The first stat I look at every morning as I sip on my first cup of coffee is the first page of the backend of my MLS. I have this chart set to the last 7 days in the Denver Foothills (Evergreen, Conifer, Morrison, Bailey and Golden CO). I understand the title of this post is "Evergreen CO real estate market...." but Sometimes the sampling from sales in just Evergreen are too small and don't give us the full story. The Denver Foothills real estate market is pretty similar. Some areas have higher average sales price but they are all pretty similar.
Let's start with the most obvious stats. The New listing compared to pending (under contract). This is the "first glance indicator" of market direction. The Denver Foothills real estate market is still going under contract and sales than new listings. That wasn't the case last month but the last 3 weeks we are seeing things moving back to a stronger seller market. Buyers are trying but sellers still have inventory and new listings on their side.
The next obvious indicator is the price reduction line. The last few year's price reductions were few and far between and were contributed mostly to unrealistic seller expectations. The market is seeing way more price reductions than ever before. This is normal during a market shift like this.
Looking at the next indicator we see the average home value (sold). As we see the market direction it really doesn't have a straight path. The average sale price is back over $800K again. Strangely some of the better months we had the last year close prices were actually lower than now. We are certainly seeing sale prices lower than the past, we are still strong and holding good values.
The next data point to look at is the average days on market. This is a stat that seems to be all over the place. That's because it is. It is nice to see the market being a little more reasonable. Under 10 days on market in May was no fun for anyone. It was even moving too fast for most sellers. That is why we were seeing so many offers with months of lease backs. Luckily those days are not here at the moment anymore.
The market is also seeing less crazy (for the lack of better words) offers. Sellers are not seeing the waiving of appraisals, inspection objections and no more long free lease backs.
Danny Skelly
Broker/Owner/Agent
Orson Hill Realty (Colorado)
Realtor
Platinum Real Estate (Florida)
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