Issuu

Sellers Are Putting Homes on the MLS, But Buyers Are Playing Hard to Get

In this article, I’m going to provide a market analysis that you won’t find anywhere else. Using my access to the Denver MLS, I will show you what is happening among listings within a 25-mile radius of downtown Denver that are active, pending and sold between $550,000 and $650,000.

I chose the price range because $600,000 is the median sold price in our market, unchanged from a year ago. I chose the 25-mile radius because that defines the metro area in my opinion. Every other statistical report you’ll read analyzes listings in 7 to 10 metro area counties, some of which extend many miles into the mountains (Park county) or out onto the plains (Adams, Arapahoe and Elbert counties). If you live in the Denver metro area as most people define it, my statistics are going to more accurately reflect the reality of our metro market.

Currently, as I write this on Tuesday, there are 1,543 active single family homes listed in that price range and in that 25-mile radius on REcolorado. Only 180 of them have been on the market 7 days or less, so 88.3% of them have been on the MLS over a week without selling

dian listing sold for its listing price, but 20 sold for between 5 and 14 percent below the listing price.

Median days on the MLS is 38

738 listings are “pending,” and 219 of them went under contract within 7 days, so 70.3% of them lingered on the market over a week before selling. Median days on market for the pending listings is 11

Now let’s look at the 561 listings which closed in the last 30 days, not the month of May. Ten of them sold before they were entered on the MLS, and another 224 went under contract in 7 days or less. So, 57.9% of those closed listings lingered on the MLS over a week. Median days on the MLS before going under contract was 11. The me-

Denver Leads the Nation in Increase of Unsold Listings

Compare those percentages, which I have put in bold for easy spotting. There’s over a 30% difference between the percentage of sold and active listings that have lingered unsold on the MLS for over a week.

Also compare the days on MLS. The median pending and closed listings went under contract in 11 days, but the active listings have a median days on MLS of 38. Any real estate professional will tell you it’s pricing. Many active listings may now be at a price that would have sold quickly, but they were overpriced in the beginning and now fail to get buyers’ attention.

979 days on the MLS — 95 have reduced their prices, but not enough to go under contract yet. Some of those price reductions are pretty dramatic, too. Nine of them have reduced their prices by $100,000 or more, and one by $250,000 — and they still haven’t gone under contract! As mentioned above, I would wager that if those listings had started out at their current price as new listings, they would have sold quickly and possibly above their current listing price, but they remain active today as stale listings, which are harder to sell at any price.

The bottom line of this analysis should be clear by now. If a home is not priced right in the beginning, it runs the risk of lingering on the market. Price reductions should be considered within a week if there are few showings and no offers. Don’t wait a month or longer to reduce the price.

The above article first appeared on the real estate page of last Saturday’s Denver Post.

Decline in First-Time Homebuyers

The chart from realtor.com displayed below shows the wide disparity in the increase of active listings compared to before the pandemic. The darker the red, the greater the increase over pre-pandemic levels, and Denver is the darkest at a 100% increase, or double the number of pre-pandemic listings. Coming in second was Austin with 69% increase, then Seattle with 60.9% increase.

Of course, many of those active listings which haven’t sold will either be withdrawn from the MLS or will expire without selling. Indeed, there are already 87 listings in that price range in that area that were “withdrawn” from the MLS in the last 30 days. That means they are still subject to a listing agreement but have been withdrawn from the MLS for one reason or another. The median days on the MLS before being withdrawn was 41.

The cities in blue still don’t have as many active listings as they did prior to the pandemic. Worst cases are Hartford at minus 77.7%, Chicago at minus 59.3%, and Virginia Beach at minus 56.7%.

See http://RealEstateToday.substack.com for additional analysis.

Check Out My Two Blogs

Everything you read in this ad (and more) is posted on our Real Estate Today Substack blog. Scan the QR code at left to open and subscribe to it — free of course. Each article and listing is there, often with additional content and graphics, plus useful hyperlinks.

My other Substack is Talking Turkey, a left-of-center political blog. It is not in print anywhere. Click on the QR code at right if you would like to see what I have to say.

There are 760 listings in that price range and area which “expired” without selling in the last 30 days, with a median days on the MLS of 70. Of them, 51 expired despite price reductions of up to $125,000.

Of the 100 oldest sold listings (between 68 and 339 days on the MLS) that went under contract in that price range and in that area, all but 9 of them only sold after reducing their listing price at least once. The average price reduction was $39,000, with the highest being $251,000.

Among the 100 oldest listings that are still active on REcolorado — ranging from 152 to

The National Association of Realtors (NAR) reports only 24% of housing sales last year were by first-time homebuyers, down from 50% in 2010. The typical purchaser is also older than in the past, with an average age of 38, or about 10 years above historical norms.

Roughly 20% of listed homes in March were affordable for households with $75,000 in annual income, according to a NAR analysis of property listings. Today, a household with annual income of $50,000 can only afford 8.7% of listings, down from 9.4% a year ago, according to the data.

