03/26/2024 One Week Left in March… and the Easter Bunny has already been here!

Posted on March 26, 2024 by Dee & Tom Cryer

It’s unbelievable how quickly 2024 has flown by. We are busy with all kinds of client needs. It’s different this time, but it’s not. Rates have hamstrung this market to where Buyers and Sellers have paralysis. Don’t want to sell; rates are too high. Don’t want to buy; rates are too high. I’m here to argue with these hypotheses.

This happened in the 1980s even to a greater extent. With about 4,737 Active Listings available in the Metro Denver Market, supply is up just a bit. A perfect time for buyers to jump in, and a perfect time for sellers to be actively shopping. Rates are rates, don’t let them dictate to you, go out and find a path to dictate to them! Also, it is an election year. Everyone will be trying to “sweeten the pie”. Let’s take advantage of all the great pie heading our way!

This is what the last 7 days have shown us. I will be commenting next to each Listing category. This is how a spring marketing season shapes up. It’s a good market.

Denver Market Watch

New Listing
1234 This number looks good to me. Over 1,200 will put some supply on the street.
Coming Soon
166 A little lower than last week.
Back On Market
212
Price Increase
119
Price Decrease
1051 We just can’t get this one right. Why not?
Pending
1304 A nice strong number here. This is keeping our supply down!
Withdrawn
138
Leased
59
Closed
1094 A good number. Remember last week under 1,000. Let’s keep it going!
Expired
187

There are clearly Buyers and Sellers taking advantage of this market. The market finds a way…

Now, let’s jump down to the Total Listing Count in Denver’s 11 surrounding counties. This week’s number is up just under 100 Active Listings. As we are moving into the spring season, this is not enough to get Buyers on the street.

We believe every Client should feel confident buying or selling their home. This is why it is so important to follow along here weekly with our Posts, and it is also important to open our monthly email with additional news, features, and market data. Your home is most likely, your largest asset. Let’s play this game together. We’ll be there with you every step of the way.

TheCryerTeam@Kentwood.com

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03/19/2023 #ElectionYear

Posted on March 19, 2024 by Dee & Tom Cryer

Good Morning Everyone!

Rates, Supply, and Demand will dominate our residential market discussion for 2024 into 2025. I write this without question. The Election Year disruption will be a dominant twist thrown into the equation, and I write this without question. There will be a lot of turbulence. Keep your tray tables upright, and please keep your seatbelts fastened!

With all this being said, let’s dive straight to the deep end and see what’s new this week. Over the last 7 days, (Tuesday to Tuesday) these are the stats in the Denver Residential Market.

Denver Market Watch

New Listing
1127 Under a total listing count of 1,200 is not exciting.
Coming Soon
264 Slightly above, but not significant.
Back On Market
210
Price Increase
159
Price Decrease
891 This issue with constant price reductions is haunting!
Pending
1210 Not a bad number here, but this is the first day of spring. What’s happening?
Withdrawn
114
Leased
70
Closed
959 Under 1,000 makes me question the validity of this market. We are building supply!
Expired
173

What does it look like graphically for the total Active Listing count in our market?

Let’s put this chart in perspective. The chart shows 4,651 Active Listings today. Last week, it showed 4,529, but last July it showed 7,435. The shock and awe of RATES will continue to be impactful. How impactful in 2024 during this period of 7% rates and an Election Year; nobody knows. My best guess is relative stability concerning price, but slower than normal absorption. This could lead to more supply, however, adversely affecting price. Only time will tell.

A lot is going on another front. The Realtor’s legal battle needs further explanation. To speculate on the outcome is too soon right now. I would say, the changes will be perceptible, but not earthshaking. We will keep you posted.

In closing, it has always been tough being a Realtor. Most people don’t know, but we are 1099 workers. We receive no benefits from our Employing Brokers. No Health Insurance, No Expense Reimbursement, No Retirement Plans, no W-2 type benefits of any kind. Every time this business has been run as a W-2 Employee plan it has failed. Without the incentive of multiplying our time, Realtors have quit or returned to the 1099 model. Let’s see what happens after the Antitrust case is settled.

As always, we’ll keep you in the loop. Don’t hesitate to reach out to us. TheCryerTeam@Kentwood.com

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03/12/2024 #CanYouFeelIt? #PentUp #Anger

Posted on March 12, 2024 by Dee & Tom Cryer

Can you feel it? There is almost no portion of this modern lifestyle in which we roam where anger does not reside. In fact, there is pent-up anger waiting for a trigger. This is not good for anyone, anywhere, anyhow. Am I right? So let’s ease into today’s post and let’s see where it takes us. Let’s not keep our heads in the snow or opt for sand.

