December 7th Weekly Report

December 7th Weekly Report

  • Megan Aller
  • 12/7/23

The Greater Metro Denver Market rebounded after Thanksgiving Day Weekend. We can expect the first two weekends of December to be more active than the last two weekends heading into Christmas and New Years

  • Our average daily active count declined, down by -4.9% with 6,298 total listings for sale, 622 of which were new listings. New listings increased week over week by 135.6% and compared to one year ago new listings are also up 10.1%. Pending transactions jumped week over week by 42.1% with 631 listings going under contract. 
  • The Odds of Selling improved this last weekend by 11.2% to 42.5% when listing last week in the next 30 days. Overall, December average Odds of Selling from 2013-2019 was 49.8%.We are trending historically at a lower odds of selling.
  • Based on demand from last week to put our market into balance with a 6 month supply of inventory we would need to have 16,469 total listings available for sale which puts us at 38.2% of balance.
  • 8,912 Showings were set last week, averaging 1.4 shows per property, on average it took 14 showings to go under contract in a median of 33 days.
  • The rate of price reductions increased week over week to 55.8% of units going under contract reduced their price. Price reduction size was the smaller this week at -5.3% off the original price.
  • It is notable that 2023 is the year where people must sell, and not necessarily want to sell and these sellers are motivated to get their home under contract. The last couple of weeks of 2023 present buyers with an opportunity to have enhanced negotiating power from sellers who are in a position where the sellers have to sell.
  • Typically at the end of September and into the 4th quarter we see a rise in withdrawn and expired units. This purge of listings going to withdrawn and expired is what helps draw our inventory down heading into the 1st quarter of the next year when demand resurfaces, and multiple offers become prevalent. Without this purge of expired and withdrawn listings we may not see the same significant appreciation we have experienced in the last decade. Expired and withdrawn listings were notably up this last week, but still short of where we were one year ago.

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