11/29/2022 #FIFA #WorldCup #Broncos #Inventory

What do #FIFA and #Broncos have in common? I’ll leave the answer to you, but my goodness, watching a #Bronco Game is simply painful.

This week’s theme is #Inventory, or simply put, the lack of it. Additionally, we will talk about the demand side a little too. “Where have all the buyers gone, long time passing…”

Looking back over 2022, Sales vs. Listings we can learn a lot. More Listings, More Sales, Fewer Listings Fewer Sales. Is it just that easy?

First, the chart above is telling us, we are ending the year with about the same number of closings with which we started the year. This is healthy. In spite of interest rates, and elections, supply shortages and more, we still have a “healthy” market in Denver. As always, this is the 11 counties including Denver we consider as Metro Denver. Much maligned as rapidly growing inventory and over supply, we have about the same number of listings as we did in 2020, 2019 and 2018 going into December. No oversupply here, and quite healthy from a historical perspective. And, it is telling us that 2021 was really an anomaly where market conditions of incredibly low supply artificially altered the course of this market.

Denver Metro still has an incredibly healthy economy. No major layoffs announced here, hiring is still a thing, airport traffic is still strong, transportation/distribution still strong, tourism still strong, university student enrollment still strong, and population growth still strong. Let’s explore this over the last week now.

New Listing (426) This is incredibly low. AS you can see, about 50% more listings went Pending than came on the market.
Coming Soon (59) This will not help us next week; it’s just too low!
Back On Market (143)
Price Increase (75)
Price Decrease (763)
Pending (672) Considering the number of new listings coming to market, this number is incredibly strong!
Withdrawn (222)
Leased (58)
Closed (651) And, once again, Buyers and Sellers are finding their way to the closing table even during a holiday week. This is a good market!
Expired (200)

I will caveat all this by saying, BUYERS are scared. Interest rates and the market “topping out” are weighing heavy on their psyche. SELLERS on the other hand have a different problem. “Do I lower the price now, or wait till next year? Rates will be better then.” Decisions, Decisions, Decisions…

It’s a complicated market, it demands a lot from both buyers and sellers. This is where we come in. We’ve been there. Market cycles are constant in our market, but we still have buyers, we still have sellers and we are assisting both with their needs in a complex Denver Metro Market…tc

If you have questions, call us! Dee and Tom Cryer 303-773-3399 TheCryerTeam@Kentwood.com

About Tom & Dee Cryer

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