Hello Everyone,

A new week in a new month. The eleventh day of the 7th month only comes around once per year, and we are here again. This is the time in the annual residential market cycle where it is very je ne sais quoi. I will make a guess today as we run through this post, but to be honest, no one really knows where we are headed. Certainly, the meteorologists do not know where we are going, The greenest backyard in 31 years.

This market is adapting to higher rates, but 7% is a hard pill to swallow when a little over 1 year ago, we were running with something in the 3s. As I have always said, “Life is hard, and then you die.” A little melodramatic, but it is…

So what happened last week?

New Listing (1361) We are definitely seeing more new listings each week!
Coming Soon (221)
Back On Market (233)
Price Increase (178)
Price Decrease (1307) This is a huge number reflecting the adjustment sellers are making!
Pending (1139) Just think, it took 1,307 price reductions to get this many under contract…
Withdrawn (183)
Leased (73)
Closed (1075) Not a bad early in the month number coming off the 4th. Quite good actually!
Expired (177)

In the shortest of terms, there were no major changes this week to put us into Worryville. I would call it Normalville.

Total active listings in the surrounding SMSA of Denver went up, but it is still less than 1 year ago!

Time frame is from Jan 2013 to Jun 2023
County Or Parish is one of ‘Adams’, ‘Arapahoe’, ‘Boulder’, ‘Broomfield’, ‘Clear Creek’, ‘Denver’, ‘Douglas’, ‘Elbert’, ‘Gilpin’, ‘Jefferson’, ‘Park’
Property Type is ‘Residential’
Property Sub Type is ‘Single Family Residence’

We sit at 5,427 active listings right now. This is about 1,000 fewer than last year 2022 at 6,489. If anyone tries to tell you a “Henny Penny” story about the Denver Residential Market, kindly let then know this little fact. In the long run, we will balance out to a more “normal” market where buyers continue to have a greater opportunity to buy, and sellers will have to clean up, paint up and fix up before going on the market at the most responsible price.

In the end, remember, AI, Zillow, Open Door and all the rest can’t smell, hear or council for you. Our boots are on the ground for you everyday. Please take advantage of that fact…tc

TheCryerTeam@Kentwood.com