You’ll hear this for the next 30 some days. “These are the toughest of times, There has never been a period like this before, Tax the rich, We need to care for the homeless, Our teachers need more money, I promise, we will never touch Social Security, and the Climate Change Drought will be with us for years.” There will be more “smack” handed out over these next few days than most can stand.

TVs will be turned off, news sites scrolled through, and emails deleted, because we pretend we know who our enemy is. In the end, our system of government is like a giant pendulum. It swings too far one way, and whoops, here it comes back the other way. This is history. Nothing is ever as bad or as good as the national headlines would lead you to believe. It’s a good life!

So, what happened this week with the Single Family Residential Market in the Denver Metro Area?

Denver’s Market Watch
New Listing (1281) Nothing exciting here. But, whenever this number is higher than closings and pendings, supply can only go up!
Coming Soon (151) This number has actually dropped.
Back On Market (239)
Price Increase (84)
Price Decrease (2328) Think about it. 1,281 New Listings, then existing listings dropping in price at a record pace.
Pending (943) Not horrible, but this does not show any strength at all.
Withdrawn (204)
Leased (0)
Closed (817) This is a very weak report for Closings.
Expired (486) Sellers giving up!

As we move into Q4, how do we balance our expectations? Before answering this question, let’s look at the Total Number of Active Listings.

We have only seen modest increases in the number of Active SFR Listings, to 10,571, well below last year’s 11,798. I attribute this to sellers taking their homes off the market and new listings being below normal. New inventory being low is actually protecting this market from oversupply.

Now, let’s turn our attention to sales of single-family homes. You will notice, we are running behind last year at this same time, but with midterms behind us and lower rates, we could see a catch up wave in the rest of November and into year’s end…

I have personally experienced increased activity going into year’s end. It could happen again this year. Let’s hope it does. This would expose a solid trend of increased activity over the last 3 years.

Inspections, Contractors, Buyer Expectations, Repairs, Credits, Buy-Downs, Concessions, Lenders, Rates, and many more factors roll up into a single transaction. It’s complicated; let us assist you through the process! 303-773-3399 and/or TheCryerTeam@Kentwood.com