These are national figures, however. The NAR report (for which you’ll find a hyperlink at http;// RealEstateToday.substack.com) does not provide separate figures for our market, which is probably even more severe in this regard.

These Past “Real Estate Today” Columns May Interest You

Clickable links for each column can be found at www.JimSmithColumns.com

Feb. 20, 2025 — We Have a Tool to Help You Find the ‘Perfect’ Home That’s Not on the MLS

Dec. 26, 2024 — As Pro-Tenant Laws Expand, Some Small Landlords Are Considering Cashing Out

Dec. 19, 2024 — What Are the Costs of Buying or Selling a Home in Colorado?

Nov. 7, 2024 — We Need to Take Seriously the Pollutants Emitted When Cooking With Gas

Oct. 31, 2024 — Cooperative Living Presents an Attractive Alternative for Downsizing Seniors

Sept. 26, 2024 — Some Thoughts on Keeping Your Death From Becoming an Undue Burden on Your Heirs

Sept. 5, 2024 — What Knowledge and Skills Should You Expect Your Real Estate Agent to Have?

Aug. 8, 2024 — Seniors Over 70 Might Consider Downsizing Into a Rental, Not a Smaller Home

July 25, 2024 — Many Homeowners Don’t Understand Title Issues, Which Could Lead to Big Problems Later On

June 6, 2024 — Here Are Some Simple Steps to Take to Avoid Unpleasant Surprises After Closing

Mar. 21, 2024 — What’s Behind the Buzz About ‘Indoor Air Quality’ and ‘Sick Building Syndrome’?

Feb. 22, 2024 — Most Sellers Don’t Know How to Interview a Listing Agent. Here’s Some Guidance.

Dec. 21, 2023 — D.R. Horton Inks Deal to Build Homes With OSB Made From Grass Instead of Wood

Nov. 23, 2023 — Scamming Has Become Its Own Industry, and We’re All Prospective Victims

Sept. 28, 2023 — Insurance Companies Are Pulling Out of California. Is That in Our Future?

Aug. 10, 2023 — What Are Some Common Mistakes That Homeowners Make When Selling?

June 15, 2023 — Don’t Let Capital Gains Tax Deter You From Cashing Out on an Investment Property

May 11, 2023 — Do Agents Inflate the Cost of Buying or Selling Your Home with ‘Junk Fees’?

Apr. 20, 2023 — What Are Some Affordable Ways to Make Your Home More Attractive to Buyers?

Mar. 16, 2023 — Here Are Some Ways to Make Your Home More Accommodating to Seniors

Feb. 9, 2023 — Understanding Indoor Air Quality and How It’s Managed in Super-Insulated Homes

Oct. 27, 2022 — Sales Taxes May Be Lower, But Property Taxes Are Higher in Unincorporated Areas

Oct. 6, 2022 — How to Make Sure That the House You Buy Will Not Be a ‘Money Pit’

Sept. 22, 2022 — What Steps Can You Take to Make Your Home More Energy Efficient?

July 28, 2022 — Aging in Place vs. Moving to a 55+ Community: Here Are Some Considerations

May 26, 2022 — Reflections on Selling Our Home and Moving Into a 55+ Rental Community

Jan. 6, 2022 — Marshall Fire Is a Wake-up Call for Building More Fire-Resistant Homes

Dec. 2, 2021 — My Favorite Home Improvements When Purchasing a New-to-Me Home

Oct. 14, 2021 — Court Rules That Sending an Email Can Bind You, Even Without Signing It

Oct. 7, 2021 — What Are the Most Common Foundation Issues You Might Encounter in a Home?

RECYCLE

MARKETPLACE

Merchandise

Health & Beauty

City of Idaho Springs

Maintenance work including parks, streets and public buildings. This is a full-time, non-exempt, hourly, seasonal position working 40 hours per week during the summer with occasional weekend work required. Minimum 16 years of age; Valid Colorado Driver License; Acceptable Drug Test.

$20.04/hour. Apply by June 30, 2025 with completed City job application to the Acting Public Works Superintendent at esigward@idahospringsco.com or City Hall, 1711 Miner St., P.O. Box 907, Idaho Springs, CO 80452. Required City application available on-line at www.idahospringsco.com . The City of Idaho Springs is an Equal Opportunity Employer (EOE).

