Yesterday was Colorado Day, and the Census says we broke 5.8 million residents.with somewhere near 2.4 million residences. In addition, just over 50% of us have a Bachelor’s Degree. We spent the last week in HipHipOuray, and it displayed its Switzerland-esque mystic in all its glory. Colorado is really special. All I can recommend; Explore…
Let’s jump right into this, and see what happened in Denver Metro’s Single Family Residential Market this week.
Perspective is always relevant. So, let’s put this market in perspective. Over the last 10 Julys starting backward from 07/2022 Active Inventory Counts have looked like this.
6,433/ 4,504/ 6,830/ 9,989/ 6,477/ 6,702/ 6,855/ 6,907/ 7,674/ 10,578/ 14,146
As you can see, the market has had a greater supply than this year, but only once has the market had lower supply, and that was last year. So, I’ll say it again, “Henny Penny, the sky is not falling”…
Let’s take a closer look over the last 7 days:
New Listing (1492) This is a typical weekly number. Not too high and not too low.
Coming Soon (190)
Back On Market (301) This is higher, but not that much. Deals are falling at a greater rate.
Price Increase (104)
Price Decrease (1909) This is HUGE. Price adjustments may be necessary to generate a market.
Pending (1392) A typical week, but maybe a little low for the season.
Closed (1371) A solid week, but probably low for the season.
Expired (398) This is a big number based on a historical average.
Long story short, we are starting to observe New Listings exceed Pending Listings on a weekly basis. Let’s keep eyes on this one.
Long story short, the #BlackSwans of #InterestRates has finally created some erosion in our residential market place. A recent .75% decline will be telling in the week(s) to come.
The Denver Market is not an easy one. Lean on us for advice. We’ll be there for you every step of the way. Homeownership is important!