it to go active on Thursday for scheduling with showings starting on Friday through the weekend with offers in by Sunday evening. We had 45 showings and 4 very valid offers. By Sunday evening, we were all buttoned up and Pending. All 4 offers were well above list price! These buyers had lost out on 4 other properties in the last few weeks, and they were not going to lose out this time, and they didn’t.
I’ve been in the Denver Residential Market for 40+ years. I have been keeping statistics on this market even longer. Never, I’ll repeat; Never have we had a market like this.
Over the last 5 decades we have had a few months to a year of sometimes extreme sellers’ markets, BUT never as voracious, long lasting or as intense as this time around. So, let’s look at the stats for this week. The proof is in the pudding, as they say…
|New Listing (706) This is embarrassingly low!!!|
|Coming Soon (189) This is no better than last week…|
|Back On Market (133)|
|Price Increase (328)|
|Price Decrease (199)|
|Pending (1465) This is a strong spring season week.|
|Closed (1625) Oh my gosh! This would be a strong month end week anytime!!!|
So, what more can I write about? This is #MarchMadness! Make sure you’re betting on the right team. Make sure your tickets are not fakes. Make sure you know who’s holding the money. AND, Make sure you’re practiced and ready for the biggest game in which almost anyone will ever participate.
To be sure, TheCryerTeam@Kentwood.com wants the ball with 5 seconds left in the game. We enjoy being the Trusted Advisor for all your real estate needs. Please do not hesitate to reach out. 303-638-3202, and we’ll be there for you every step of the way…tc