Last year I wrote liberally about #BlackSwans. Some of those Swans have come home to roost. Rates, war, Covid, supply chain, shortages, and more, but clearly right now in Denver, rates are the most impactful for our market. As of yesterday, we are up approximately 3% just this year.
Apparently, rents in Denver are higher near #Light-Rail. There is also some indication residential real estate values are higher within a 7 minute walk of a #Light-Rail Station.
The #News can’t wait to take a quote from #Redfin, #Zillow, #Compass or at least half a dozen other publicly traded real estate companies. These companies are often quoted in news shorties. The sad reality of the source is often times, these companies are unprofitable or rarely have a profitable quarter. So, do you #Trust these sources for real estate news or should you #Trust the valuable insights of the “boots on the ground” from your Realtor living, working and playing in your world? #RealEstateIsLocal
And of course, I’m remiss in not starting with memory of #QueenElizabeth. It will be interesting to see if the #NewKing can keep the lid on everything as well as the Queen.
#WallStreet becomes more closely linked everyday with its link to residential real estate. Wall Street funds own hundreds of thousands of single family home in America. Effectively forcing first time buyers in many markets to be “renters for life”. This investment strategy is not #Homeownership friendly, and we all know, #Homeownership is the most valuable and most stabilizing force in any community. Heaven forbid #WallStreet helping first time buyers rather than inhibiting them.
Now let’s see what happened in Denver Single Family Residential Market over the last 7 days…
New Listing (1362) A typical seasonal number, not too many, not too few…
Coming Soon (144)
Back On Market (310)
Price Increase (112)
Price Decrease (1933) This number continues to reflect Broker/Seller living in an alternative universe when it comes to pricing.
Pending (1311) Almost matching the number of new listings is always an indication of strength in the marketplace.
Closed (1189) I’m happy to see the number of closings this week. In spite of skyrocketing interest rates, almost 1,200 Buyers and Sellers made it to the closing table.
Once again, the long story short, the strength in Denver’s market is still very apparent with very few signs of weakness. But, let’s be clear, Interest Rates are up again over the last week. There is a huge weight on Jerome Powell’s back right now. Will the FED make the correct decision? We will know sooner rather than later as we approach the end of September.
Now, let’s take a look at available Active Listings.
Hello Again, here’s a quick look at the numbers. We finished May with 4,261 Active Listings (AL), we finished June with 6,276 ALs, we finished July with 7,192, we finished August with 6,610 and currently in September we stand with 6,155. These are not wild “oversupply” numbers indicative of a price crash in the Denver Single Family Market. These numbers come from 11 counties surrounding and including Denver of almost 1.5M residential properties. THE SKY IS NOT FALLING…
Today we can celebrate, it’s a good life and in spite of what goes on around us, we are in pretty good shape. This does not mean, translating this market into definable notions is easy, but with our help along the way, we can make the ride more comfortable.
Let us lead you toward opportunities; Dee and Tom Cryer MyTownCryer@Kentwood.com