This week, we are finally seeing the spring marketing season obtaining some traction and real supply in the marketplace, but closings are down. Suspense is real. Please read the comments below.

Market Watch

New Listing
1271 This is real progress for buyers. Growing inventory…
Coming Soon
216 No significance today…
Back On Market
250 This is always a sad day for sellers…
Price Increase
136
Price Decrease
861 Significant improvement with this number is needed!
Pending
1298 It’s always a good week when Pendings exceed 1,200!!!
Withdrawn
136
Leased
74
Closed
838 Sorry folks, this is not a good sign. Well below 1,000 is a sign of weakness.
Expired
185 No significance to discuss here.

As far as our Total Active Listings are concerned, we have ratcheted up a good bit in the last month. It will be my job to watch this, but today we stand at 4,529 in Total Active Listings. This has been growing every week over the last month. Now, with Closings down, it can only go higher. Supply always impacts the marketplace. I’m guessing right now, we will see more of this trend until rates subside.

Total Active Listings as of today from all 11 counties making up the Greater Metro Denver Market Area.

As we watch this Market unfold completely into the spring and summer marketing seasons, there will be much to report back to you. Stay tuned…tc

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03/08/2024 #FebruaryStats

Posted on March 8, 2024 by Dee & Tom Cryer

Here’s an end the week look at February’s numbers.

Third Party February Stats

This source reviews only 7 counties as we typically include 11 counties…

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03/05/2024 #ChoosingSides #Agreed #Volunteerism

Posted on March 5, 2024 by Dee & Tom Cryer

Hello Readers!

Before we get to the Denver Market Watch, let’s talk about #ChoosingSides. Over the next few months, Americans who have chosen sides will be busy moving you to their side. Let’s be kind, listen, and be true to our beliefs, hearts, or what’s best for our families. We don’t have to participate in The Divide!

Along the same line, believe it or not, Americans #Agree on #Homeownership. Regardless of party, the numbers do not lie. Both party’s affiliates enjoy an equal desire to be homeowners. This should not be surprising, with capital accumulation, tax advantages, and security, homeownership leads the list of all possible choices for agreement in the United States.

Finally, I am a cheerleader for community volunteerism. Take the lead, participate in your HOA, go to your town or county and make a difference, deliver meals for Meals on Wheels, or whatever it is, “Just do it!”

Today, let’s take a look at the last 7 days in the 11 counties making up the Denver Market.

Denver Market Watch

New Listing
1252 My Goodness, this is good news for buyers!
Coming Soon
262 No real increase here, but a solid number like last week.
Back On Market
231
Price Increase
241
Price Decrease
1009 This is ridiculous. Let’s stop over pricing!
Pending
1258 Strong number here!
Withdrawn
110
Leased
87
Closed
1301 This is the best number of 2024.
Expired
380

This clearly gives us a current look at things, but what does the history of Active Listings look like? Below is our chart of Active Listings over the last 10 years.

With 4,344 Active Listings on the market, this is in the typical range of expected activity based on the last 10 years of data. I we were to remove 2021 and 2022, the graph would list happily across the page.

Let’s not forget, that learning the market habits of a neighborhood can easily be accomplished in a couple of months. Learning the intricacies of a real estate transaction is a cumulative process obtained over years. A seasoned professional can be worth their weight in gold when things go south.

We’ll be there for you every step of the way…tc

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02/27/2024 #February #spring #MSM #Homeownership

Posted on February 27, 2024 by Dee & Tom Cryer

Hard to believe this is my last post of February. A blizzard outside this morning; can spring be far behind? Red Sky in the morning, sailors take warning!

Because of my lengthy career in Real Estate, I’m asking you not to absorb the negativity of the mainstream media and their reporting of homeownership and affordability! It has always been expensive to own a home. The comparable costs have moved around over the decades, but long story short, homeownership is always expensive. It requires saving for a downpayment, budgeting for that monthly payment, including PITI (Principal, Interest, Taxes, and Insurance), and who will mow the yard?

Our first home was acquired during a period of 17.5% 30-year mortgage rates. When we eventually moved to an 11% rate, and then a 9.5% rate we felt like it was a tax-free raise! I’m living proof homeownership is worth the sacrifice, commitment, and joy of a Thanksgiving Dinner, Christmas Morning, Easter Egg Hunt, 4th of July, or plain old backyard BBQ; trust me! It’s a good life!!!

