Good Morning Everyone,
We were in Moab last week. Moab’s message is simple. Given enough time, you can turn an inland sea into a magnificent spectacle of scrubbed down rock, if you have a couple hundred million years.
The result was I missed a week of this “magnificent” blog post. Maybe this one will turn into something worth waiting. As you can see, the days change but the numbers continue to tell the same story. More demand than supply in the 11 county Denver/Boulder Metroplex. Please, follow along.
|New Listing (1211) Too little too late for this year!|
|Coming Soon (165)|
|Back On Market (233) This number is up a bit.|
|Price Increase (141)|
|Price Decrease (815) “Over priced, Shortage”…|
|Pending (1813) Another booming week. Those postulating the “Denver Bubble” just aren’t paying attention.|
|Closed (1555) This is a strong seasonal number going into fall. This will be telling as move deeper into year’s end.|
We submitted an offer on a property listing over the weekend. It received 17 offers. Not 1 or 2, but 17 offers. Seventeen buyers went to the effort of getting a lender letter, proof of funds, and the creation of a purchase agreement only to find out they were competing with 16 other happy households. “Come on man…”
In the meantime, every Market Shaman is predicting the Denver Bubble. I’m here to let you know in no uncertain terms, this market is not going to roll over and play dead.
As you can see, we are well below the number of listings from 12 months ago. Low supply with steady demand creates a market with multiple offers. So, all the buyers hoping to get a year end deal, the broader market is telling me, “It ain’t gonna happen…” anytime soon.
17 Offers! Was this property grossly under priced? It’s hard to say. It’s in the $750K price range. Low interest rates make this less than renting if you have a downpayment. So, here’s the answer to the question you are asking. Moving forward, until we break the chain of low inventory, Denver will continue to have a market with buyer demand exceeding supply.
Denver has great suburban communities, it has great employment trends, it is geographically positioned for growth and someone can fly out of DIA and be in most parts of the 48 in about 3-4 hours. Private jet flights remains very strong. Household Goods movers still report empty containers leaving. Please don’t sell Denver’s Market short. It is not our of breath yet.
And, what does Moab look like? Here’s a glimpse.
I almost have to eliminate Moab from the description. Using Utah is much more germaine. We will live with it that way. Please get there before is is completely overrun…tc
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