It's almost time to head back to school and the market is showing signs of further slowing while we wait to make the transition from summer into fall. The odds of selling is a weekly metric that takes into account the likelihood of a home going under contract in the next 30 days based on that week's pending activity. This week the odds of selling dropped by nearly 5% from the previous week to 51% from a high back in February at 87.3%. It's imperative that you are preparing your sellers for longer on market and that price reductions are becoming more widespread and larger.
I've been passed a couple of articles that Denver is in the top metros with price reductions and price reductions are certainly on the rise. Based on units that went under contract last week 44.8% of them had price reductions. The size of the price reduction has remained nearly the same for the last 4 weeks at a -6.1% price reduction from the original price or just over $46,000. The market is likely to continue to cool through the end of September, as it does every year then enter into a stabilization period from October through December.
