Well, we had our 100* day. It’s official. We are in the Dog Days of Summer! Which means it is hot! Amazon Prime Day is always around this time, and do you think they plan it like this so you are staying in the A/C with nothing to do but shop?

We are at the crossroads of Supply and Demand…

Let’s get after it. We have clearly drifted into the Summer Malaise. Significantly more new listings than contracts and closings. I might add, not significantly out of balance, but the slow creep each week is compounding onto the Active Listing Count growing.

Market Watch
New Listing (1112) A reasonable number, but more than pending/closings.
Coming Soon (148)
Back On Market (202)
Price Increase (63)
Price Decrease (1612) Now, this is becoming crazy. We can do better!
Pending (823)
Withdrawn (132)
Leased (0)
Closed (772) A low number. Does not show market strength!
Expired (170)

From what we know about last week, here’s what we’ve seen on Total Active Listings.

My goodness, this market has changed from positive absorption to negative absorption in less than 6 months. The Denver Single Family Residential Market has grown from 4,731 Active Listings in January to 8,550 as we move deeper into July. This is the greatest number of Active Listings in more than 10 years. If we were to see another week like this, we would have over 9000 active listings. This is starting to get worrisome. Rates, Rates, Rates, and Rates keep rising as the Black Swan, but I believe this election year will attract more attention than the desire to own a home. Attention will be focused on what has pasted, what is present, and what the future might hold. Many residential decisions will be on hold. Heresy coming from a Realtor, but one man’s opinion can offer some value.

If you are actively in the market right now, you might benefit from more choices this jump in supply is providing. It might also allow a buyer to purchase with less competition. Finally, with less competition for mortgage dollars, we might see a favorable decline in mortgage interest rates.

This could all happen. Being BOLD in a market like this will have long-term benefits. You simply need the help of a professional. A battle-worn, experienced, and reliable realtor to be with you every step of the way.

I highly recommend Des’ree first thing every morning… “You Gotta Be”

TheCryerTeam@Kentwood.com