How would you describe your world? How would you describe your future? How would you describe your past? How would you describe your “perfect home”? Tough questions for a Monday Morning, huh? But, open Amazon and type in self help, and there will be a title for each one of these questions.
Even the Wall Street shows have a competing guest for whatever the market is doing. If the market is up in the morning, they’ll have a guest telling us why, if it is down, they’ll have a guest telling us why.
Is our real estate market any different. Denver’s market is bifurcated. Some neighborhoods and some prices are still showing price appreciation. Some neighborhoods and some price ranges are clearly demonstrating the symptoms of a slow down. Inventory, days on market and average prices can be viewed as leading indicators, and all we have to do is follow them.
Finally, sometimes, the market fools us. When we look at averages for the entire market, the good can outweigh the bad, and the bad can sometimes outweigh the good. Discerning eyes are important when consuming the news about any market.
Class let’s pay attention this morning… This week’s MLS statistics are telling once again.
New Listing (951) As we move into the selling season, inventory is entering the market!
Back On Market (168)
Price Increase (127)
Price Decrease (612)
Under Contract (1107) This number has been climbing at about 10% per week since 2019 started. Demand is not shy!
Withdrawn (105)
Leased (37)
Sold (573) This is off a bit, but this number is result of what happened that last few weeks of 2018. Not much happens around the holidays, so not much closes in late January. Let’s not focus on this one today.
Expired (218)
So, what does all this mean? Well, it means we can’t judge a market by a day, a week, a month or a quarter. We can make some judgements on a year, and we can watch neighborhoods closely and learn from the Micro and Macro numbers. Please follow along as we blaze a trail for you to follow Denver’s Market in 2019.
Finally, if you are an explorer, head out into the market alone. If you don’t have time to understand, learn or tame the market, hire a guide. In the long run, you will have an easier time of it. We will be here for you every step of the way…tc
This is a very handy guide to commuting times around the good old usa. It’s relatively accurate, and when I think back on my own clientele, they tend to fit into this range nicely.
Well, well, well. Here we are. 2019 Is upon us. Where will we go from here? Examining last week’s MLS Data continues the long standing trend of reporting more under contract listings than new listings.
As 2019 wakes up and identifies what kind of market Denver will enjoy, let’s not forget, now is the time to create your plan for 2019 moving forward. We’ve already experienced in these first two weeks a growing market. Almost every telling category has seen a 20% bump over last week’s numbers.
We ended 2018 with 7,530 Active Listing on the market with December logging in 3,732 closings in the Denver Metro Residential Market. With 52,132 total closings for 2018, this logs at least 5 consecutive years of more than 50,000 sales. In spite of all the headlines about a “shortage of inventory” and now the new headlines about the coming market of “oversupply”, the truth is always in the facts. Denver’s residential market is in a healthy place. It may be moving toward a balance in our hottest neighborhoods, but clearly buyers have a choice now. They don’t have to settle for the first house that comes up. There is a new rational trend emerging with a new “fairness” arriving. This my friends is a good thing!
Thanks for following us. I can’t tell you how much it means to us. 2018 Was a great year for Dee and me. We had many exciting listings, and some challenging transactions. And, we finished the year out with only two unsold listings, and both of those sellers continued with us for 2019! It’s a good life.
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