In My Humble Opinion, the world will not come to an end anytime soon. No, I’m not a scientist, politician or soothsayer, but I have been on earth a long time. Here’s what I have learned. In 1970, I attended the the Inaugural Year of Earth Day in 1970. The world was is and will be overpopulated and all kinds of crazy notions to solve this problem were proposed. And, guess what? We are still here, and in fact, a good proportion of automobiles and trucks are still mobilized on our streets and highways with V8 engines.
In my humble opinion, the residential market has always been cyclical and will remain so. Single Family Residential Homes are still coveted in the marketplace by up to 65% of potential buyers (US). Based on current economic and energy policy in the US, it will continue to be more and more expensive to maintain one though. I find it interesting, my hair stylist needs a license, but there is no such thing as a licensed solar system company in colorado, but the installing company may need the same contractors licenses necessary for roofing, plumbing and electrical. I’m still waiting for one of my clients with a photovoltaic solar system with two Teslas and a 4,000 SF house to tell me they have no electric bill and they charge both cars at night off the battery charged during the day…
OH, I almost forgot, it is a mid-cycle election year. The ads get crazier and crazier and more invasive. In Colorado, the Unaffiliated Registered Voter population is more than 50% larger than Republican and about 40% great than Democrats. Makes for dicey campaigning. With +/- 30% on each end and a plurality of non-party voters in the middle, Colorado is officially not Red or Blue, and Purple is off the mark too. November 8, 2022 will be so interesting. Can’t wait, and this uncertainty may be playing some special tunes on our residential market. Let’s not make promises we can’t keep.
Finally, #It’sOK. It’s just ok. In today’s world, you can be who, what and where you want to be. Let’s take a breather. The National Guard has not been sent on to any college campuses yet. We don’t have troops on the ground in the Ukraine, but we do have high energy costs, inflation and rates going up almost daily. So, read up on the 1970s. We will survive the not so roaring 2022s. #It’sOK
I had lots of questions this week. The fall buyer and seller season has officially opened and the phone is ringing. What’s happened to Days on Market? How are prices holding up. What’s going on in the top end of the market, an what about entry level homes? And, MORE… So, let’s get started by looking at the last 7 days of Denver’s Single Family Residential Market.
New Listing (1225) Not unlike last week, a typical seasonal number here.
Coming Soon (131)
Back On Market (307) About 20-25% of last weeks Under Contract Pending listings did not survive.
Price Increase (77)
Price Decrease (1892) Brokers are still pricing off the spring 2022’s activity, and it is not helping.
Pending (1287) Nothing special about this number. Not surprisingly high or low. Let’s go with typical.
Withdrawn (272) ***
Closed (1158) This is surprising if one was to spend one minute reading the national news. Buyers and sellers are still finding their way to the closing table. “The Housing Market Is in Turmoil!” But…. Just not in Denver.
Expired (210). ***
*** In my world, there is not a whole lot of difference between a withdrawn or expired listing. The result is the same either way. What this is telling us is SELLERS have fatigue this time. They have to make their beds and put the dishes away for more than a weekend. Oh My…
Ok, let’s get to the questions at hand. Days on Market is running pretty constant at 21 days. The average home price in Denver continues to climb month over month through August and all signs point to September continuing the same.
And In the End, markets are complicated. Going it alone is risky. Take an hour of your time, let us compose a buyer/seller strategy for you. You will benefit…tc