Top of the Morning Everyone,
I hope you had a great week living your best life. The point of today’s headline is pragmatic and to the point. This quote is credited to a sailor. What could be more true when out on the open sea. Just when you believe the waters to be calm, they aren’t. When you believe it’s time to bail ship, the sky clears and its good again. “This is the way.”
The Denver Weekly Stats below are just this. We are drifting into a market of malaise and in some cases, I can even use the term stagnation. From another context, we are just slow to come out of our winter season. Let’s get right into the numbers.
| New Listing (1648) This is a big number. If you are a buyer in this market, get your boots on the ground. The house you want is just around the corner! | |
| Coming Soon (272) Relatively unchanged. | |
| Back On Market (285) Unchanged. | |
| Price Increase (125) | |
| Price Decrease (1546) This number is leveling, so does this mean we are getting this pricing thing right? | |
| Pending (1500) A big week! Buyers are on the sidelines and ready to jump in when the right property comes to market. | |
| Withdrawn (135) | |
| Leased (0) | |
| Closed (982) Not much change from last week. We should be getting more properties across the finish line. What’s going wrong from Contract to Closing? | |
| Expired (263) This list of Sellers giving up is disheartening. |
Below, we will have a conversation about Total Active Listings, but above is our weekly activity. As you can see we closed 982 listings. Annualized, this is not a bad year. So, this would be the calm or good news. On the other hand, New Listings this week at 1,648 annualized is 85,696. If this was to continue this would become an oversupplied market. We will have to keep an eye on this. This is the bad. So let’s weigh the good and bad. Seasonally, this is not irregular, but unabated with no increase in Closings, we are heading toward a less than balanced market.
Below is the reconning of Total Active SFR Listing in the Denver Metro Market.
It’s not nearly as big a jump as last week. Our total number of Active Listings rose to 6,709, which is just 160 more than last week. To put this in perspective, if we go by weekly Pending Listings of 1,500, this translates to a market supply of little more than one month, however, if we take the same 6,709 and employ the average number of monthly closings almost 2 months supply. Now keep in mind, this is only Single Family Residences. So, we can read these numbers as the seas are calm, and life is good, or we can read these number as rough seas ahead. Whichever path you choose to take, Denver’s vibrancy is still there. The market is not out of balance.
It’s complicated, but we are battle-tested, seasoned professionals. Call us, test our knowledge, build a plan, and let’s buy or sell something near and dear to your heart! TheCryerTeam@Kentwood.com
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