Good Morning Everyone,

Below you will find the August Infographic.

Below you will find my quick chart on the last 7 days in Denver.

Denver Metro Market Watch

New Listing
1500 This is noticeably higher from recent weeks.
Coming Soon
173
Back On Market
319
Price Increase
155
Price Decrease
2098 This is the highest number of weekly Price Reductions I’ve seen! It’s tough out there.
Pending
1355 Not a bad week, but certainly not keeping up with the New Listings.
Withdrawn
202
Leased
0
Closed
979 In line with recent weeks, but with the dip in rates, I would have expected more.
Expired
308

What is this telling us? The short of it is, supply is growing an demand remains level. This is not healthy in the long term.

Below, you will see the number of Active Listings available now.

We are seeing an increase in supply over May’s Report of 8,154, but a decline over June which was 8,976, and a decline over July which was 9,084 to a current level of 8,735 in late August. We now have definitive data telling us “the sky is not falling”. We will see a slow value erosion in the 1-2% range through the end of 2024. 2024 With lower rates should see this turn around to a 1-2% increase in Q1-2024.

With all this said, the waters are uncertain in the short term. Don’t change that channel, we will be back again next week sharing, caring, and preparing another MyTownCryer Newsletter just for you.

TheCryerTeam@Kentwood.com