THE ECONOMY AND OUR REAL ESTATE MARKET
I attended the first in person real estate forum Friday since 2020. The General Counsel for the Colorado Association of Realtors along with the Colorado Bar Association Real Estate Specialist spoke. Their Denver market has changed in the last 6 weeks from 10+ offers for great properties to almost no showings. Brokers and sellers just started offering bonuses to sell, open houses which we have not seen in a while, and price reductions. Obviously, the precipitously falling stock market and the doubling cost of mortgages is a primary cause.
We will include the following statistics with each monthly letter through this year. It will show how our Aspen Market is turning from a sellers’ market to maybe a buyers’ market-more listings, less sales, and prices lowering.
June 2021 vs 2022
Sold: 29 vs 15
New Listings: 56 vs 50
Pending: 25 vs 7
I really believe even our wealthy buyers in this hyper Seller market will start to wait for a correction. It has started in Miami. As we all look at our diminishing stock accounts that will slow anyone down. It may be fun to watch all the headlines of doubling mortgage rates which will give buyers a reason to negotiate prices again, and maybe cause sellers who are asking $3,000 to $5,000 per square foot to lose some sleep… I would love YOUR feedback!