This week has brought us a new round of data points in the Denver Residential Market.

Market Watch

New Listing
1030 Nothing to see here. Almost identical to last week!
Coming Soon
241 This is up a little, but nothing dramatic.
Back On Market
233 Deals still dying on the vine.
Price Increase
215
Price Decrease
849 My Oh My, We still can’t price them correctly!
Pending
1234 There is a 10% jump here. A strong spring season in front of us?
Withdrawn
105
Leased
65
Closed
964 About the same here. This should be over 1,000.
Expired
162

Moving on to Total Active Listings in the 11 counties commonly considered part of the Denver Market, let’s take a look at this week’s Chart of Numbers.

With only 4,261 Active Listings, other than 2021 and 2022, this is a quite normal supply number, and maybe slightly below. Buyers just can’t catch a break!

In closing today, please keep in mind, we are here for you every step of the way…tc

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02/20/2024 #Cheerios #Change #Wisdom and #FaithPopcorn

Posted on February 19, 2024 by Dee & Tom Cryer

While writing this post for MyTownCryer each week, I spend time thinking about the world around me. Sometimes it’s my beliefs, family, and career with Real Estate, but like today it’s just about random thoughts.

Before we examine the Denver Residential Market, we have to talk about Cheerios! Cheerios are something that have existed longer than me. In fact, arriving in the 1940s, who new 75 years ago, a breakfast cereal would still be an “A List” item? Why is it?

Do we resist change? Is this why? What is the wisdom we can take away from this knowledge? I would say first and foremost, Americans resist change until they don’t.

Cheerios are the Utility Player on the baseball team able to play almost all positions. They are that Senator or Representative that gets re-elected over and over again, but nobody knows their name. They might even be an MVP. They start off as snacks in a cup for toddlers and graduate as late-night nourishment for college revelers!

How does all this translate into wisdom? Most wisdom translates to staying power. Cheerios has staying power. Some neighborhoods have staying power, others have comeback power, and others coast along with no great energy or excitement.

You have heard how the 4 bedroom 2 story in the suburbs would become demographically obsolete, but builders are still building them. Who knew Covid would require that extra room as an office for Zoom calls?

This week the market is not really telling us anything new, but it is offering some affirmation to what we already know. Let’s take a look at the last 7 days of activity.

Market Watch

New Listing
1144 This is an increase from last week, but clearly not market defining.
Coming Soon
168 Not much here either.
Back On Market
241
Price Increase
150
Price Decrease
848 This is the stat that keeps on giving!
Pending
1134 Now, here’s a breath of fresh air! Properties going under contract at a much greater volume.
Withdrawn
122
Leased
84
Closed
944 Until this number is over 1,000 every week, I will not be convinced interest rates have run their negative course in this market place.
Expired
183

Here’s some interesting news about Denver! Ranked #1…

https://realestate.usnews.com/real-estate/housing-market-index/articles/the-hottest-housing-markets-in-the-us

Now, let’s take a look at Active Listings in Total so far this month over the last 10 years.

With just 4,172 Active Single Family Listings, we are nearing a shortage coming into the spring marketing season. Will more sellers step in? Will rates ease? Stay tuned…

I’m crediting Faith Popcorn with this one:

“Visualizing tomorrow isn’t about having a crystal ball, but about diligently searching for signals in today’s culture. The most important step is consuming culture outside your typical boundaries. Make it a habit.”

This is exactly why we report on the Denver Residential Market every week. Looking at submarkets and wondering, consuming neighborhoods and locations for years gives us the wisdom to share with our clients making them confident in their decisions when it comes to buying or selling. Why does this happen and this doesn’t? Let us share this knowledge and experience with you…tc

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02/17/2024 #DenverStats #January2024

Posted on February 17, 2024 by Dee & Tom Cryer

The South Metro Denver Realtor Association has published their Market Report, and here it is for your review…tc

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02/13/2024 #LunarNewYear #Bitcoin #NYC Weather

Posted on February 13, 2024 by Dee & Tom Cryer

Along the order of things making you scratch your head, the three hashtags above were in the top 5 Google searches yesterday and today.

I can understand #Bitcoin, it is on another one of its epic runs; now over $50,000. I can understand #LunarNewYear, but are you telling me, there are 200,000 people in New York City who don’t have an app telling them what the weather might be? Come on….

