Great Housing Market Activity & Family Fun, Terrible Weather (AGAIN)

Great Housing Market Activity & Family Fun, Terrible Weather (AGAIN)

  • Victoria Merchant
  • 05/11/23

Shout out to my client, Melvin! Happy happy birthday! We’re taking him out to dinner tomorrow night to celebrate. I love connecting with my clients like this. 

Tonight we’re supposed to have day two of our golf lessons, and it’s SNOWING. Come. On. This weather, man. That said, golfing is pretty fun. I’ve been wanting to take lessons for years, but Tag didn’t really seem on board. And now he loves it. After one lesson. He wants to get the kids involved, too, now. A good ol’ fashioned family affair works for me.  

Keller Williams is celebrating our annual Red Day today, which is a day of volunteering in the community. The team at our location is going to two different schools to help the teachers prep for end-of-year stuff. We’ll get some pizza and Frescas for a fun-filled day of non-work. I’ll be at Sterling’s school and in his class, which will be interesting to see since I don’t usually get to watch him in that setting outside of when I read with his class once a month. I’m looking forward to it. 

Okay, guys, Mother’s Day is coming up (get your gifts, folks!). We’re going to Simms Steakhouse for their Sunday brunch buffet. It’s supposed to be super yummy. We’re going with Dottie, my client turned friend who I went to Africa with. You all know about my love affair with food, so I’ll be sure to let you know my review. 

My mom and sister are in England for my aunt’s funeral now. I didn’t go, but my heart is with them. I stayed to watch Bridger play some losing baseball games, but he also started therapy, and he loves it. It’s good for him to have someone to talk with. Middle school can be rough. At least it was for me. 

Two weeks till SUMMER BREAK! (Did I mention that it’s snowing right now?) I’ve booked tickets for the kids and me to go to Sweden to visit the family for a couple of weeks in August! Tag can’t go; he’ll stay home and fly solo. Poor guy. I’ll grab him a souvenier. 

My Colorado Real Estate Activity

Being a real estate agent in the Colorado mountains is great, but we are often put in compromising and somewhat sketchy situations. So, our team has decided to take a concealed carry course. One of my potential new clients is teaching it, and I am confident it will be very educational and put some minds at rest. 

It’s open to all, so if you’re interested, it will be on May 20 at 11 at our Keller Williams office in Conifer. It’s $75 and three point five hours long. Please get in touch with me if you’d like to know more. You’ll have your certificate ready right after class, so I’ll need to get the instructor your name. 

Am I nervous about this? Yes. But realtors meet complete strangers in very obscure areas of the mountains with no cell service, so I think it’s a smart move. 

Lots of good real estate stuff in the works:

  • We went live on my Conifer listing, and showings are underway! 
  • We had the inspection on the Hummingbird property, so just eagerly awaiting its return. 
  • The inspection on the Bailey house has come back, and both parties have come to a happy agreement on moving forward. 

All is going well on the buying and selling front. 

Current Denver Area Real Estate Market

  • Cinco de Mayo had a minimal impact on market activity. Our average daily active count rose another 1.0% with 4,164 total listings for sale, 1,326 of which were new listings. New listings increased week over week by 12.2%% but compared to one year ago new listings are down -17.3% keeping inventory choices tight in 2023. Pending transactions were up from last week by 1.5% with 1,163 listings going under contract.
  • Months of inventory remained flat at 0.8 months of supply in the 7 metro counties. When this number is below 1 month of inventory it signals that multiple offers are more likely since there are more buyers in the market than homes to sell. The market is hotter and colder geographically with hotter areas in the inner land-locked suburbs running around the inside ring of C-470 and cooler in areas of new construction, Central Denver and in the outer ring suburbs outside of C-470.
  • The Odds of Selling remained declined slightly to 64.2% when listing last week in the next 30 days. Overall, May’s average Odds of Selling from 2013-2019 was 58.2%. Even in light of higher interest rates demand outpaces the previous cycle, excluding pandemic years, and continues to be a competitive market. 
  • Based on demand from last week to put our market into balance with a 6 month supply of inventory we would need to have 30,354 total listings available for sale which puts us at 13.7% of balance.
  • While only 15,087 showings were set last week, averaging 3.6 shows per property, buyers were more serious in only looking at 13 homes before putting them under contract in a median of 6 days..
  • The rate of price reductions decreased this week by -4.2% to 20.6% of units going under contract having to make price reductions. Price reduction size was larger this week at -4.7% off the original price.

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