In preparation for the final settlement between NAR, local boards, and the “consumer”, my local board voted yesterday to divest itself from ownership in our MLS system known as REColorado. Ultimately, this step will create a firewall between our local board, brokers, and consumers. It is supposed to make the playing field more “fair”. This will bring up many questions, and as we move closer to the 08/17/2024 settlement date, more will transpire. We’ll keep you posted.

“The real issue might just be the election. We’ve talked to so many homebuyers who say they’re going to wait to see what happens in this election. It is gripping the national psyche, as you may have heard.”

We’ve had many elections throughout my career. Sometimes, “my team” has won, and sometimes the “other team” wins. In all instances, I awoke the next morning and went about my business. The feeling this election year has is different. It is my prediction, the 2024 Election will bottle up customer purchasing decisions until late in the 4th quarter of 2024. Uncertainty does not lend itself to home purchase decisions. We will keep you posted.

A little history lesson. I started writing by creating blog posts about the Denver Residential Market on November 11th, 2008. It was a story about the transition in leadership at #WorldwideERC. It had been 36 years since a leadership change took place. In the last 16 years, Mobility leadership and Mobility has changed routinely and dramatically. My gratitude for being part of those early days of Employee Relocation is immense. Thank You #WorldwideERC.

So What’s Happened in the last 7 days in Denver’s SFR Market?

Market Watch
New Listing (804) Still an unseasonable low number of new listings.
Coming Soon (137)
Back On Market (190)
Price Increase (65)
Price Decrease (1317) As Brokers, we just can’t get this right!
Pending (846) This is a low number, but still in excess of the New Listing Count.
Withdrawn (145)
Leased (0)
Closed (717) A low number, showing now energy in the marketplace.
Expired (155)

Almost to be expected with no energy in the last week, it will be interesting to look at our next number of Total Active Listings.

The relatively small Active Inventory Growth of just 84 additional listings this week, it appears the growth from January at 4,731 Active Listings to today’s 8,735 indicates the worst is behind us for 2024.

What is the strategy to play on right here and now? Buyers are going to be lazy. They are not seeing the type of inventory they want to buy, because our sellers are sitting on the sidelines, because the inventory they want is not available, and they don’t want to give up that 3% mortgage with +/-26 years still remaining.

So, what’s the strategy? Buyers, if you have all your “ducks in a row”, this is the time to stand tall and ready with one foot in the market. Be ready to pounce, when the home you want comes on the market. The good ones are still going fast. Sellers, have a clear path to your end game. Why are you moving, where are you moving, and when do you want to be there. If Buyers and Sellers would buy into this, we would have a market everyone could enjoy.

Along the way, we will be there for you. Let’s talk, Let’s construct a plan, and let’s be bold!

TheCryerTeam@Kentwood.com