Discussing Life, Liberty, and the Pursuit of Happiness with a list of clients over the last few days, without exception, #TheElection was the #1 factor affecting their home purchase decision. “If this person gets elected, I will spend less, if this person gets elected, I might spend more.” The conundrum wrapped in a riddle surrounded by an enigma will be with us for at least the next 70 days, and then the fallout will carry over. The cost of freedom is not inexpensive!

I was traveling last week. I conversed with participants from 23 states. Overall, it’s a good life. Let’s get right into the Denver Metro Market update.

Please look at the chart below to get an inference into what’s been happening for the last 7 days.

Denver Market Watch
New Listing (1317) This is a solid week. Good supply numbers for buyers.
Coming Soon (97)
Back On Market (265)
Price Increase (316)
Price Decrease (1803) This is a critical sign. Brokers are not anticipating their listing’s potential.
Pending (1267) Not a bad week, but nothing here to skew the market trend.
Withdrawn (206)
Leased (0)
Closed (1014) Better than past weeks, and a sign of life here. I like it!
Expired (313)

On a grander scale, this is nothing inflammatory here. Solid numbers albeit nothing earth-shaking, but something to build on as we move into the fall season with an election on our backs.

Let’s turn the tables just a little bit and see what the Total Number of Active Listings has been doing.

After a slight pause in July, we have returned to a slowly increasing level of Active Listings. Although just a few hundred each week, at the end of August, we have twice as many Active Listings on the market today than in January 2024. Troubling yes, and burdensome, but this is nowhere near the numbers from the Housing Bubble of 2008-2012. We will see sold price statistics fall by 1 or 2% by years end. Should we gain access to interest rates under 6%, prices will stabilize, and if it nears 5% for fixed rates, we will see prices increase to some degree. I digress, the public sentiment coming out of the other side of the election will be the most impactful for the rest of 2024.

We are out there every day, gauging the market’s strengths and weaknesses. Lean in on us, get our scoop, and gain strength in the marketplace from the knowledge we can’t wait to share. TheCryerTeam@Kentwood.com