“Absolutely Nothing!! I’ve been preparing this blog for so long, I’ve used this title more than once. From slings and arrows to unmanned drones. War is still with us.

On the flipside of this is “Life goes on…” People by bonds, stocks, gold, bitcoin, and houses! Believe it or not, people still buy houses. We are seeing buyers respond in this marketplace to value, not price. Meaning, if a buyer or multiple buyers can identify value at a given price, it is a race to the finish line. Priced too high, however, buyers are passing your listing right on by.

Let’s see what happened in the Denver market over the last 7 days.

Overall, not a bad week, but it is a week that will add to our total inventory, because it was not good enough. Take a look below.

With a Total Active Listing Count of 10,825 Single Family Residences, this market has hit its inflection point. At 9.6 weeks of inventory, we are clearly into a Buyer’s Market. Buyers have started dictating to Sellers which inspection items will be corrected or credited. Buyers are getting paid for Post Closing Occupancy. Buyers are getting the Home Warranty. Sellers are bowing down to Buyers’ requests.

I have to put this into perspective. If we average 1,120 Closings like this week for 52 weeks, that is 58,240 Single Family Homes closing on an annual basis, and this does not include many builder transactions, so let’s say over 60,000 transactions. This is a big thriving market, but prices are no longer appreciating. If you read that Average Prices went up 4%, remember with less inventory in the low end of the market one multimillion dollar home skews that average. So, let’s keep our heads about ourselves and remember, the Denver Metropolitan Statistical Area is still a thriving market. We have one of the most important international airports in the world, not just the USA. Denver is the gateway to the Rocky Mountains and 4 National Parks. The metro area has somewhere north of 3.25M residents that support 4 Major League Teams all year long, even in spite of the Rockies record breaking losing record. Denver is the magnet for Montana, Wyoming, Utah, New Mexico, Arizona, Kansas and Texas. Just walk through the parking lot at Red Rocks on your way to be seated, you’ll see license plates from all of these states. So, the point is, be smart with your buy, prepare for your sell, and always call us!

TheCryerTeam@Kentwood.com