Good Morning My Town Nation!

After 46 failed tries tries, the Denver Nuggets have finished on top as World Champions on their 47 try for 2023! This is pretty special considering the fan support holding strong through all those years! Congratulations Nuggets!

The moral of all this is to never, never, never stop trying.

Anyway, this week in Denver Residential Real Estate, what have we learned? Do we have stormy skies on the horizon? This is what it looked like in Centennial a couple of days ago, so, maybe this is a premonition to our market.

In the last week, we have been able to negotiate a Listing below its list price, and we have had to have a price reduction on one of our listings. It is not atypical to have a post Memorial Day malaise, but I’m not getting a good feeling here. This week in the MLS, it looked like this.

New Listing (1451) This is the biggest weekly New Listing number this year!
Coming Soon (247) This is a solid number for next week’s number too!
Back On Market (269)
Price Increase (134)
Price Decrease (1134) This has been a nagging number. Predicting market response to a new listing is as difficult right now as I’ve experienced in all my years!
Pending (1357) This is a solid number, especially as we move into these weeks of malaise!
Withdrawn (163)
Leased (73)
Closed (1099) This is relatively weak compared the last 60 days. Sometimes the first few days of a new month do not have the closing activity of a week toward the month’s end.
Expired (163)

So, as we see current mortgage rates try to define themselves as a new normal, a rush across the market to normalize them with Seller Concessions has clearly made their presence known. My guess is this participation on the seller’s part will only increase in the coming weeks and months. After 10 years of “free” money from the Fed is not going to be erased easily or quickly. We have some headwinds here.

Where has the total number of Active Listing gone during this last week?

We have observed a very small incremental change in the total number of SFR Active Listings in our market over the last 4 months. This can be reported as a move toward a more normal market where buyers could possibly have choices or, it could be proven historically this is just not enough inventory and a relative shortage. Either way, I believe the change is positive. It is giving buyers a chance to visit the Listing more than once. Sellers are being forced to make quick choices, and as a representative in the marketplace, it allows us some breathing room. Whichever it is, it is a change, and will all change comes opportunity. Let’s “Keep our eyes on the road and our hands upon the wheel”…

As always, please do not hesitate to to spend time with us discussing your needs, wants and non-negotiables. We are finding this a particularly good market to be a move up buyer and first time seller in this market. Being married to your current interest rate may be holding you back from a great opportunity out there.

TheCryerTeam@Kentwood.com