More than once in my life, I heard my father echo those words. My Business Communications Professor at DU was always reinforcing the Three ‘C’s’. Be Clear, Concise, and Cogent. In honor of those two memorable mentors, this week’s news letter will be all of that and more.
In honor of Earth’s most recent “conflict”. What is it good for?
Too much!
Denver’s Market Watch
New Listing 812 LOW! Coming Soon 200 Back On Market 140 Price Increase 65 Price Decrease 728 STILL HIGH! Pending 1031 NOT A BAD WEEK, BUT NOTHING SPECIAL! Withdrawn 79 Leased 0 Closed 649 THIS IS A VERY SLOW WEEK! Expired 99
When I look at the numbers above, I see a total malaise when compared to a “normal” spring marketing season. With the 2-year approaching 5%, the outlook for lower rates does not look good.
Denver Metro’s Total Active Listing Count
With 4,840 Active Listings, this is down from last month, but up over January. With rates as high as they are, we will continue potential sellers waiting it out. “Why should we sell when we have a 3% mortgage.” This mindset is not going away anytime soon. This will keep inventory relatively low.
Let’s keep our minds open. Get good advice. Remember, TheCryerTeam@Kentwood.com is there for you every step of the way…tc
I’ve never written about this before. I do not know why. It is an essential concept. We’ve observed Buyers and Sellers wrestle through this process many times. Let’s talk about it today.
When a buyer arrives in Denver, there are preconceived notions already riding heavily on their shoulders. They have every memory of “home” that they have ever experienced. I liked this, I hated that. And, so it goes. Until that buyer can work through the Catharsis of the process, it is almost impossible for them to accept a new home. Every market is different. A buyer has to learn, that giving up is receiving something new.
On the other hand, the Seller comes into the process with their own preconceived notions. The seller has read about how great/bad/etc. the market is. Their coworkers have told them to do this, do that, and not listen to him or her. In the long run, the market does not lie. The market is smart, educated, and visible. Until the seller can release and accept the catharsis of the process, it is tough for the process to move forward. the long story short for both the Buyer and Seller is “no pain, no gain”.
Now, let’s take a look at the Denver Residential Market over the last 7 days.
Denver Market Watch
New Listing 924 We still have no discernable observation of Sellers running into this market. Coming Soon 232 This number is actually down from last week’s number in the 350 range. Back On Market 156 Price Increase 64 Price Decrease 691 This is a good sign, this number is off by 50% from last week. Pending 937 Not a great week here, but still an OK week. Withdrawn 62 Leased 0 Closed 612 This is well off the mark of the last few weeks. Expired 62
There has been a dramatic change in our MLS reporting portal. I needed to recreate my standard weekly search. Hopefully, my new search parameters will match well with what we’ve been doing here for years. We are still including the 11 counties within and surrounding Denver Metro. As always, we will keep you posted…
Below is the same chart reflecting a 10-year pattern of Active Listing activity. We should notice no changed here, but again, we will keep you posted.
Bouncing between 4,500 and 4,850 active listings over the last couple of months there is no sign of oversupply on the horizon. This market makes no sense, but we will keep an eye on it for you. Check back with us next week.
I follow Wall Street pretty closely, and I follow Denver Real Estate even closer. I also follow the world of politics. I’m predicting it here and now. This year’s election will be like none other. It will set a record for money spent. Things will be done and said that are so hurtful, it will be like the post-Civil War years. “Keep your tray table in its upright position”. This is going to be a rough flight!
Every Day, Week, Month, and Year, Dee and I work diligently to keep in contact with past customers and clients. If we’ve lost contact with you, please help us out. Send us your new number, new email address, or even your new home address. We won’t hold a grudge. We’ll be here for you every step of the way…
Centennial Earns #6 Ranking in Stacker’s Best Suburbs to Live in Colorado List, Recognizing Exceptional Quality of Life
Exciting news from Centennial! We’re thrilled to share that our City has been ranked #6 in Stacker’s “Best Suburbs to Live in Colorado” list. This achievement underscores Centennial’s commitment to providing residents with an exceptional quality of life.
Stacker, drawing upon data from Niche’s 2024 Best Places to Live, meticulously evaluated numerous factors such as cost of living, educational attainment, housing affordability, and school quality to compile this prestigious list. Centennial’s impressive ranking serves as a testament to its allure as a highly sought-after suburban destination. Explore more about Stacker’s list.
“Seeing Centennial recognized in the top 10, despite its significantly larger population compared to other cities, fills me with immense pride. Centennial is an inclusive community with enduring built environments, memorable places, and experiences that bring people together. It is these qualities that have placed us on this esteemed list, and for that, we extend our gratitude to our residents, businesses, and partners for making Centennial such a remarkable place to live,” says Centennial Mayor Stephanie Piko.
With unwavering dedication to community well-being, educational excellence, and accessible housing options, Centennial continues to distinguish itself among Colorado’s premier suburban locales. This recognition underlines the City’s ongoing efforts to cultivate a thriving and vibrant community for its residents.
Economic Catastrophe, Caitlin Clark, New Normal, and April Fools were words and a name we read repeatedly this week.
Will the Baltimore Bridge really be an economic catastrophe?
Will Caitlin Clark raise ticket prices in the WNBA?
Are interest rates at a new normal?
I didn’t get taken by a single April Fools prank yesterday!
I guess the segway here is simple. We really have no control over what’s going to get us next.
So let’s take a look at Denver’s Residential Market this week…
Denver Market Watch
New Listing 988 I know it was Easter, but this number is too low! Where are the sellers? It’s spring… Coming Soon 397 This is up a good bit, so maybe more next week? Back On Market 224 Price Increase 110 Price Decrease 919 Crazy how we can’t get this right. As high as I’ve seen it! Pending 1176 Not a bad week, but this should still be over 1,200… Withdrawn 131 Leased 73 Closed 1266 A really good week, so Buyers and Sellers are finding their way… Expired 473 This is a pretty big “give up” number.
Let’s move on to the Total Active Listing Inventory in the Metro Area.
After 4 consecutive weeks of an upward trend in Total Active Listings, we experienced a decline to 4,510. This is 200 total listings less than last week. We seem to be at a market equilibrium. In other words a delicate balance between inventory increasing and transactions increasing and visa versa.
We will have to wait this one out. There is no telling. I was listening to a few interest rate pundits this morning. Everyone contradicts the next. Wait for it. I believe we will have long-term rates close to 6% by the end of the year. I don’t see it happening if you are waiting for a bigger drop. On the equation’s inventory side, its scarcity keeps price levels strong. Don’t be looking for price reductions while you wait for rate declines. It’s not going to happen this year.
Today, I’d like to tell you about how we keep our Sellers informed each week. After I put this post together each Tuesday, I have the knowledge to provide our Sellers with an Anecdotal Feedback Report from our showings over the last week, and I can put together a Statistical Analysis from all the data we’ve collected giving the Seller an idea of how their listing is performing compared to historical data from past listings. These two reports are very telling and can greatly enhance the Seller’s confidence when it comes to an appropriate pricing strategy.
We never stop walking you through the process every step of the way!
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.
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
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 185No 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
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.
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
MyTownCryer 
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