06/08/2021derful #DenverMarketWatch #NationalBestFriendsDay #BuyerFatigue
This week in Denver Residential Real Estate, we are starting to see some recognizable changes with the supply shortage. This supply shortage may have reached the bottom??? Now, I’m not saying supply is going to race away, but these unreasonable levels over the last few months have created a lot of #BuyerFatigue in Denver and across the country. How do the numbers look this week? Let’s start with something a little different today. There are 1,836 Active Single Family Residences currently available in the 11 county Denver Metro reporting area according to our MLS System. This number has not strayed far from the 2,000 line all year, but the last 3 out of 4 months it’s been at or below 2,000. No wonder buyers are lining up for a showing, but the leading indicators of Coming Soon and Back On Market are UP, week over week. Maybe this is a good sign for buyers finally, or at least something to hope for, and we all need something to hope for…
Now specific to the last 7 days, the market, we are potentially seeing a glacial shift.
|New Listing (1292) Each week, this number is bumping up. Is this a sign?|
|Coming Soon (256) Pretty close to last week which was a little bit higher.|
|Back On Market (205) This is a leading indicator. If buyers walk away, what’s next?|
|Price Increase (281)|
|Price Decrease (372)|
|Pending (1941) A very strong number! NOT much #buyerfatigue here…|
|Closed (1817) Once again, no #buyerfatigue here either.|
With all this to hang our hats on, the prospects of balanced market are well into the distance of time, but hope springs eternal for the buyers facing fatigue. Right?
As you know, we watch these numbers weekly, so keep checking in to see where we might be going next.
Anecdotally, Dee and I were able to put 2 of our buyers submitting contracts this weekend Under Contract! By strategically aligning them with current market conditions and property type, we were able to negotiate from a position of power. One fact is simple; being CREDIT APPROVED set them apart from the other buyers competing. Being credit approved makes a buyer look as good as a cash buyer. Take the next step. We’ll show you how…tc