Good Morning Everyone!
Let’s get right into it. Over the last 7 days we’ve observed the best swing toward buyers we’ve seen this year. With well over 1 thousand new Listings coming on the market, buyers are finally getting a choice. ON the other hand, buyers cleared over 1,700 Listings going Under Contract. #Rates have hit a new high in this business cycle. WE will see what happens with this slowing the market…???
|New Listing (1109) This is a great number for buyers. If we were to see this continue to grow, we will move toward balance much more quickly. Maybe June/July?|
|Coming Soon (225) Not much help here…|
|Back On Market (137)|
|Price Increase (239)|
|Price Decrease (283)|
|Pending (1711) Wow, this is a big number!!! Buyers continue to show NO fatigue in 2022!|
|Closed (1260) A solid number here, but nothing earth shaking. Let’s keep close tabs on this. Changes are coming as we move into the summer months.|
Next up… Where have our totals number of Active Listings gone over the last week. Let’s take a look.
In the last 7 days, the number of active listings in the 11 counties making up the Denver Metro Market has bounced to over 2,000 Active Properties. This is up from around 1,300 active listings last Tuesday.
We are finally seeing some opportunities on the lower end. With Rates bumping up and then bumping up again, this has added to the Buyer Fatigue at this price point. Don’t give up!
In a time when so many variables are coming at us so quickly, our residential market remains resilient to the #BlackSwan of the day. Whether it be #Rates, #Affordability, #Supply or #War Denver continues to weather the storm and remain strong. That being said, Denver’s market is very complicated and nuanced. You will need a guide. Someone working on your behalf. Someone who cares. The Cryer Team is here. Lean in on us…tc