Good Morning Everyone!

Rates, Supply, and Demand will dominate our residential market discussion for 2024 into 2025. I write this without question. The Election Year disruption will be a dominant twist thrown into the equation, and I write this without question. There will be a lot of turbulence. Keep your tray tables upright, and please keep your seatbelts fastened!

With all this being said, let’s dive straight to the deep end and see what’s new this week. Over the last 7 days, (Tuesday to Tuesday) these are the stats in the Denver Residential Market.

Denver Market Watch

New Listing
1127 Under a total listing count of 1,200 is not exciting.
Coming Soon
264 Slightly above, but not significant.
Back On Market
210
Price Increase
159
Price Decrease
891 This issue with constant price reductions is haunting!
Pending
1210 Not a bad number here, but this is the first day of spring. What’s happening?
Withdrawn
114
Leased
70
Closed
959 Under 1,000 makes me question the validity of this market. We are building supply!
Expired
173

What does it look like graphically for the total Active Listing count in our market?

Let’s put this chart in perspective. The chart shows 4,651 Active Listings today. Last week, it showed 4,529, but last July it showed 7,435. The shock and awe of RATES will continue to be impactful. How impactful in 2024 during this period of 7% rates and an Election Year; nobody knows. My best guess is relative stability concerning price, but slower than normal absorption. This could lead to more supply, however, adversely affecting price. Only time will tell.

A lot is going on another front. The Realtor’s legal battle needs further explanation. To speculate on the outcome is too soon right now. I would say, the changes will be perceptible, but not earthshaking. We will keep you posted.

In closing, it has always been tough being a Realtor. Most people don’t know, but we are 1099 workers. We receive no benefits from our Employing Brokers. No Health Insurance, No Expense Reimbursement, No Retirement Plans, no W-2 type benefits of any kind. Every time this business has been run as a W-2 Employee plan it has failed. Without the incentive of multiplying our time, Realtors have quit or returned to the 1099 model. Let’s see what happens after the Antitrust case is settled.

As always, we’ll keep you in the loop. Don’t hesitate to reach out to us. TheCryerTeam@Kentwood.com