Maintenance Worker I & II

City of Idaho Springs

Performs general labor and routine maintenance functions supporting the municipal streets, parks, buildings, utilities, and services infrastructure. This is a full-time, non-exempt hourly position working 40 hours per week that requires occasional work on weekends and holidays and overtime work as needed. High School Diploma or GED required. Minimum 18 years of age. Valid Colorado Driver License. Acceptable drug test. Hiring ranges: Maintenance Worker I -$20.79-$23.91 per hour. Maintenance Worker II$22.92-$26.36 per hour with comprehensive benefit options including health, dental, vision, life and long-term disability insurance plans, retirement plan, deferred compensation plan, employee assistance program, and recreation center passes. Apply by June 30, 2025 with completed City job application to the Acting Public Works Superintendent at esigward@idahospringsco.com or City Hall, 1711 Miner St., P.O. Box 907, Idaho Springs, CO 80452. Required City application available on-line at www.idahospringsco.com. The City of Idaho Springs is an Equal Opportunity Employer (EOE). Real Estate

Land

3 acres overlooking Continental Divide in Dumont. $23,000 or reasonable offer. Call 303-881-2147

Dental insurance from Physicians Mutual Insurance Company. Coverage for 400+ procedures. Real dental insurance - not just a discount plan. Get your free Information Kit with details! 1-855-526-1060 www.dental50plus.com/ads #6258

Miscellaneous

Wesley Financial Group, LLC Timeshare Cancellation Experts

Over $50,000,000 in timeshare debt & fees cancelled in 2019. Get free info package & learn how to get rid of your timeshare! Free consultations. Over 450 positive reviews. 833-308-1971

Jacuzzi Bath Remodel can install a new, custom bath or shower in as little as one day. For a limited time, waving all installation costs! (Additional terms apply. Subject to change and vary by dealer. Offer ends 6/30/25. 1-844-5013208

Replace your roof w/the best looking & longest lasting material steel from Erie Metal Roofs! 3 styles & multiple colors available. Guaranteed to last a lifetime! Limited Time Offer up to 50% off install + Additional 10% off install (military, health & 1st responders.) 1-833-370-1234

Eliminate gutter cleaning forever! LeafFilter, the most advanced debris -blocking gutter protection. Schedule free LeafFilter estimate today. 20% off Entire Purchase. 10% Senior & Military Discounts. Call 1-833610-1936

MobileHelp America’s premier mobile medical alert system. Whether you’re home or away. For safety & peace of mind. No long term contracts! Free brochure! Call 1-888-489-3936

Home break-ins take less than 60 seconds. Don’t wait! Protect your family, your home, your assets now for as little as 70¢/ day! 1-844-591-7951

Become a published author We want to read your book!

Dorrance Publishing trusted since 1920. Consultation, production, promotion & distribution. Call for free author`s guide 1-877-7294998 or visit dorranceinfo.com/ ads

Portable Oxygen Concentrator May Be Covered by Medicare! Reclaim independence and mobility with the compact design and longlasting battery of Inogen One. Free information kit! Call 877-305-1535

Miscellaneous

DIRECTV Stream - Carries the most local MLB Games! Choice Package $89.99/mo for 12 mos Stream on 20 devices at once. HBO Max included for 3 mos (w/ Choice Package or higher.) No contract or hidden fees! Some restrictions apply. Call IVS 1-866859-0405

Don’t let the stairs limit your mobility! Discover the ideal solution for anyone who struggles on the stairs, is concerned about a fall or wants to regain access to their entire home. Call AmeriGlide today! 1-833-399-3595

AGING ROOF? NEW HOMEOWNER? STORM

DAMAGE? You need a local expert provider that proudly stands behind their work. Fast, free estimate. Financing available. Call 1-888-878-9091 Have zip code of property ready when calling!

We buy houses for cash as is! No repairs. No fuss. Any condition. Easy three step process: Call, get cash offer & get paid. Get your fair cash offer today by calling Liz Buys Houses: 1-844-877-5833

Consumer Cellular - same reliable, nationwide coverage as the largest carriers. No longterm contract, no hidden fees free activation. All plans feature unlimited talk & text, starting at just $20/mo. Call 1-877-751-0866

Inflation is at 40 year highs. Interest rates are way up. Credit cards. Medical bills. Car loans. Do you have $10k or more in debt? Call National Debt Relief and find out how to pay off your debt for significantly less than what you owe! Free quote: Call 1-844-9554930

Bath & shower updates in as little as 1 day! Affordable prices - No payments for 18 months! Lifetime warranty & professional installs. Senior & military discounts available. 1-877-5439189

SunSetter. America’s number one awning! Instant shade at the touch of a button. Transform your deck or patio into an outdoor oasis. Up to 10-year limited warranty. Call now and SAVE $350 today! 1-855-914-1148

Water damage cleanup & restoration: A small amount of water can lead to major damage in your home. Our trusted professionals do complete repairs to protect your family and your home’s value! Call 24/7: 1-833887-0117. Have zip code of service location ready when you call!

Prepare for power outages today with a Generac Home Standby Generator. Act now to receive a FREE 5-Year warranty with qualifying purchase* Call 1-855-948-6176 today to schedule a free quote. It’s not just a generator. It’s a power move.

Pets

Dogs

Doodle Puppies

Golden Doodles and Bernedoodles Home-Raised Heath Tested and Guaranteed Standard and Mini Size available Schedule a visit today! (970)215-6860 www.puppylovedoodles.com