Just off the Thanksgiving break, the Denver Residential Market continues to churn along. In fact, the metro area has enjoyed 57 transactions over $5,000,000 in the last 12 months. From $5M all the way up to over $14M. Pretty strong, pretty strong. #Over$5M gets one into some of the most exclusive neighborhoods in Denver, and the concept of “buying your neighbors” has not been lost here.

As we sail into #YearEnd2023, there is no question, this has been a “different” type of year. Rates, Political Turmoil, Civil Unrest, War and more War. Can I say more? Well there is more, but for today, this is clearly enough. Long story short, Denver has weathered the storm pretty well, and I’m going to bet next year will bring more of the same. “Denver is 500 miles from nowhere”, but it is the Center of Everything for the entire Rocky Mountain Region so it will roll into 2024 with limited inventory, cautious new builder numbers and hopefully lower rates than today.

Finally, there is an annual event called the #SantaClausRally on Wall St. It is not atypical for the stock market to rally between 1-2% during the week between Christmas and New Years. If this happens this year, I will be thrilled! BUT, don’t bet the “pink slip” on it happening.

Let’s get into the Denver Market Watch this week!

Market Watch 11/28/2021

New Listing
407 Well folks, this is very low, even coming off a holiday week!
Coming Soon
66 This continues to be very low, also!
Back On Market
137
Price Increase
49
Price Decrease
678
Pending
676 This is a slow week too!
Withdrawn
211
Leased
59
Closed
585 No winners here. Slow, slow, slow.
Expired
197

With a Thanksgiving week like we’ve had, it is not unusual for activity to drop off, We will have some rebound next week, but we are into the holiday season, and historically, things always slow down.

The total number of Active Listings is 6,604 right now, and I anticpate this to dip under 5,000 before year’s end. We still do not have an oversupply with distressed sellers flooding the market, but we still have adequate demand to clear existing inventory between now and 2024. Hang in there!

Remember, every once in a while we hang with Thomas Jefferson. He was a redhead you know…
George Washington, Patrick Henry, John Hancock, Thomas Jefferson, and Alexander Hamilton all have various shades of red hair; Washington and Hancock both have auburn hair, Jefferson and Henry both have ginger hair that turned dark tan as they aged, and Hamilton’s light auburn hair was strawberry blonde as he grew old.