Just when real estate agents in the Denver Foothills and the front range think things can’t get any worst. The inventory in Evergreen, Conifer, Bailey, Morrison and Golden gets tighter than it ever has been. I have been a real estate agent in Evergreen, CO for a decade now and have never seen so few home for sale in the Denver MLS. For the sake of this article we will only focus on the foothills area. This can be contributed to a few things but unfortunately it seems like Covid is catching up to our industry. On the buy side we are seeing a little less enthusiasm on the buy side. There are still way more buyers than homes for sale. Even with that we are not seeing the emotional buying and contracts that favor the buyer to the extreme we were over the summer. We are not seeing as many multiple offers or crazy reverse contingencies (a reverse contingency is when a seller counter with the ability to pull out of the contract if they do not identify a new home to purchase). There is no doubt that it is still a sellers market buyers are not being taken advantage of. This may be due to buyers being hesitant because they are worried about current events and their future income since there is so much unknown.
Why is there no inventory if buyers are slowing?
This may be because sellers are concerned about having a lot of people walking through homes because of Covid. Although all real estate agents are doing all we can to keep the public safe some people still have a fear of traffic through their home. This is an understandable concern. The first chart below is the one that tells the root of our story. When we look at this chart of homes for sale or number of active real estate listings we see a scary rollercoaster drop. The number of listings are about 33% of where they were last year this time. That is an incredible drop in inventory. That makes life hard on buyers. As stated above under normal circumstances (not during a global pandemic) we would see a huge increase in sales price. That is not the case. We are seeing an appreciation in value but not in the same drastic way we are seeing inventory drop.
There is a light at the end of tunnel
There is good news in the real estate world. Although these market updates are pretty much the same for the last 2 years we are approaching the point something needs to give. A real estate market can not continue to appreciate as it has been. I am not saying there will be a crash but there will be a leveling off. At that point real estate agents in Evergreen can take a deep breath. The market will see more homes for sale come spring just as part of the normal cycle, the vaccine will be out and things will begin to become normal again as things open up. Consumer confidence will increase and we will begin to appreciate at a more normal pace. In the mean time anyone thinking about selling their home this is a fantastic time to do so because our days on market are extremely low.
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