Good Morning Everyone!
My brother, Cliff, would have been 73 today. If you’ve lost a sibling, you know what this means. In his honor, in my world, this will be Clifford L. Cryer Day. Please let him be part of your day too!
This week in the MLS has been clouded. All over the press, there have been stories proclaiming “This is the end of the housing boom”... or something like this. I’m here to tell you, IT’S NOT TRUE! Buyers in Denver Metro are still suffering from a lack of inventory and competition from buyers of all types.
|New Listing (1345) Wow! This NUMBER is so LOW! “Come on man”, sell your house!|
|Coming Soon (197) This number has even backed off.|
|Back On Market (259)|
|Price Increase (191)|
|Price Decrease (719)|
|Pending (1840) It’s hard to believe buyers can even find this many properties to go Under Contract.|
|Closed (1626) Once again, buyers and sellers are getting to the closing table!|
The Chart below spells it out. We were short of inventory a year ago at 5,000 active listings and we are really short of inventory with +/- 2,500 active listings. Remember, we are a Metropolitan Area of +/- 3.25M people. Choice does not exist. Not only do buyers have to compete for a home, they have little to no choice.
Long story short, there’s no bubble “right around the corner” in Denver. Until long term rates move higher than 3.5% and settle above 4%, Denver’s residential market will remain a “Seller’s Market” and Buyers will be the ones compromising.
URGENT! IF YOU ARE CONTEMPLATING MOVING, WE NEED TO CONNECT. PLEASE CALL, TEXT, EMAIL, SMOKE SIGNALS… WE NEED TO TALK…TC
Tom Cryer, SCRP
THE CRYER TEAM
Kentwood Real Estate
4949 S. Niagara St. #400
Denver, CO 80237
RIP Cliff Cryer