More seasonal market retraction this week with inventory up and demand down
- Our average daily active count grew by 1.7% with 6,258 total listings for sale, 99 of which were new listings. New listings decreased week over week by -7.6% and compared to one year ago new listings are down -10.5% keeping inventory choices tight in 2023. Pending transactions decreased from last week by -3.7% with 889 listings going under contract.
- Months of inventory remained flat at 1.6 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. Hotter areas can be found in west of I-25 and cooler in areas of new construction, Central Denver and in the outer ring suburbs outside of C-470.
- The Odds of Selling decreased this last weekend by -1.0% to 51.0% when listing last week in the next 30 days. Overall, August’s average Odds of Selling from 2013-2019 was 50.7%. Even in light of higher interest rates demand outpaces the previous cycle, excluding pandemic years, and continues to be a competitive market overall.
- Based on demand from last week to put our market into balance with a 6 month supply of inventory we would need to have 23,203 total listings available for sale which puts us at 27.0% of balance.
- 12,187 showings were set last week, averaging 1.9 shows per property, on average it took 14 showings to go under contract in a median of 17 days.
- The rate of price reductions increased to 40.8% of units going under contract having to make price reductions. Price reduction size was smaller this week at -5.5% off the original price.
