10/04/2022 #TuesdayVibe #WhipSaw #LorettaLynn

Good Morning Denver Megaplex,

I hope you and yours are doing well and the events of the last week or so have not been harmful to you, your family, your associates or your friends. I follow #ReedTimmer, the storm chaser, and it is just chilling to see his onsite commentary of the events in SW Florida. This is Tuesday, however, and we will be raising everybody up!!

Let’s talk about our external environment for just a moment. #WallStreet has been #WhipSawed the last few months to the point where everyone has “eaten some crow”. 2, 3, 4% swings from day to day at this point is having an effect on the world around it. Builders, Lender, Investors and Savers have been harmed by this lack of market focus. I am starting to see a ground swell of focus in the next 30-60 days. #Election, #Fed and #Economy will drive this perspective forward making this #TuesdayVibe thrive…

Oh No, “The Coal Miner’s Daughter” no longer walks this earth with us after 90 strong and productive years. Our sincere condolences will hopefully ride along with her. RIP Loretta, You’ll always be our “Honky Tonk Girl”…

Jumping off into the last 7 days in Denver, the numbers look OK, but there are a few signs of brittleness in the market which we will discuss below.

New Listing (1271) A normal seasonal week here.
Coming Soon (123) This number is dropping off.
Back On Market (323) Speaking from our own transactions. Sellers are not learning to correct physical defects on their property fast enough.

Price Increase (86)
Price Decrease (1996) This represents one third of all listings moving forward with price improvements. It is very important to price ahead of the market.
Pending (1113) Another normal seasonal week. Demand is still with us, but it is more measured.
Withdrawn (290)
Leased (67)
Closed (1381) This is a great number anytime it is more than the # of New Listings, and it is this week.
Expired (596) This is a little brittle here. #SellerFatigue is real, and it is happening here.

So, the long story short here is simple. The Denver Market shows great signs of health, but there are a few rough edges predominantly stunted by interest rates. Once again, the #Election, the #Fed and #WallStreet will go a long way to helping us predict the future between now and the end of 2022. I’m going to be the optimist and say, “It will mostly be good”.

Now, let’s follow along with a spotlight on active listings. Supply is always a key indicator, and once again, the number of Active Listings is down over last week.

As you can see above, we it our peak of Active Listings for 2022 a few weeks ago, and
it has been down each week ever since.

One last thing today. One of our clients was curious about Days on Market or DOM this year. As you can see below, it is up, but still below the 4 of the last 6 years. 28 Days is actually pretty healthy and indicative of a “more normal market”. Homes should not sell in 24 hours!

DOM over the last 5-6 years.

As always, please lean in on our expertise. Ask questions, educate yourself, and get comfortable with the market before making a decision like #homeownership.


About Tom & Dee Cryer

Your Trusted Advisors in the Homeownership Business! TheCryerTeam@Kentwood.com
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