My goodness, how a few days can change the world. However this Ukraine Invasion goes, the World will never be the same. This week, the #BlackSwan has been much stronger than the #GoldenGoose! Far and away, the events in the Ukraine have monopolized our thoughts, prayers and plans moving forward.
How will this international turmoil impact us in Denver, “500 miles from nowhere”? Let’s take a look back over the last 7 days.
|New Listing (657) YEAH!!! This is higher than last week, but last year at this time, we had 706 new listings and I called that number “embarrassingly low”!!! We NEED inventory badly.|
|Coming Soon (258) This may be the help we need however small, it is almost double a couple of weeks ago…|
|Back On Market (99)|
|Price Increase (192)|
|Price Decrease (132)|
|Pending (1307) A great number, but more Pendings than New and ultimately we will continue to have a market in SHORTAGE.|
|Closed (1306). This is a strong number, but not earth shaking. It continues to prove the demand in this market place is getting buyers and sellers to the Table in typical fashion.|
Hallelujah! The number of Active Listings is UP! BUT, only by 50-75 new listings; hardly enough to swing things toward the BUYER with so much competition.
The National Economy, Local Economy, Job Growth, Demographics, Interest Rates, Affordability and with only 1,012 Active Listings, we will continue to have a shortage problem. Remember, in 2012 we had about 25,000 to 30,000 active listings!!! Even a few months ago, we had well over 4,000 active listings.
Now it is time to stitch these events and pressures on our market place together. Obviously, our #BlackSwans have to be #Ukraine and #Rates. There is plenty of evidence it will not be pretty when the smoke settles in the Ukraine. There are many market pundits believing rates are going to race to 5%. This can’t be good. I’d love to hear your thoughts.
On the other hand, the #GoldenGoose of Denver Demand has not skipped a beat. Working with 5 different buyers submitting offers over the last week, all 5 lost to offers more than 10% above list prices and “all cash”. The Demographics in Denver have ganged up on the buyer. We rank #4 for Boomers aging in place (Not Moving). We rank very high with two income millennial buyers seeking their first homes. New Construction can’t keep pass. Because our market remains so strong, we have attracted every “Quick Offer”, “Fix and Flipper”, “Investor” and more. Demand, Demand and more Demand in this market place is the focus right now.
We will work hard for you interests, guide you through the maze and advise you how to become the “A” Student in the Front Row getting the most attention for your offer. In over 40 years in the residential market in Denver, we have never observed anything like this, and we have certainly never seen a market like this last so long. We are all in uncharted territory. You need a team of battle worn, experienced experts who know the Denver Market like the backs of their hands. Please read our Testimonials at TheCryerTeam.com for confirmation. Thank You…