Over the last 7 days, our Denver MLS System has reported the following changes of Demand and Supply. With rates holding steady to lower in the last 7 days, demand remains strong.
|New Listing (1336) This is a GREAT number and up over recent weeks!|
|Coming Soon (284) This number is hanging strong.|
|Back On Market (177) This is holding steady at about 10%.|
|Price Increase (274)|
|Price Decrease (432)|
|Pending (1992) It just seems like demand is limitless!!!|
|Closed (1565) Certainly a strong week, but not record breaking. Buyers and Sellers are still getting it closed.|
Let’s put this in perspective with some macro data.
Last June we had around 6,800 Single Family Listings Active in the 11 county Denver Metropolitan Market. Today, we have 2,000! As you can see above on the previous graphic, inventory is now just barely keeping pace with demand with a ZERO buyer choice market.
As previously discussed this is causing “Buyer Fatigue” and I almost think more importantly, this market is bringing out “Seller Greed”. I still believe any seller allowing just a 15 minute window for showings is doing more damage than good. I’ve seen this market turn on a dime. Rates, Employment, Market Crash and Affordability can move a market almost overnight. The least a seller could do in a market like this is allow reasonable time slots for showings. I would suggest at least 30 minutes. We were showing an out of town couple a $2M+ homes recently with a 30 minute showing window; this is hardly time to get to the basement. Let’s stop and think about our actions. Thank You!
In closing today, who knew a Pekingese named #Wasabi would win overall at Westminster? I sure didn’t. Enjoy the rest of your week…tc