Let’s get right into it. One of the most forward thinking pieces of data in Residential Real Estate is the rate at which Active Listings are go Pending. Please, listen to this; if you’re a buyer in the Denver Residential Market, and you are waiting for the big “Correction”, “fuggedaboutit”…!!! Follow along please…
|New Listing (1140). Over the last 7 days in Denver, this many New Active Listings…|
|Coming Soon (391). Well, here’s some good news for buyers!|
|Back On Market (202)|
|Price Increase (129)|
|Price Decrease (665)|
|Pending (1366). Over the last 7 days in Denver, this many Actives went Pending!|
|Closed (1441). Voila’, It’s magic I tell you, MAGIC!!!|
The next chart is going to reflect the number of Active Listings vs. the number of recent Pendings on a monthly basis for the last 10 years. This market is healthy!
OK, this next chart is simply Active Listings in Total over a 10 year View.
Once again, Long Story Short; we will move toward a more balanced market. We are not there yet. My prediction is over the next 6-12 months, much of the “Multiple Offer” scenarios will wane into the background and buyers will actually get to show a property 1, 2 or even 3 times before having to right a contract. Sellers will have to make their homes “Parade Ready”. No more unkept lawns, interiors and/or serious defects. Buyers will have a Trump Card finally.
This will be a slow moving train, but it will be forceful and observable.