Is there a market shift in the Denver Foothills?
I was in a meeting yesterday at the Keller Williams Foothills office and we discussed this topic in great detail. I was excited to see there seems to be a shift in our market. It seems like we have at least one signal showing the sellers might be losing some of their power. I wouldn't go as far as saying we are in a buyers market or will be soon. We are just seeing some different things in real time and now the trailing data seems to be confirming.
Now there are many reasons this chart below could be showing this signal. We tossed around multiple reasons. Also notice it is only one month or so showing this slight down trend. When looking at the chart below notice the last month or so on the chart. This is all price points in Evergreen and Conifer. See how the number sold homes dipped while the inventory went up. That is not the way the data has behaved over the last 5 years or so. They have been in almost perfect harmony together. Peaks and valleys have followed each other pretty closely.
We also are seeing lighter showings. Not nearly as many people have been rushing to see a property. Again it is summer time and a lot of people are traveling but that should be the case year over year. We are also seeing a lot less multiple offers as well as offers over asking price. This is a possible indicator that they market is due for a more of a sideways market. As I have mentioned before in other posts I believe the market will flatten for a while. I don't personally think there will be a downtrend or major correction any time soon. These prices have pretty good support levels. They also have good comps and at one time properties had multiple offers over asking. I think that tells you that the market believes the values are there.
The next chart is the close price ratio. It is from January 2015 to present. We are certainly seeing the buyers making lower offers. It really spiked the first couple of months of the spring and summer. We are seeing it drop. It is still pretty high. At almost 99% of asking price. That is still a seller's market indicator.
So the for the mid month Denver Foothills Real estate market review I would still say the market is a sellers' market overall. We are seeing the buyers lose a little motivation so demand is going down and that should keep the market flat for a little while.