We are constantly asked, when is this market going to let up and have mercy on at least a few buyers? That question is the segue into this weeks reference point. Demographics are playing a huge roll in all this demand and limited supply.
“If you’re hoping for a housing crash to buy at lower prices you could be waiting a long time. There is going to be a steady stream of 20 and 30-somethings looking to put down roots for the rest of this decade.”
Conversely, will there be any help on the other end with Boomers giving up their homes and adding to supply?
“My sense is there will be a pickup in Boomers selling their homes in the 2nd half of the 2020s and lasting until 2040 or so. These homes will be older – and most will need updating – but many of these homes will be in prime locations. We should also see a pickup in retirement community construction during that time period.”
So, there you have it. The long story short, Demand will outstrip Supply for at least 5 or 10 based on Demographics. If you would like to study some more on this here’s where it originated.
Demographics Are Destiny in the Housing Market
In the meantime, what happened this week in Denver’s Residential Market.
|New Listing (1356) This is a great mid-season number. We need more of them back to back!|
|Coming Soon (280) This is up a little bit too!|
|Back On Market (240)|
|Price Increase (197)|
|Price Decrease (505) WOW, what’s happening here?|
|Pending (1904) A very strong number over the last 7 days.|
|Closed (1720) Another strong week at the closing table. Buyers are persistent!|
With all the demographic talk above, markets are still LOCAL, and our local data says, we may have seen the last of “No Inventory” moving to at least a market of “Coming Soon” maybe. Let’s keep an eye on this, and please tune in next week…tc