Good Morning Everyone!
I was navigating the Arizona Strip last week. We had three days of absolutely no cell service. To the north of us one night at camp, one of the other camp parties had Elon’s new #Starlink satellite communications dish, and one of the campers was actually “facetiming” with his son before bedtime. I don’t care if you love him, or hate him, #ElonMusk delivers on innovation after innovation. Sleeping on his office floor is really paying off.
I was at Sam’s Club over the weekend, and the #Pots&Pans salesman was standing there alone, so I struck up a conversation. He was very clear and concise, “People are not ‘pulling the trigger’ like they were earlier in the year”. If that is not grassroots analysis, I don’t know what is.
Rates continue to inhibit residential sales activity. Our buyer clients from earlier in the year are thankful for the rate they have locked in, but frightened as to what may happen to values.
I was at a little Halloween Party last night with a largely Millennial population, and they are experiencing inflation for the first time in their lives. “Can you believe how much eggs have gone up?” On a side note, I paid $6.50 for premium in AZ last week! Anyway, it will be interesting to follow these new generations and their reaction to economic events unfaced before.
Finally, I can’t remember any election in my adult lifetime when a dramatic TV ad didn’t come on demonstrating the importance of an election. “This election is more important to our future than any election ever in the history of mankind.” Well, we will all wake up on 9th, the business channel will still be on, cartoons will still be playing and around 11 or 12 the mail will arrive. Life goes on. I visited the Mount Trumbull Schoolhouse last week. A one room schoolhouse 70 miles down a dirt road attended in 1900. I imagine the kids attending there a hundred years ago managed their way through life. We will too. My point? Elections are important. It is a good thing to be a well informed voter. It’s a good think to vote. Protecting the rights of homeownership is very important, and creating better pathways to homeownership can only strengthen our neighborhoods, our cities, our states and our country.
Let’s take a look at the last 7 days in Denver’s Residential Market. If this isn’t remensient of the malaise in the market almost always around an “important election” I don’t know what is…
New Listing (970) Nothing to buy, anywhere!
Coming Soon (111) Not much happening here either.
Back On Market (264)
Price Increase (80)
Price Decrease (1564)
Pending (959) Still keeping up with new active listings!
Withdrawn (256) Sellers giving up, why?
Closed (1086) A strong week in spite of the surrounding events of the day.
Expired (593) This is a big number. These sellers gave up! Why?
Next, how does all this appear in historic perspective? This is what our next chart shows us.
Clearly, the expansion of inventory for the time being has subsided. Above, we can postulate on all the reasons the market is doing what it is doing, but long story short, we have reached a level of “balance”; maybe seasonal, maybe consternation, maybe procrastination, who knows. We will get through this, and homeownership will prevail.
The buy sell process within homeownership is complicated. We are here to help you. Give us a call. We take a unique approach. TheCryerTeam@Kentwood.com
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