Last week I made a note about a drop in the new listings in the Denver real estate market (see this link).
I am guessing I must the only one to notice as no one has commented. Every year for the last 5 there have been 6756 NEW MLS listings of single family homes (original list date in March; not re-lists) enter the Denver Colorado housing market. This year there were 5377. That represents a 20% decrease and by all the figuring I can do, that is a huge indicator! Weeks before this it was noted to me that the lender owned property listings were going down in the Denver multiple listing service (Metrolist).
Now, what does it mean? These 2 things seem indicative to me of 1: Sellers have said 'to heck with it, unless I need to sell, I will wait'. and 2: The bank foreclosures are getting bought out of or absorbed by the market.
#1 certainly seems true based on the numbers of folks who HAVE NOT (you can!-) PLEASE DO) called me this year to get their home sold. It is interesting because there are markets where we have still had appreciation in Denver. Parts of Highlands Ranch and Littleton have been un-affected by any price downturn. The demographics simply will not support it. And yet there are parts of Aurora that have seen a 10-20% value adjustment down. That demographic is more of a starter home. Yet we are only 20 minutes apart! And one part of Castle Rock withSo the fear can be misplaced, and it can be true. But that is what the TV ads tell you: Real Estate is Local.
Another note I made was that the Denver market was #14 in major city's (click here for details) as far as depreciation was concerned. That does not sound good, but our average asking price only dropped .55% or slightly over half of 1%. That too would support the "real estate is local" comment.
You did not ask for it but here is my advice, have someone look at your home and see how marketable it is. Do not take the press's interpretation of our market as fact. And remember, there may be greater value in the home you buy than the one you sell. In other words, buying a really "GOOD DEAL" may make it worth leaving the place you do not want to be. Always BUY UP in a down market!
#2 is also true...as I show property (one of the benefits to having both a listing and selling broker) I get to see the market as a whole. And what I have seen is the bank owned properties are not as plentiful as they were at the beginning of the year. That is a gut level check but the south metro Denver Real Estate market seems vibrant. The over inventory in the Denver real estate market is being absorbed so if it is time for a move, make it soon!
I am calling the bottom! (Now for my favorite movie quote..."That is mighty brave talk for a one eyed fat man, Rooster!"-True Grit).
If this kind of hands on interpretation of data and markets could be valuable to you or your friends, INTRODUCE US! Put my 22+ years of experience to work for you, learning about your new home town! Whether it is Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado, we offer real estate advice, properties for sale, multiple listing service, property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
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