New listings drop by nearly a third from October
By ALDO SVALDI | firstname.lastname@example.org | The Denver Post
PUBLISHED: December 4, 2019
If buyers were expecting a bounty of homes to choose from this holiday season, they are going to be sorely disappointed. Sellers are playing the grinch as 2019 draws to a close.
New listings for single-family homes in metro Denver last month plunged by a third from October, dropping to 2,500 from 3,768, according to the latest Market Trends Report from the Denver Metro Association of Realtors.
New condo listings also fell to 1,151 in November from 1,657in October, a 30.5% decline. And while activity drops with the temperatures, the declines are beyond those typically seen this time of year.
“The seller psyche is shifting,” said Nicole Rueth, producing branch manager with the Fairway Independent Mortgage in Englewood and a member of DMAR’s Market Trends Committee.
Sellers may be hearing a message that now might not be the right time to sell, she said, and to wait until spring, when there will be more listings and activity.
New listings were so paltry that the active inventory of homes and condos that buyers had to choose from at the end of November was down 18.3% month-over-month and 7.2% year over year.
In February, the inventory had surged 52% year-over-year. Now it is shrinking again, which is a troubling development for buyers.
The inventory decline would have been worse if sales also hadn’t taken a big tumble. They dropped 22.8% from October and 5.9% year-over-year.
Although affordability is weighing on buyers, it is hard to know what is keeping sellers on the sidelines. Consumer confidence is holding up, unemployment remains low, layoffs are restrained and wages are rising, Rueth said.