Denver Foothills Real Estate Market is Showing Signs of Less Frustration For Buyers
For almost a year now it has been the same old same old in the Evergreen, Conifer, Bailey and Morrison real estate market. This has even effected the Golden, CO real estate market with the overflow of buyers just wanting to buy a home now.
The Denver Foothills real estate market is certainly starting to show signs of loosening up. It is still a bit in the sellers' favor but the buyers are gaining traction in the negotiation. We still have a weaker inventory for sure but the buyers are not as active as they were in the beginning of the summer. This may be due to the school year starting and people tend to move less during the school year.
One thing that we need to keep in mind when I share charts and graphs they are usually a trailing sign and data of the current real estate market. Any Realtor in Evergreen, Conifer and Bailey Colorado will tell you that in the past year it has been hard for the date to catch up. It also doesn't reflect current buyer and seller mindset. We are seeing less showings and less multiple offers these days.
Now the first thing I do every morning (and multiple times a day) is log into my MLS back end and this stat box slaps me in the face like I treated it wrong. This is a trailing 7 day average for Evergreen, Conifer, Bailey and Morrison.
Now there are a few things that should stick out here and you should be aware of. For starters We have 29 new listings in the last seven days. Not too shabby. Although if you look at under contracts we have more under contract than new listings. That is OK because anyone that has ever bought or sold a home knows very well a home isn't sold until they hand you the keys. Under contract is never by any means a home that going to close. Also with the current market condition and low inventory we have been seeing buyers pretty much settle for homes they may not like. Then buyer remorse sets in when they see a better home on the market and they bail like a 17 year old at a house party when the cops show up. So we need to look at the actual sold homes. That means title has transferred and some homeowner is the owner of a new bouncing baby home. So with that in mind we have only sold 1 more home in the last 7 days than has been listed. We got 9 more back on the market and only 3 withdrawn. So we are adding inventory by looking at those numbers. Not a bunch but we are in positive numbers none the less.
The much more interesting number to me is the price decrease number. That is a huge number 49! That is telling the market "hold on fella! not so fast" you need to stop testing the market sellers and get serious if you want us to buy your home.
This is the chart we look at in all the real estate market updates. It is what most Realtors look at everyday. It is the trailing 12 months of active listings.
Looks pretty good for buyers these days. To any of my clients I told at the begining of the summer to list... Well we see what has happened. We have picked up a binch of new listings. To the ones that listed with me...Great job listening to my predictions! I was just winging it but it sure paid off for us didn't it? Well to the folks that didn't list you haven't missed the boat yet. Prices are most likely going to hang steady here for a bit depending on the health of the rest of the economy.
Now this is another stat we find very useful in the real estate world. This is the average DOM or Days on Market.
This is also pointing to the idea of a buyers market. We went from 25 day on market to 35 days on market. Not a big deal right? Well it is if you realize that is almost a 30% increase. That is a pretty big number in any financial aspect.
That is about all this Denver Foothills Realtor has to say about the market today. I am watching the market much closer these days because it is shifting at a much more rapid pace than the recent few months. If anything significant needs to be said I will certainly let you know.