As many of you already know, I have watched the stock markets closely for years. It is so much different than Denver’s Residential Market. Residential markets have “need” built into the equation. Shelter is part of the game. There is no need to invest in the “market”. One may “want” the returns available on Wall St., but no one “needs” to to invest.
#MainStreet vs. #WallSt
On the other hand, the purchase of a home is just that. It is shelter, security, lifestyle and geography. Oh yeah, it has direct contact with people. Buyers and Sellers bring their own unique Needs, Wants and Budget Constraints to the process. By adding people to the transaction, I would argue, the residential transaction is far more complicated and wrought with hurdles.
I could also argue, however, the residential market has some similarities to Wall St. Wall St. has the company of the month, flavor of the month and even the day. Residential markets have the neighborhood of the week, month and year too. Residential markets are very interest rate sensitive; as is Wall St. The 10 year note is followed by everyone involved in both markets. Who can borrow what, at what rate, and for how long? On either Street, life is complicated, and challenging. Keep your eyes on rates.
So, what happened in the Denver Metro Area this week? We’ve seen a big jump in New Listings. The 7 day moving average shown below actually bumped into 4 digits for a day or 2 over the last 7 days, but still settled in about 30% higher than last week. Finally, some good news for buyers. Just like life, the market finds a way….
|New Listing (853) Over the last week, we are starting to see some give in the market.|
|Coming Soon (176) This does not serve the buyer well. This number needs to grow!!|
|Back On Market (143)|
|Price Increase (318)|
|Price Decrease (237)|
|Pending (1676) This is a mid-season number still showing incredible strength!|
|Closed (1330) We are seeing a strong seasonal growth in closings each week.|
I am often caught saying, “If it was easy, everyone would be doing it”. To be down right honest, moving is a hassle, buying a home is intrusive and fighting for a place in this market is clearly intimidating. This is where we come into the process. We have been the trusted advisor to hundreds of buyers and sellers over the years in all types of markets. From Foreclosure Sales to Short Sales, from Over Supply to Short Supply and even in a good old fashioned balanced markets, we’ve been there every step of the way.
If it is your time to dip you toes into the residential pond, please reach out to us. Dee and I would love to make the process more comfortable for you and yours.
AND, if you would like to never miss one of these Tuesday Morning Masterpieces, please subscribe. I love writing these, and your subscriptions will give me the motivation to persevere…tc