Good Morning Folks,

AS we come to the end of the sixth month of the 23rd year of the new millenium, it’s hard not to be struck by the speed of time. This year is half over already!

The question coming up over and over again, is why is our inventory so low. With interest rates so high, why don’t we see inventory compounding?

Because of rates, owners are #StayingInPlace, and because about 42% of homes are owned “Free and Clear” owners are aging in place too. Finally, with market rates roughly at 7%, in general, most have no desire to leave that low rate mortgage. As a result, #StayingInPlace is the new battle Cry!

Let’s look what happened over the last 7 days in the Denver’s MLS System.

New Listing (1359) This is a strong number, but for a mid-season week, it is not great.
Coming Soon (139) This number is well below previous weeks.
Back On Market (256)
Price Increase (136)
Price Decrease (1274)
Pending (1291) This too is a strong week, but not great.
Withdrawn (196)
Leased (102)
Closed (1187) Considering how busy June has been with holidays, graduations and weather, just another average week here.
Expired (154)

AS we drift toward the #DogDaysofSummer, let’s look at the total number of active SFRs in our market. With just 4,931 Active Listings, this is virtually unchanged from last week. We can see from the Chart, the summer numbers are rounding off as in years past. Nothing new to see here.

As we go full on into summer, let’s see how strong our headwinds become. Keep in touch and never let the process inhibit you. Ask questions, prepare yourself, and be ready when opportunity does present itself.

TheCryerTeam@Kentwood.com