Good Morning Everyone,
Denver’s Residential Market continues to soldier on in spite of the media’s charge to kill the market. I counted 5 articles between this week and last week extolling the end of Denver’s Booming Residential Market. This week’s data certainly does not offer any support to that hypothesis. Rates are still great and demand is present.
Week over week, fewer listings than contract and closings. Coming Soon Listings are backing down too. With that being said, we are seeing a more price reductions, but “Sellers want next year’s prices and Buyers want last year’s prices”.
|New Listing (1340) A nice number, but clearly nothing dramatic here. We still need more listings.|
|Coming Soon (180) Really nothing to look forward to here.|
|Back On Market (254)|
|Price Increase (363)|
|Price Decrease (714) This number is larger than we’ve experienced.|
|Pending (1765) A nice strong midsummer number here.|
|Closed (1450) Another nice strong midsummer number here…|
Isn’t it beautiful? An increase in inventory, but sales are still crushing it! This may turn into a market with more of a balance where buyers have a fighting chance. That would be great for everyone. I hate to be old fashion, but when a buyer has to make a purchase decision after a 15 minute showing and maybe give up an inspection and an appraisal and more, that’s just not a fair market, and I believe when someone is buying or selling the most expensive asset in their family, the sides should not be stacked too far in one direction. BUT, that’s just me.
Long story short, Denver’s Residential Market is doing quite well, thank you very much, and will continue to do so. Rates continue to be very attractive and at 2021 lows last week. More to come, stay tuned in and #Subscribe.
Dee & Tom Cryer, SCRP
THE CRYER TEAM
Kentwood Real Estate
4949 S. Niagara St. #400
Denver, CO 80237