Have you ever had this feeling? Either way of course, on the outside looking in and feeling left out, or on the outside looking in at the Ant Farm. Our goal here is to let “you in” on the action. Every day, Denver’s Residential Real Estate Market baffles and surprises. We are here to demystify and share our knowledge. So, without further adieu, let’s get right into it!

Over the last 7 days, Denver’s Market Activity has been abysmal!

Market Watch
New Listing (552) Down!
Coming Soon (218)
Back On Market (135)
Price Increase (89)
Price Decrease (817) Down!
Pending (736) Down!
Withdrawn (124)
Leased (0)
Closed (525) Very Low, Down!
Expired (152)

The only positive takeaway here is the fact New Listings have not crushed the Number of Closings. Maybe this will slow the growth in the number of Total Active Listings.

Let’s take a closer look at what’s happening with Total Active Listings! We are about to get another gut punch!

Here’s the short of it:

January 4,727 Active Listings; February 5,125 Active Listings, March 5,324, April 6,265, May 7,947, and now closing out June into July 2024 a count of 8,346 Total Active Listings. For those of you still following along, we have seen a 76% increase in Total Active Listings since January. This is clearly not a good thing for Sellers, but even with rates where they are, we are observing buyer activity grabbing the Golden Gooses. Listings of exceptional condition, location or numerous other intrinsic features race away, but homes left less than “Parade Ready”, backing/facing traffic/other external obsolescence are seeing multiple price reductions before that contract arrives. Buyers are smart. They want last year’s prices. Sellers do not always make the best decisions on price, and that is why we are seeing so many price reductions.

My advice in a market like this is not simple. Sellers, need to take every possible step to move their Listing to the front row where the “A” Students sit. Buyers need to stay active in the market searching for the perfect match. And, Buyers need to ask themselves, what if rates never go back down. Although we will experience a 1-3% average decline in our market between now and the end of the year, the long-term trend will clearly be toward price stability and more modest appreciation.

So, here’s my advice. If you are a seller leaving the state, now is as good a time to make your home ready for sale. If you are planning on a move up or down in the Denver Market, today is just as good as any other day to start the process. We can successfully guide you through the process.

On the other hand, if you are a Buyer, now is a GREAT time to find your neighborhood/community/location in which you want to make your new home. By waiting you risk losing appreciation only to save a point or two on your rate.

TheCryerTeam@Kentwood.com