I will write about the Denver Market today and follow up with Homeownership. Both subjects deserve our attention this morning.

Over the last week, the numbers have looked like this.

Denver Market Watch
New Listing (1306) More than last week, but nothing to be fearful over.
Coming Soon (161)
Back On Market (307)
Price Increase (135)
Price Decrease (2060) The market is smart. It seeks value. This has required sellers to be realistic.
Pending (1262) Not a bad number, but it is barely keeping up with New Listings.
Withdrawn (200)
Leased (0)
Closed (1240) Well better than last week reflecting the nuisance of lower rates!
Expired (705) This could be a seasonal move here. “Let’s just wait till…”, as so often happens.

Once again, the long story short, the market is telling us it is shifting away from a Sellers’ market to a more balanced market with signs of supply issues in some of our third tear markets where New Home Builder Inventory is pervasive. Primary market inventory is in short supply and, when available, is being absorbed quickly. As we’ve seen many times in the past, bifurcated markets often result during a period of slow change. This trend will continue. Builders have a hold in our perimeter markets, they can control rates, price and inventory with great alactrity compared to an individual resale homeowner in the same market.

Here’s what’s happened to Total Active Listings.

As in past years, we are seeing the seasonal rounding indicating we have most likely seen the top of the supply level for 2024 now down almost 300 active listings from last week. I’m going to take this as a positive sign for the Denver Market.

I have lived in 7 homes I’ve owned. Of those 7, Dee and I have lived in 3 we’ve owned together. Homeownership should be a university course. So much is learned from it. I can’t think of anything as an adult that will create a path toward maturity any quicker than homeownership. Paying bills, budgeting, becoming a part of the community, city, state, and, if your community has one, the HOA.

Homeownership creates secure families, community attachment, and “skin in the game.” Neighborhoods with the highest percentages of non-owner occupants have the most turnover, lower-performing schools, a greater propensity for crime, and a visible lack of exterior maintenance and repair.

Conversely, neighborhoods with a high percentage of owner-occupancy enjoy the opposite. Low turnover, high-performing schools, lower crime, higher voter turnout, and a high degree of pride of ownership. Surprisingly or not, retail services, employment centers and recreational opportunities tend to be nearby as well maintained. Infact, during our Real Estate Depresion in Denver during the 1980s, we found communities with a neighborhood elementary school, HOA Amenities, open space, nearby shopping and employment centers had the lowest level of price depreciation. Is it any wonder how important Homeownership is?

The end of this story is so telling. The last home Dee and I bought together is the home where I am writing this post today. After 32 years, we love our house and our community. the nearby recreation, employment centers, shopping, and schools. We worked with the builder and made several significant changes. As a result, it still suits us to a T-Pa if you catch my drift.

We’d love to hear your experiences. We are homeownership advocates. Let’s make your homeownership a reality.

Let’s talk soon TheCryerTeam@Kentwood.com