There are so many variables associated with a residential real estate market. First and foremost are income and interest rates. Next, there are the supply and demand factors. Finally, there are locational characteristics in the greatest and least demand. On top of all this is the expression, “Everything is relative”.
Denver continues to attract well-paying employment, but it is at a much slower pace than the last 5 years’ average. On top of that, interest rates have not been our friends for the last couple of years. We have a significant homeowner population with a sub 3.5% mortgage, and there is little compunction to move. Additionally, the Denver market has seen an increase in inventory, but this increase has not been significant to cause depreciation. Demand has remained relatively consistent, the there is no question rates have slowed this demand somewhat. Finally, we have found the desirability of certain neighborhoods and submarkets to be much stronger that others with this growth in inventory.
If you are a Buyer, get “Full Credit Approval” from a lender with strong market acceptance. Get your finances in perfect order. Have funds liquid at a moment’s notice. Have your submarket defined. This will allow you to move decisively without fear. This will make you a much better buyer than the “C” students in the back row.
If you will be a Seller this spring season, you better get your ducks in a row. Time is wasting. Decluttered, Spit Shine Clean, Repairs Done, and First Impressions Addressed. You better have a plan if your home sells quickly. Where are you going to live? If you are planning on being a buyer in this market, I direct your attention to the previous paragraph.
Now, let’s see what happened in Denver this week.
| New Listing (1291) This is a good seasonal number but not something that’s going to explode the inventory. | |
| Coming Soon (240) Pretty typical… | |
| Back On Market (231) We are seeing a consistent tend of deals crashing. | |
| Price Increase (101) | |
| Price Decrease (1569) This is really shameful. Getting the price right from the start serves everyone involved. | |
| Pending (1168) Not a bad week. When this number is keeping up with new listings the market is doing OK. | |
| Withdrawn (135) | |
| Leased (0) | |
| Closed (705) This is not a good sign. This number should be accelerating toward 800-900 by now, but it is not. | |
| Expired (272) |
Total Active Listings
Bouncing around 6,000 Active single-family residential Listings has been somewhat stable for the last 4-6 weeks. If we see this trend continue, we will enjoy a nice balance into the spring and summer marketing season. Should we see it drop or continue to grow, our market will drift into a shortage or an oversupply.
As always, we will keep you posted. We look forward to your interest in MyTownCryer every week…tc
MyTownCryer 
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