Anyway, over the past 7 days, we’ve seen the market wake up a little bit, but not much.

Denver Market Watch

New Listing
963 With under 1000 New Listings, this is becoming common place. It is predictive of a shortage.
Coming Soon
224 This is ramping up a little, it could be a good sign moving forward for buyers.
Back On Market
197
Price Increase
175
Price Decrease
730 Still coming on the market too strong…!!!
Pending
1042 This is a strong week, still early in the “selling season”.
Withdrawn
123
Leased
76
Closed
734 This is not a great number. Hopefully, the Pending Number will keep inching up and get some more buyers to the closing table.
Expired
177

Let’s look at some more broad Denver Market Watch Numbers. First, where has the Total Active Listing Number gone? We continue to see the total number of active listings in our MLS system erode as we come into the new year, however, if we factor in “Builder Inventory” the story shows a much greater number of available properties. We are going to keep a close eye on this.

Our Closed Sales to Active Listings Ratio is in line with past years of normal markets, but looks well out of line compared to the days of 3% interest rates. I’m predicting a more normal market with a more definable balance of supply and demand.

In closing this week’s Town Cryer, Dee and I look at what we do as Family Wealth Protectors. We take time to learn your true path to ownership. Whether you are moving up, a first time buyer, a last time buyer or somewhere in between, we have your family’s best interest at heart. For most households, the residence is routinely the most important asset. We want you to know, this is what is most important to us.

We’ll be there for you every step of the way…tc

TheCryerTeam@Kentwood.com

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01/30/2024 #MallWalker #ElevatorMusic #BagLady #FoodCourt #PatinaClean

Posted on January 30, 2024 by Dee & Tom Cryer

I was Mall Walking this week. This has been identified by me as someone who goes to the Mall with no intention of acquiring anything. When it is cold, it is a great way to walk and listen.

I have often wondered if the elevator music played in the mall is intended to make you buy something. Does it put the fever in you?

There is a different type of Bag Lady at the mall. A bag lady at the mall has as many bags as can be carried, all with different store logos, obviously demonstrating this person’s shopping accume.

Google this one, and you will get a difference of opinion. Most are in agreement, the earliest food courts arrived around 1970. The Food Court is, was, and will be one of the few things at the mall actually bringing people together. Older malls tended to have a movie theatre for an anker, but in today’s malls, it’s the food court.

Finally, while at the mall the other day, I was thinking about older houses and some maybe, not even that old. When showing property, buyers will often express their respective opinions on condition and appeal. I’ve long been a defender of patina. I would much rather have a well maintained and clean 1930s Tudor than something painted gray with white trim and white cabinets. That’s just me. Once it’s remodeled, it can never be original again. The patina tells a story. It may be someone else’s story, but it is still a story. When the story is gone, it’s never coming back.

A sunrise near Death Valley in January still offers bright yellow flowers in the foreground. Nature is still making it happen!!

It’s now time to move on to this week’s Market Watch Report for the Denver Metro Area.

Market Watch

New Listing
894 Not a big number here. Sellers are clearly not rushing into market!
Coming Soon
135
Back On Market
195
Price Increase
130
Price Decrease
721
Pending
1097 Now, this is a pretty big number for January. Well done!
Withdrawn
123
Leased
69
Closed
630 Coming off the holiday season, 30 days ago, this one is understandable…
Expired
157

Over the last 7 days, it has not been a remarkable week. Few closings, but a pretty active Under Contract/Pending number. New Listings to the market is not enough to get buyers off the couch or the chairlift…

What about Total Active Listings right now?

Closing out 2023 with just 4,606 and starting the year with January Contracts at about 200 higher than the number of new listings clearly starts to define another year of little to no relief for buyers seeking their dream home. I think we can safely predict Q1 2024 will mirror 2023 with limited choices for buyers and sellers still remaining on the sidelines.

Dee and I continue to be very active in this market. With transactions pending as far north as Erie and as far south as Colorado Springs, we really get a personal sense of the market. Buyer demand is still strong. The realization 6% or more for interest rates is the new normal and renting only benefits the Landlord, buyers with good credit and income are ready to make something work. Home is where the heart is…

Please don’t forget, we can help you in all 50 states and US territories. Additionally, our network has a global reach in countries you can’t imagine. If you need to sell or buy, we have the tools and resources to make the transaction smooth and seamless. Give us a call, and we will discuss the appropriate solution. “Every step of the way”

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